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REGULAR MEETING NOVEMBER 11, 2013 <br /> be reasonably expected to result from the proposed described redevelopment; and <br /> D. That the totality of benefits is sufficient to justify the requested deduction, all of <br /> which satisfy the requirements of Indiana Code 6-1.1-12.1-3. <br /> E. The deduction will not be allowed unless the dwelling is-rehabilitated to meet local <br /> code standards for habitability. <br /> F. The deduction will not be allowed unless the dwelling rehabilitation is completed <br /> within five (5) calendar years commencing from November 12, 2008, or the date of <br /> the adoption of this Resolution by the Common Council whichever date is later. <br /> SECTION IV. The Common Council hereby confirms its Declaratory Resolution designating <br /> the area described herein as a Residentially Distressed Area for the purposes of tax abatement. <br /> Such designation is for Real property tax abatement only and is limited to five (5) calendar years <br /> commencing from November 12, 2008, or the date of the adoption of the Declaratory Resolution <br /> by the Common Council whichever date is later. <br /> SECTION V. The Common Council hereby determines that the property owner is qualified for <br /> and is granted Real property tax deduction for a period of five (5) years, and further determines <br /> that the petition complies with Chapter 2, Article 6, of the Municipal Code of the City of South <br /> Bend and Indiana Code 6-1.1-12.1 et seq. <br /> SECTION VI. This Resolution shall be in full force and effect from and after its adoption by the <br /> Common Council and approval by the Mayor. <br /> s/Derek D. Dieter <br /> Member of the Common Council <br /> Steve Cooreman, President, Cooreman Real Estate Group, Inc., 4404 Technology Drive, South <br /> Bend, Indiana,made the presentation for this bill. <br /> Mr. Cooreman advised that he intends to develop fifty-one (51) lots in the Villas of Lake <br /> Blackthorn, Sections I and II. The petitioner previously had abatement on those lots and that <br /> abatement expires this November. Mr. Cooreman stated that the lots have been slow to sell due <br /> to economic market factors, including the tightening of the credit market, and the decline in real <br /> estate property values which have compounded the impact of higher than comparable city taxes <br /> in this subdivision. He stated that the abatement would provide an incentive for citizens to invest <br /> in new construction within the city limits of South Bend. <br /> A Public Hearing was held on the Resolution at this time. <br /> Councilmember Henry Davis Jr. asked if he thought the tax abatement process was business <br /> friendly. <br /> Mr. Cooreman stated that he has been doing business with the City of South Bend for the past <br /> 15-20 years and they have been very supportive of business and very business friendly. <br /> Councilmember Henry Davis Jr. asked if the homes were built. <br /> Mr. Cooreman—no. <br /> There being no one present wishing to speak to the Council either in favor of or in opposition to <br /> this Resolution, Councilmember White made a motion to adopt this Resolution. Councilmember <br /> Gavin Ferlic seconded the motion which carried and the Resolution was adopted by a roll call <br /> vote of eight(8) ayes. <br /> BILLS —FIRST READING <br />