12-21-87 Council Meeting Minutes

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225 P1 1. 1 � (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 15.0767. (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 15.0774. 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. 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. 1571 -87 A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS 220 W. COLFAX, TO BE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF REAL PROPERTY TAX ABATEMENT. WHEREAS, the Common Council of the City of South Bend has adopted a Declaratory Resolution designating certain areas within the City as Economic Revitalization Areas for the purpose of tax abatement consideration; and WHEREAS, a Declaratory Resolution designated the area commonly known as 220 W. Colfax, and which is more particularly described as follows: Parcel I: Lots Numbered One (1), Two (2), Seven (7), Eight (8), and the East one -third (1/3) of Lot Number Four (4) as shown on the recorded plat of J. C. Knoblock's Subdivision of Lots Numbered 245 and 246 in the Original Plat of the Town, now City, of South Bend, Indiana, recorded in Plat Book 8, page 15 in the Office of the Recorder of St. Joseph County, Indiana. EXCEPTING from said Lot Number Two (2) the following: A strip of land bounded by a line described as beginning at the Northwest corner of Lot 2 in Subdivision of Lots 245 and 246 in the original plat of South Bend, Indiana, thence running easterly on the North line of said Lot 2 a distance of 31.65 feet to a point that is 0.50 feet east of the east end of the existing Party Wall; thence south a distance of 1.25 feet; thence westerly parallel with the North line of said Lot 2 to a point on the West line thereof, said point being 1.25 feet south of the point of beginning; thence North on the West line of Lot 2 along the west end of said Party Wall to the place of beginning; said exception being the real estate described in that certain Quit -Claim Deed dated March 21, 1986, and recorded as Instrument 8606081 in the Office of Recorder, St. Joseph County, Indiana. as an Economic Revitalization Area; and WHEREAS, notice of the adoption of a Declaratory Resolution and the public hearing before the Council has been published pursuant to Indiana Code 6 -1.1- 12.1 -2.5; and WHEREAS, the Council held a public hearing for the purposes of hearing all remonstrances and objections from interested persons; and WHEREAS, the Council has determined that the qualifications for an economic revitalization area have been met. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the city of South Bend, Indiana, as follows: