02-13-89 Council Meeting Minutes

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a motion to adopt this resolution, seconded by Council Member Coleman. The resolution was adopted by a roll call vote of nine ayes. RESOLUTION NO. 1700 -89 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS LAFAYETTE STREET BETWEEN STULL AND BROADWAY STREETS AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A SIX (6) YEAR REAL PROPERTY TAX ABATEMENT FOR MURDOCK & SONS CONSTRUCTION, INC. WHEREAS, a petition for real property tax abatement has been filed with the City Clerk for consideration by the Common Council of the City of south Bend, Indiana requesting that the area commonly known as Lafayette Street between Stull and Broadway Streets, South Bend, Indiana, and which is more particularly described as follows: Seventy -five feet off of the West end of the North Half of Lot Numbered Fourteen (14) and the South Half of Lot Numbered Fourteen (14), all of Lots Numbered Fifteen (15), Twenty (20), Twenty -one (21), Twenty -two (22) and Twenty -six (26), and the North Half of Lot Numbered Nineteen (19) all as shown on the recorded Plat of Samuel C. Stull's Seconded Addition to the City of South Bend, recorded in Plat Book 6, page 29 in the Office of the Recorder of St. Joseph County, Indiana. be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1.1- 12.1 -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 seg., and has further prepared maps and plats showing the 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 I. 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 II. 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 till 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 reasonable expected to yield the benefits identified in the Statement of Benefits set forth as sections I through II 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. SECTION V. 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. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of six (6) years.