10-26-87 Council Meeting Minutes

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.IwIJ =i ♦ N 6...we a. Record 804, Page 280 in said Recorder's office; thence South 0- 00100" East, parallel with the said East line of said Southeast Quarter and along the West line of said parcel, a distance of 173.72 feet to the North line of Widener's Addition an Unrecorded Subdivision; thence South 88- 37138" West along said North line and the North line of Harold C. Widener's First Addition, Unit "A" to the Southeast corner of a parcel of land conveyed to Lester Sumrall Evangelistic Association, Inc. by Warranty Deed recorded as instrument number 8010363 in said Recorder's office; thence North 0- 00100" East, along the East line of said property, a distance of 461.9 feet to a corner thereof; thence North 88- 38'50" East, along a Southerly line of said Sumrall property, a distance of 371.04 feet to a point on the East right -of -way line of high Street, a 60 foot right -of -way; thence North 0- 00'00" East, along said East right -of -way line, to the South line of a parcel of land conveyed to Slenderform /Universal Health Spas, Inc. by Warranty Deed recorded as instrument number 7810741 in said Recorder's office; thence Easterly, along the Southline of said parcel to the Southeast corner thereof; thence Northerly along the East line of said parcel, a distance of 174.55 feet to its intersection with the Westerly projection of the South line of a parcel of land known as "Parcel 1" conveyed to Standard Federal Savings and Loan Association by Sheriff's Deed recorded as instrument number 8406566 in said Recorder's office; thence Easterly, parallel with the North line of said Quarter Section to a point on the West line of property conveyed to Indiana Bell Telephone Company, Inc. by Warranty Deed recorded in Deed Record 629, page 412 in Said Recorder's office; thence Southerly, parallel with the East line of Said Quarter Section, a distance of 119.55 feet to the Southwest corner of said parcel; thence Easterly along the South line of said parcel and its Easterly projection, a distance of 450.00 feet to the place of beginning. be designated as an Economic Revitalization Area under the provision of Indiana Code 6 -1.1- 12.1 -1, et seq. and South Bend Municipal Code Section 2 -76; and WHEREAS, the Department of Economic Development has concluded an investigation and prepared a report with information sufficient for the Common Council to determine that the area qualifies as an Economic Revitalization area under the Indiana Code 6 -1.1- 12.1 -1, et seq. and South Bend Municipal Code Section 2 -76, and has further prepared maps and plats showing the boundaries and such other information regarding the area in question as required by law; and WHEREAS, the Human Resources and Economic Development Committee of the Common - Council has reviewed said report and recommended to the Common Council that the area qualifies as an Economic Revitalization Area. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. That the Common Council hereby determines and finds that the estimate of the number of individuals that will be employed or whose employment will be retained and the estimate of value of the redevelopment or rehabilitation and any other benefits about which the body designating the economic revitalization area requires information are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation. SECTION II. That the Common Council hereby determines and finds the following: (A) If the proposed redevelopment or rehabilitation does not occur, the approximate current year tax rate for the City would be 15.0781; (B) If the proposed redevelopment or rehabilitation does occur and no deduction is granted, the approximate current year tax rate for the City would be 15.0046. (C) If the proposed redevelopment or rehabilitation occurs, the deduction is granted, and a deduction percentage of fifty percent (500) is assumed, the approximate current year tax rate for the City would be 15.0413. SECTION III. That the Common Council hereby determines and finds that the proposed described redevelopment or rehabilitation can be reasonably expected to yield the benefits identified in the statement of benefits set forth as sections 1 through 3 of the Petition for Real Property Tax Abatement Consideration and that the statement of benefits is sufficient to justify the deduction granted under Section 6 -1.1- 12.1 -3 of the Indiana Code. SECTION IV. That the Common Council hereby accepts the report and recommendation of the Human Resources and Economic Development Committee that the area herein described be designated an Economic Revitalization Area and hereby adopts a resolution designating this area as an Economic Revitalization Area for purposes of real property tax abatement. SECTION V. That the designation as an Economic Revitalization Area shall be limited to two (2) calendar years from the date of the adoption of this resolution by the Common Council. SECTION VI. That the Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of three years.