12-21-87 Council Meeting Minutes

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em Sam SECTION I. That the Common Council hereby confirms its Declaratory Resolution designating the area described herein as an Economic Revitalization Area for the purposes of tax abatement. Such designation is for real property tax abatement only and is limited to two (2) calendar years from the date of adoption of the Declaratory Resolution by the Common Council. SECTION II. That the Common Council hereby determines that the property owner is qualified for and is granted real property tax deduction for a period of ten (10) years. SECTION III. The petitioner has met with the Design Review Committee and has agreed to comply with the requirement of designating 75% of the first floor of the project for retail use. Said condition is hereby made a part of this abatement. SECTION IV. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. Joseph T. Serge Member of the Common Council A public hearing was held on the resolution at this time. Kathleen Cekanski - Farrand, Council attorney, indicated they planned to renovate the old I &M Building and lease office space to third party tenants. He indicated they were requesting a ten year abatement as the building is located in the Central Business District or South Bend Development Area, has been entered on the National Register of Historic Places and is subject to the terms and provisions of the National Historic Preservation Act, and at least 75% of the net leasable space on the first floor of the project is to be leased to retail businesses. Council Member Zakrzewski made a motion to adopt Resolution No. 1570 -87, seconded by Council Member Barcome. The resolution was adopted by a roll call vote of nine ayes. Council Member Taylor made a motion to adopt Resolution No. 1571 -87, seconded by Council Member Zakrzewski. The resolution was adopted by a roll call vote of nine ayes. RESOLUTION NO. 1572 -87 A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS 228 -230 S. MICHIGAN, 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 228 -230 S. Michigan, and which is more particularly described as follows: A part of Lots Numbered 53 and 54 as shown on the original Plat of the town, now City of South Bend, which part is bounded by a line running as follows, viz: beginning at a point 55 feet North of the Southwest corner of said Lot No. 53; thence running North 44 feet; thence East 90 feet; thence South 44 feet; thence West 90 feet to the place of beginning. Together with the right to use in common with the owner adjoining on the East and West, a private alley 9 feet wide adjoining the above described property on the East, extending from Wayne Street North to the center line of said lot No. 54. Together with all Party walls and stairways appurtenant thereto. 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: SECTION I. That the Common Council hereby confirms its Declaratory Resolution designating the area described herein as an Economic Revitalization Area for the purposes of tax abatement. Such designation is for real property tax abatement only and is limited to two (2) calendar years from the date of adoption of the Declaratory Resolution by the Common Council. SECTION II. That the Common Council hereby determines that the property owner is qualified for and is granted real property tax deduction for a period of six (6) years.