No. 2845 approving an application for an increase in personal property tax deduction (abatement for McCormick & Co., Inc.)

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G RESOLUTION NO. 2845 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION APPROVING AN APPLICATION FOR AN INCREASE IN 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, on July 9, 2010, the Redevelopment Commission adopted Resolution No. 2677, approving a five year personal property tax abatement for McCormick & Company, Inc., based upon an investment of $1,362,173.00, as amended, in the Airport Economic Development Area, in Allocation Area No. l; and WHEREAS, on January 24, 2011, the South Bend Common Council adopted Resolution No. 4076 -11, also approving the application made by McCormick & Company, Inc.; and WHEREAS, McCormick & Company, Inc., has filed an application to increase its investment from $1,362,173.00 to $8,136,599.00, an increase of $6,774,426.00. NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission as follows: 1. The Commission finds that the application from McCormick & Company, Inc., for an increase in its personal property tax abatement from $1,362,173.00 to $8,136,599.00, an increase of $6,774,426.00, should be and is hereby approved. 2. All findings and action taken in Resolution No. 2677 are hereby confirmed. 3. That a copy of this resolution be forwarded to the South Bend Common Council to indicate the Commission's approval of the application for an increase in personal property tax abatement for McCormick & Company, Inc. C;