11-10-08 Common Council Minutes - Laserfiche WebLink

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