12-09-13 Common Council Meeting Minutes

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REGULAR MEETING DECEMBER 9, 2013 E. 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 F. That the totality of benefits is sufficient to justify the requested deduction, all of which satisfy the requirements of Indiana Code § 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 benefits identified in the Statement of Benefits as set forth in Sections 1 through 3 of the Petition for Real Property Tax Abatement Consideration, the Memorandum of Agreement between the Petitioner and the City of South Bend, and that the Statement of Benefits form completed by the petitioner, said form being prescribed by the State Board of Accounts, are sufficient to justify the deduction granted under Indiana Code § 6-1.1-12.1-3. SECTION IV. The Common Council hereby accepts the report and recommendation of the Community Investment Committee that the area herein described be designated as 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 (5) five years as shown by the attachment pursuant to Indiana Code 6-1.1-12.1-17. SECTION VII. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana Code § 5-3-1 and Indiana Code § 6-1.1-12.1-2.5, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaration. SECTION VIII. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. s/Derek D. Dieter Member of the Common Council Mr. Dave Matthews, 215 E. Colfax Avenue, South Bend, Indiana, made the presentation for this bill. Mr. Matthews advised that he plans to construct a new 5 story multi-use building located on the st East Bank. The 16,000 square foot building will be 5 floors tall with parking located on the 1 floor. Commercial ground space is approximately 3,200 square feet. Each floor will contain a one bedroom apartment, a two bedroom apartment and a three bedroom apartment, totaling 12 residential units. The total estimated dollar value of the project if $2,500,000.00. He stated that total taxes to be abated during the five (5) year abatement period is estimated at $110,022.00. Total taxes to be paid during the five (5) year abatement period is estimated at $172,466.00. A Public Hearing was held on the Resolution at this time. There being no one present wishing to speak to the Council either in favor of or in opposition to this Resolution. Councilmember Varner made a motion to adopt this Resolution. Councilmember Scott seconded the motion which carried and the Resolution was adopted by a roll call vote of eight (8) ayes. 22