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11-10-08 Common Council Minutes
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11-10-08 Common Council Minutes
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REGULAR MEETING NOVEMBER 10, 2008 <br /> <br /> <br /> <br />SECTION IV. The Common Council hereby determines and finds that the proposed <br />described redevelopment can be reasonably expected to yield benefits identified in the <br />Statement of Benefits and the petition for real property tax abatement consideration and <br />that the Statement of Benefits form prescribed by the State Board of Accounts are <br />sufficient to justify the deduction granted under Indiana Code 6-1.1-12.1-3. <br /> <br />SECTION V. The Common Council hereby accepts the report and recommendation of <br />the Community and Economic Development Committee that the area herein described be <br />designated as a Residentially Distressed Area and hereby adopts a Resolution designating <br />this area as a Residentially Distressed Area for purposes of real property tax abatement. <br /> <br />SECTION VI. The designation as a Residentially Distressed Area shall be limited to five <br />(5) calendar years from the date of the adoption of this Resolution by the Common <br />Council. <br /> <br />SECTION VII. The Common Council hereby determines that the property owner is <br />qualified for and is granted property tax deduction for a period of five (5) years. <br /> <br />SECTION VIII. The Common Council directs the City Clerk to cause notice of the <br />adoption of this Declaratory Resolution for Real Property Tax Abatement to be published <br />pursuant to Indiana Code 5-3-1 and Indiana Code 6-1.1-12.1-2.5, said publication <br />providing notice of the public hearing before the Common Council on the proposed <br />confirming of said declaration. <br /> <br />SECTION IX. Pursuant to Indiana Code 6-1.1-12.1-2, the rehabilitation must meet all <br />local code standards for habitability as a specific condition of having such property <br />designated as a residentially distressed area. <br /> <br />SECTION X. This Resolution shall be in full force and effect from and after its adoption <br />by the Common Council and approval by the Mayor. <br /> <br /> s/Timothy A. Rouse <br /> Member of the Common Council <br /> <br /> <br />Councilmember Henry Davis, Jr., Vice-Chairperson, Community and Economic <br />Development Committee, reported that this committee held a Public Hearing on this bill <br />this afternoon and voted to send it to the full Council with a favorable recommendation. <br /> <br />Mr. Derek Spier, Planner, Abonmarch Consultants, LLC., 750 Lincoln Way East, South <br />Bend, Indiana, made the presentation on behalf of the current owner First Federal <br />Savings Bank and Weiss Homes Inc., who is the contingent owner and builder. This <br />designation Resolution is for renewing a five (5) year residential property tax abatement <br />for 43 undeveloped lots within Royal Oaks Estates Subdivision. This subdivision is <br />located on the South Side of Johnson Road between U.S. 31 and Miami Road. Sections 2 <br />and 3 of the subdivision were subdivided in 2003 along with being granted a five (5) year <br />residential tax abatement. First Federal Savings Bank did acquire all of these lots in a tax <br />sale last month. They were previously owned by D&H Homebuilders who was the <br />originally developer of this subdivision. Weiss Homes does have an agreement with the <br />Bank to be the sole home builder of these remaining 43 undeveloped lots. He stated that <br />the homes will be between 1,800 and 2,400 square feet and the average price will be <br />$215,000. Approving the renewal of this abatement will also them to market the <br />abatement to a prospective home buyer, also it will give the same abatement granted to <br />the other eighty some lots that have already received residential tax abatement. The city <br />will still receive the additional taxes generated by these improved lot over the five year <br />abatement schedule and they do believe that the lack of development upon these 43 lots <br />over the last five (5) years and the fact that Weiss Homes is currently involved in this and <br />has a commitment to develop them, it justifies the renewal of the abatement. <br /> <br />Councilmember Puzzello stated that she was not aware that this was a renewal. <br /> <br /> 28 <br /> <br />
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