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W E <br />RESOLUTION NO. 1548 -87 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH <br />BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH <br />BEND COMMONLY KNOWN AS 3502 W. MCGILL AN ECONOMIC <br />REVITALIZATION AREA FOR PURPOSES OF REAL PROPERTY TAX <br />ABATEMENT. <br />WHEREAS, a petition for real property tax abatement consideration has been filed <br />with the Common Council of the City of South Bend, requesting that the area commonly <br />known as 3502 W. McGill, South Bend, Indiana, and which is more particularly <br />described as follows: <br />A part of the northeast quarter of section 28, township 38 north, range 2 east, <br />City of South Bend, St. Joseph County, Indiana, described as follows: <br />Commencing at the northeast corner of said section 28; thence south 89 degrees <br />48105" west (the bearing of the south line of the southeast quarter of section <br />28 is assumed north 90 degrees 00100" west) a distance of 1305 feet along the <br />north boundary of said northeast quarter to the centerline intersection of <br />Cleveland Road and Kenmore Street; thence south 00 degrees 00123" west a <br />distance of 363.70 feet to a cross cut in the pavement thence south 09 degrees <br />59137" east a distance of 531.87 feet to a cross cut in the centerline of <br />Kenmore Street; thence south 80 degrees 00123" west a distance of 40.00 feet to <br />a 1/2" iron rebar; and being the point of beginning; thence south 09 degrees <br />59137" east along the west boundary of the Kenmore Street right -of -way a <br />distance of 193.65 feet to a 1/2" iron rebar; thence southerly along said west <br />boundary 213.72 feet along an arc to the right having a radius of 1869.86 feet <br />and subtended by a long chord having a bearing of south 06 degrees 43'10" east <br />and a length of 213.60 feet to a 1/2" iron rebar; thence north 89 degrees 59 1137" <br />west a distance of 244.44 feet to a 1/2" iron rebar; thence north 00 degrees <br />00123" east a distance of 382.35 feet to the south boundary of the McGill Street <br />right of way a 1/2" iron rebar; thence easterly along said south boundary of <br />McGill Street right of way 90.16 feet along an arc to the left having a radius <br />of 1944.86 feet and subtended by a long chord having a bearing of north 81 <br />degrees 20.03" east and a length of 90.15 feet to a 1/2" iron rebar; then <br />continuing along said boundary north 80 degrees 00123" east a distance of 86.41 <br />feet to a 1/2" rebar; thence south 54 degrees 59134" east a distance of 14.14 <br />feet to the point of beginning and containing 2.000 acres more or less, and is <br />subject to easements, restrictions and or limitations of record. <br />be designated as an Economic Revitalization Area under the provisions of Indiana <br />Code 6 -1.1- 12.1 -1, et seq, and South Bend Municipal Code section 2 -76; and <br />WHEREAS, the Department of Economic Development has concluded an investigation <br />and prepared a report with information sufficient for the Common Council to <br />determine that the area qualifies as an Economic Revitalization area under the <br />Indiana Code 6 -1.1- 12.1 -1, et seq. and South Bend Municipal Code Section 2 -76, and <br />has further prepared maps and plats showing the boundaries and such other <br />information regarding the area in question as required by law; and <br />WHEREAS, the Human Resources and Economic Development Committee of the Common <br />Council has reviewed said report and recommended to the Common Council that the area <br />qualifies as an Economic Revitalization Area. <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, <br />Indiana, as follows: <br />SECTION I. That the Common Council hereby determines and finds that the <br />estimate of the number of individuals that will be employed or whose employment will <br />be retained and the estimate of value of the redevelopment or rehabilitation and any <br />other benefits about which the body designating the economic revitalization area <br />requires information are benefits that can be reasonably expected to result from the <br />proposed described redevelopment or rehabilitation. <br />SECTION II. That the Common Council hereby determines and finds the following: <br />(A) If the proposed redevelopment or rehabilitation does not occur, the <br />approximate current year tax rate for the City would be 15.0781; <br />(B) If the proposed redevelopment or rehabilitation does occur and no deduction <br />is granted, the approximate current year tax rate for the City would be 15.0767. <br />(C) If the proposed redevelopment or rehabilitation occurs, the deduction is <br />granted, and a deduction percentage of fifty percent (50 %) is assumed, the <br />approximate current year tax rate for the City would be 15.0774. <br />SECTION III. That the Common Council hereby determines and finds that the <br />proposed described redevelopment or rehabilitation can be reasonably expected to <br />yield the benefits identified in the statement of benefits set forth as sections 1 <br />through 3 of the Petition for Real Property Tax Abatement Consideration and that the <br />statement of benefits is sufficient to justify the deduction granted under Section <br />6 -1.1- 12.1 -3 of the Indiana Code. <br />