No. 2766 approving an application for personal property tax deduction (2722 W. Tucker Dr.)

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RESOLUTION NO. 2766 A RESOLUTION APPROVING AN APPLICATION FOR PERSONAL PROPERTY TAX DEDUCTION WHEREAS, I.C. 6 -1.1- 12.1 -2(1) provides that an application for property tax deduction may not be approved when the property is located in an allocation area as defined in I.C. 36- 7- 14 -39, unless the Redevelopment Commission which designated that allocation area adopts a resolution approving that application; and WHEREAS, the South Bend Common Council has received a petition for five (5) years of personal property tax abatement consideration from Steel Warehouse Company, LLC and Affiliates and Equipment Lessors for personal property located at 2722 W. Tucker Drive in the South Bend Airport Economic Development Area, the legal description of which is attached hereto, marked Exhibit "A" and incorporated herein; and WHEREAS, this Commission declared the South Bend Airport Economic Development Area by Resolution No. 919, adopted February 23,1990, and in the same resolution declared the South Bend Airport Economic Development Area, Allocation Area No. 1; and WHEREAS, the property located at 2722 W. Tucker Drive is located within the South Bend Airport Economic Development Area, Allocation Area No. 1; WHEREAS, the property located at 2722 W. Tucker Drive is located within the Urban Enterprise Zone; L�- NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission as follows: 1) The Commission finds that the application from Steel Warehouse Company, LLC and Affiliates and Equipment Lessors for five (5) years of personal property tax abatement consideration for properties located at 2722 W. Tucker Drive in the South Bend Airport Economic Development Area, Allocation Area No. 1, should be and is hereby approved. 2) Should the Company receive the Enterprise Zone Investment Deduction under I.C. 6- 1.1 -45 for the same property, this Tax Abatement designation shall become null and void. The Company may not receive an economic revitalization area deduction if it receives an enterprise zone investment deduction under I.C. 6 -1.1- 45 for the same property. 3) That a copy of this resolution be forwarded to the South Bend Common Council to indicate the Commission's approval of the petition for personal property tax abatement for Steel Warehouse Company, LLC and Affiliates and Equipment Lessors. Approved this 17th day of September 2010 , at the regularly scheduled meeting of the South Bend Redevelopment Commission. SOUTH BEND RED, LOPMENT COMMISSION Marcia I. Jo es esident ATTEST: Nancy N. , c ry