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HomeMy WebLinkAbout1987-R-28, tNAL RESOLUTION NO. 87-R-~ RESOLUTION DECLARING AN AREA T__qO BE AN ECONOMIC REVITALIZATION AREA 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 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, RUNNINGTHENCE 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; THENCE NORTHWARDLY SEVENTY-ONE FEET AND FOUR INCHES (MORE OR LESS) TO THE ALLEY; THENCE EASTWARDLY ALONG -2- 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'ONE FEET EIGHT INCHES MORE OR LESS TO THE PLACE OF BEGINNING.' COMMONLY KNOWN AS "THE OLD CHESTNUT STREET SCHOOL". NOW, THEREFORE, BE IT RESOLVED, that the Common Council of the City of Jeffersonville hereby declares that area kno~rn as "The Old Chestnut Street School", Chestnut Street, City of Jeffersonville, County of Clark and more specifically described herein as an Economic Revitalization Area. That said declaration shall only apply to said property known as "The Old Chestnut Street School" and that this resolution is to remain in effect for ten years or until terminated by the Common Council of the City of Jefferson- ville, provided, however~ said resolution is to continue in effect with regard to any property which is qualified for tax abatement during said period for maximum years allowed under said abatement; and That a copy of this Resolution is to be filed with the County Assessor; and That this Resolution is to be published in accordance with the provisions of I.C. 5-3-1 and is to be available in the Clerk-Treasurer's Office of the City of Jeffersonville for public inspection. It is further resolved 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%. This Common Council will receive and hear all remonstrances and objections from interested persons on the ~' day of ~- , 1987 at ~%0 o'clock ~_.M~ in the County Courtroom of the City-County Building and will -3- take final action thereon and make any confirmations, modifications or rescissions of said Resolution on said date. This Ordinance shall be in full force and effect from and after its passage and approval. Passed this 19th day of September, 1987. WILLIAM SHREWSBERR · PRESIDENT, COMMON C~CI~ ATTEST: C. RICHARD SPEN~ER JR.~/ CLERK AND TREASURER Presented by me as Clerk and Treasurer to the Mayor of the City of Jeffersonville, Indiana, this 19th day of September, 1987. C. I~ICHARD SPEWER Jt~/ CLERK AND TREASURER Approved and signed by me this 19th day of September, 1987.