HomeMy WebLinkAbout1987-OR-56ORDINANCE NO. 87-0R- 5~
ORDINANCE DECLARING AN AREA
Tq B_~E AN ECONOMIC REVITALIZATION AREA
'~ND. FO5 TAX ABATEMENT
WHEREAS, the Common Council of the City of
Jeffersonville is authorized pursuant to the provisions of
I.C. 6-1.1-12.1 to create an "Economic Revitalization Area"
within the City of jeffersonville; and
WHEREAS, upon investigation, it has been determined that
the area commonly known as the "Old Chestnut Street School"
on Chestnut Street, lying within the City of jeffersonville
is in need of assistance in order for said building to obtain
normal development and occupancy because of a lack of
development, deterioration of improvements, character of
occupancy, age, obsolescence, which have impaired the value
of said property and have prevented a normal development of
the use of said property; and
WHEREAS, said area is undeveloped with regard to its
contribution to the city's tax base and use opportunities;
and
WHEREAS, pursuant to the provisions of I.C. 6-1.1-12.1-1
et seq., certain property tax deductions may be afforded as
an incentive to encourage development in underdeveloped or
declining areas and/or to rehabilitate certain buildings of a
historical significance therein; and
WHEREAS, the "Old Chestnut Street School" is of
historical significance to the City of jeffersonville and the
County of Clark and said improvements will benefit the long
term tax base of the City; and
WHEREAS, it is in the best interest of the City of
Jeffersonville to grant certain property tax deductions; and
WHEREAS, the description of said real estate is as
follows:
PART OF LOT NO. ONE HUNDRED AND SIXTY-SEVEN (167)
AND BOUNDED AS FOLLOWS: BEGINNING AT THE SOUTHWEST
CORNER OF SAID LOT, RUNNING THENCE NORTHWARDLY ALONG THE
WEST LINE OF SAID LOT ONE HUNDRED AND FORTY'ONE FEET
EIGHT INCHES TO THE LINE OF MARY WOODBURNS LOT; THENCE
EASTWARDLY ALONG SAID LINE THIRTY-FOUR FEET FOUR INCHES;
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THENCE NORTHWARDLY SEVENTY-ONE FEET AND FOUR INCHES
(MORE OR LESS) TO THE ALLEY;THENCE EASTWARDLY ALONG
SAID ALLEY THIRTY-SEVEN FEET, FOUR INCHES TO THE EAST
LINE OF SAID LOT; THENCE SOUTHWARDLY ALONG SAID EAST
LINE TWO HUNDRED AND THIRTEEN FEET TO CHESTNUT STREET;
THENCE WESTWARDLY ALONG CHESTNUT STREET SEVENTY~0NE FEET
EIGHT INCHES MORE OR LESS TO THE PLACE OF BEGINNING.~
COMMONLY KNOWN AS "THE OLD CHESTNUT STREET SCHOOL".
WHEREAS, a Resolution entitled "Resolution No. 87-R-2~"
was heretofore passed by the Common Council and approved by
the Mayor of the City of Jeffersonville and duly filed with
the County Assessor and duly published in accordance with the
provisions of I.C. 5-3-1 for public inspection.
NOW, THEREFORE, BE IT ORDAINED as follows:
Section 1: That the Common Council of the City of
Jeffersonville does hereby declare that the area known as
"The Old Chestnut Street School" Chestnut Street, Jefferson-
ville, County of Clark and more specifically described herein
as an Economic Revitalization Area.
Section 2: That said declaration shall apply only to
said property known as "The Old Chestnut Street School" as
more particularly described herein and this Resolution is to
remain in effect for ten (10) years pursuant to I.C. 6-1.1-
12.1-4 for purposes of tax abatement.
Section 3: It is further ordained by the Common Council
of the City of Jeffersonville that the annual deduction for
tax abatement purposes pursuant to I.C. 6-1.1-12.1-4 (d) (3)
shall be as follows:
First year 100%; second year 95%; third year 80%; fourth
year 65%; fifth year 50%; sixth year 40%; seventh year 30%;
eighth year 20%; ninth year 10%; and tenth year 5%.
Section 4: This Ordinance shall become effective upon
its passage, approval and publication as required by the laws
of the State of Indiana.
Passed this 5th day of October, 1987.
OR
WILLIAM SHREWSBERRY, JR-,6~'u
COUNCIL PRESIDENT
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ATTEST:
Presented by me as Clerk-Treasurer to the Mayor of said
City of jeffersonville, this /7 . day of October, 1987.
Approved and signed by me this /5 day of October,
1987.