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Council Member Taylor made a motion to combine public hearing on resolutions 87 -106
<br />and 109, seconded by Council Member Beck. The motion carried.
<br />RESOLUTION NO. 1566 -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 MONROE PARK DISPOSITION PARCEL
<br />NO. M2 -8 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES
<br />OF REAL PROPERTY TAX 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 Monroe Park Disposition Parcel No. M2 -8, South Bend, Indiana, and which is
<br />more particularly described as follows:
<br />A parcel of land being Lots 5, 6, 7 and 8, and the East half of a vacated
<br />11- foot -wide alley lying West of and adjacent to said Lots 6, 7, 8, all in Moses
<br />Stern's Subdivision of parts of Lots 19 and 20, Denniston and Fellows Addition,
<br />South Bend, Indiana, and being more particularly described as follows, viz:
<br />Beginning at a point on the West right -of -way line of Fellows Street (60 feet
<br />wide), said point being South 00- 02120" East a measured distance of 147.65
<br />feet from the intersection of said West line with the South Right -of -way line of
<br />Monroe Street (82.5 feet wide), said point being the Northeast corner of Lot 5
<br />in said Moses Stern's Subdivision; thence South 00- 01120" East, along the West
<br />line of said Fellows Street, being also the East line of Lots 5, 6, 7 and 8 in
<br />said subdivision, a measured distance of 117.52 feet to the Southeast corner of
<br />said Lot 8; thence North 890- 55' -40" West, along the South line of said Lot 8
<br />and said South line projected, a measured distance of 137.28 feet to the
<br />centerline of an 11- foot -wide alley; thence North 00- 02' -49" East, along said
<br />centerline and 5.50 feet West of the West line of said Lots 8, 7, and 6, a
<br />measured distance of 85.37 feet to the North line of said Lot 6, projected West;
<br />thence South 890- 55' -56" East, along said projected line, a distance of 5.50
<br />feet to the Northwest corner of said Lot 6; thence North 00- 02' -49" East,
<br />along a West line of said Lot 5, a measured distance of 10.04 feet to a
<br />Northwesterly corner of said Lot 5; thence South 890- 57' -42" East, along a
<br />North line of said Lot 5, thence South 890- 57' -42" East along a North line of
<br />said Lot 5, a measured distance of 19.35 feet; thence North 00- 02' -16" West,
<br />along a West line of said Lot 5, a measured distance of 22.10 feet to a
<br />Northwesterly corner of said Lot 5; thence South 890- 55' -38" East, along the
<br />most Northerly line of said Lot 5, a measured distance 112.29 feet to the point
<br />of beginning.
<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 15.0707.
<br />(C) If the proposed redevelopment or rehabilitation occurs, the deduction is
<br />granted, and a deduction percentage of fifty percent (500) is assumed, the
<br />approximate current year tax rate for the City would be 15.0744.
<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.
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