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RESOLUTION NO. �-���- -11 <br /> A RESOLUTION 4F THE COMMON COUNCIL OF THE <br /> CITY OF SOUTH BEND RECONFIRMING AN <br /> ECONOMIC REVITALIZATION AREA DEDUCTION FOR <br /> MC CORMICK& COMPANY, INCORPORATED <br /> WHEREAS, on July 2, 2010, McCormick and Company, Incorporated filed an <br /> original Form SB-1 Statement of Benefits in connection with its application for personal <br /> property tax abatement on proposed new investments in a building addition and new <br /> manufacturing and logistical distribution equipment at its industrial location at 3425 West <br /> Lathrop Drive in South Bend; and <br /> WHEREAS, the Common Council of the City of South Bend approved that <br /> Statement of Benefits, as revised on January 4, 2011, and designated the area commonly <br /> known as 3425 West Lathrop Drive as an Economic Revitalization Area, all in <br /> accordance and as more particularly described in Resolution No. 4076-11; and <br /> WHEREAS,the Economic Revitalization Area continues in existence and will be <br /> designated as such under that Resolution until July 25, 2012; and <br /> WHEREAS, McCormick & Company is in the process of implementing its <br /> project and has already met and exceeded the estimates for employment and wages and is <br /> making a good faith effort to meet the estimates for the investment and as set forth in the <br /> revised Statement of Benefits; and <br /> WHEREAS, McCormick & Company is interested in making additional <br /> investments in new manufacturing and logistical distribution equipment as more <br /> particularly described in the Amended Statement of Benefits, dated February 3, 2011, <br /> which has been filed with and submitted to the Common Council for its consideration of <br /> five year personal property tax abatement on the new investments described therein. <br /> NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the <br /> City of South Bend, Indiana, as follows: <br /> SECTION I. In compliance with IND. CODE §§ 6-1.1-12.1-4.5(b), the Common <br /> Council hereby finds that: <br /> a. The estimate of the cost of the proposed new manufacturing equipment <br /> and new logistical distribution equipment is reasonable for property of this type. <br /> b. The estimate of the number of individuals who will be employed or whose <br /> employment will be retained can be reasonably expected to result from the proposed <br /> installation of the new manufacturing and logistical distribution equipment. <br /> c. The estimate of the annual salaries of the individuals who will be <br /> employed or whose employment will be retained can be reasonably expected to result <br />