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REGULAR MEETING NOVEMBER 25,2013 <br /> SECTION III. The Common Council also hereby determines and finds the following: <br /> A. That the description of the proposed redevelopment meets the applicable <br /> standards for such development. <br /> B. That the estimate of the value of the redevelopment is reasonable for projects of <br /> this nature; <br /> C. That the other benefits about which information was requested are benefits that <br /> can be reasonably expected to result from the proposed described redevelopment; <br /> 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 <br /> local code standards for habitability. <br /> F. The deduction will not be allowed unless the dwelling rehabilitation is completed <br /> within five (5) calendar years from the date of the adoption of this Resolution by <br /> the Common Council. <br /> SECTION IV. The Common Council hereby determines and finds that the proposed described <br /> redevelopment can be reasonably expected to yield benefits identified in the Statement of <br /> Benefits and the petition for real property tax abatement consideration and that the Statement of <br /> Benefits form prescribed by the State Board of Accounts are sufficient to justify the deduction <br /> granted under Indiana Code 6-1.1-12.1-3. <br /> SECTION V. The Common Council hereby accepts the report and recommendation of the <br /> Community Investment Committee that the area herein described be designated as a <br /> Residentially Distressed Area and hereby adopts a Resolution designating this area as a <br /> Residentially Distressed Area for purposes of real property tax abatement. <br /> SECTION VI. The designation as a Residentially Distressed Area shall be limited to five (5) <br /> calendar years from the date of the adoption of this Resolution by the Common Council. <br /> SECTION VII. The Common Council hereby determines that the property owner is qualified for <br /> and is granted property tax deduction for a period of five (5) years as shown by the attachment <br /> pursuant to Indiana Code 6-1.1-12.1-17. <br /> SECTION VIII. The Common Council directs the City Clerk to cause notice of the adoption of <br /> this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana <br /> Code 5-3-1 and Indiana Code 6-1.1-12.1-2.5, said publication providing notice of the public <br /> hearing before the Common Council on the proposed confirming of said declaration. <br /> SECTION IX. Pursuant to Indiana Code 6-1.1-12.1-2, the rehabilitation must meet all local code <br /> standards for habitability as a specific condition of having such property designated as a <br /> residentially distressed area. <br /> SECTION X. 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 /> Councilmember Gavin Ferlic, Chairperson, Community Investment Committee, reported that <br /> this committee held a Public Hearing on this bill this afternoon and voted to send it to the full <br /> Council with a favorable recommendation. <br /> Franciso de Asis Martinez Jerez, 50841 Ashford Lane, Granger, Indiana, made the presentation <br /> for this bill. <br /> Mr. de Asis Martinez Jerez: Maria Jose Fernandez Moreno and I are planning to construct a <br /> 3,800 square foot, single-family home. The cost of the home is approximately $550,000.00. <br /> Total taxes to be abated during the five (5) year abatement period are estimated to be $1,893.00. <br /> Total taxes to be paid during the five (5) year abatement period are estimated to be $34,827.00. <br /> 20 <br />