10-10-88 Council Meeting Minutes

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r J N� 1- PART OF THE NORTHWEST QUARTER OF SECTION 14, TOWNSHIP 37 NORTH, RANGE 2 EAST IN THE CITY OF SOUTH BEND, PORTAGE TOWNSHIP, ST. JOSEPH COUNTY, INDIANA DESCRIPTION: A parcel OF land being a part of the northwest quarter of Section 14, Township 37 North, Range 2 East, in the city of South Bend, Portage Township, St, Joseph County, Indiana, and being more particularly described as follows V1Z. Beginning at a point on the present south line of Sample Street in said City (said Sample Street being 71 ,000 feet wide and said present south line being 13.25 feet south of the former south line), said point being North 90° 00' -00" East (Bearing assumed), a distance of 297.00 feet from the intersection of said present south line with the east line of Webster Street; thence north 90 °00100" East, along said present south line, a distance of 264.00 feet; thence south 0 °- 07' -10" east, parallel with said Webster Street, a distance of 336.75 feet; thence south 90 °- 001.00" West, parallel with said present south line, a distance of 100.00 feet; thence south 0 °07110" East, parallel with said Webster Street, a distance of 184.00 feet; thence south 90 °00' -00" West, parallel with said south line, a distance of 82.50 feet; thence South 0 °- 07' -10" East, parallel with said webetez Street, a distance of 41 .00 feet; thence South 90 °- 00' -00" West, parallel with said south line, a distance of 81 .50 feet; thence North 0 °- 07' -10" West, parallel with said Webster Street, a distance of 561 .75 feet to the point of beginning containing 2.810 acres more or less. Subject to any easements, covenants or restrictions of record. be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1 .1 -1 2.1 -1 et seq. and South Bend Municipal Code section 2 -76 et seq and; WHEREAS, the Department of Economic Development has concluded an investigation and prepared a report with information sufficient for the Common Council to determine that the area qualifies as an Economic Revitalization Area under Indiana Code 6 -1 .1- 12.1.1 et seq. and South Bend Municipal Code section 2 -76, et seq., and has further prepared maps and plats showing the other information regarding the area in question as required by law; and boundaries and such other information regarding the area in question as required by law; and WHEREAS, the Human Resources and Economic Development Committee of the Common Council has reviewed said report and recommended to the Common Council that the area qualifies as an Economic Revitalization Area. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION 1. The Common Council hereby determines and finds that the Petition for Real Property Tax Abatement and the Statement of Benefits form completed by the Petitioner meet the requirements of I.C. 6 -1 .1- 12.1 -1 et seq., and qualifies under the provisions of South Bend Municipal Code Section 2.76 et seq., for tax abatement. SECTION 11. The Common Council hereby determines and finds the following: A. That the estimate of the value of the redevelopment or rehabilitation is reasonable for projects of this nature; B. That the estimate of the number of individuals who will be employed or whose employment will be retained can reasonably be expected to result from the proposed described redevelopment or rehabilitation; C. That the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained can be reasonably expected to result from the proposed redevelopment or rehabilitation; D. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation; and E. That the totality of benefits is sufficient to justify the deduction, all of which satisfy the requirements of I.C. 6,1.1- 12.1 -3. SECTION III. 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 it of the Petition for Real Property Tax Abatement Consideration and that the Statement of Benefits form prescribed by the State Board of Accounts are sufficient to justify the deduction granted under Section 6 -1 .1- 12.1 -3 of the Indiana Code. SECTION IV. 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.