11-23-87 Council Meeting Minutes

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t'. (C) If the proposed redevelopment or rehabilitation occurs, the deduction is granted, and a deduction percentage of fifty percent (50 %) is assumed, the approximate current year tax rate for the City would be 15.0773. 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 ten years. SECTION VII. This resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. /s /Joseph T. Serge Member of the Common Council RESOLUTION NO. 1553 -87 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY COMMONLY KNOWN AS 3602 WEST SAMPLE STREET AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF PERSONAL PROPERTY TAX ABATEMENT. WHEREAS, a petition for personal property tax abatement consideration has been filed with the Common Council of the City of South Bend, requesting that the area commonly known as 3602 West Sample Street, South Bend, Indiana, and which is more particularly described by a line drawn as follows: PARCEL 1 A Part of the Northeast Quarter, Section 16, Township 37 North, Range 2 East, 2nd P.M., in the City of South Bend, Saint Joseph County, Indiana and also being a part of the land of the Torrington Company, a Delaware Corporation (Book 768, page 163 and Book 709, pages 559 and 560, Office of the Recorder) containing 5.118 acres and more particularly described as follows: Beginning at a point which is 40.0 feet South of the Northwest corner of the East Half of the Northeast Quarter of said section, said point being also on the South Right -of -Way line of Sample Street; thence S 00 03'W (the bearing of said South Right -of -Way line is assumed due East -West) a distance of 395.6 feet thence N 90 00'W a distance of 9.00 feet; thence S 0 03'W a distance of 465.0 feet; thence N 90 001W a distance of 39.87 feet to the Easterly Right -of -Way of the New Jersey, Indiana and Illinois Railroad Company; thence N 21 441W a distance of 47.18 feet; thence Northwesterly, along the arc of a curve to the left, having a radius of 487.15 feet; a central angle of 45 25' 16" and a chord of 376.15 feet, a distance of 386.19 feet; thence N 00 031E a distance of 548.22 feet to the South Right -of -Way line of Sample Street; thence S 90 001E on said Right -of -Way line a distance of 330.00 feet to the point of beginning. and PARCEL 2 A part of the Northeast Quarter, Section 16, Township 37 North, Range 2 East, 2nd P.M., in the City of South Bend, Saint Joseph County, Indiana and also being a part of the land of the Torrington Company, a Delaware Corporation (Book 709, pages 559, 560, and 561, Office of the Recorder) containing 3.067 acres; and more particularly described as follows: Beginning at a point 900.6 feet South of the North line of Section 16, and 1390.55 feet East of the East line of Sheridan Avenue, which point is on the North line of proposed Industrial Avenue and on the Westerly line of an 18 foot railroad spur Right -of -Way for track 2; thence S 21 29'E a distance of 123.45 feet along said Right -of -Way to a point of tangency of a curve to the left, and which Right -of -Way line is at all points 9.0 feet Westerly, at right angles from the center line of spur tract Number 2 of said Railroad, said curve is more particularly defined by the following 4 courses running along said right of way Southeasterly from the point of tangency and measured along chords to said curve, viz: S 19 41'for a distance of 60.0 feet; thence S 22 54'E a distance of 100.0 feet; thence S 37 141E a distance of 100.0 feet; thence S 53 52'E a distance of 100.0 feet to the North Right -of Way line of spur tract Number 1 of said railroad company, thence N 89 51'W a distance of 364.44 feet along said Northern Right -of -Way line of spur tract Number 1; thence N 00 03'E a distance of 364.38 feet; thence N 89 57'W a distance of 128.91 feet; thence N 00 021W a distance of 318.24 feet; thence S 89 13'W a distance of 13.76 feet; thence N 00 031E a distance of 11.76 feet to the Westerly Right -of -Way