No. 0856 approving an application for real and personal property tax deduction (Allied Products Corp., 601 W. Broadway St.)

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RESOLUTION NO. 856 A RESOLUTION APPROVING AN APPLICATION FOR REAL AND PERSONAL PROPERTY TAX DEDUCTION WHEREAS, I.C. 6- 1.1- 12.1 -2(j) 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 six years of real property and five years of personal property tax abatement consideration from Allied Products Corporation for real and personal property located at 601 W. Broadway Street in the Studebaker Corridor Development Area, the legal description of which is attached hereto, marked Exhibit "A" and incorporated herein; and WHEREAS, this Commission declared the Studebaker Corridor Development Area by Resolution No. 762 adopted January 10, 1986 and in the same resolution declared the Studebaker Corridor Allocation Area (South Bend Allocation Area No. 6); and WHEREAS, the property located at 601 W. Broadway Street is located within the Studebaker Corridor Allocation Area (South Bend Allocation Area No. 6); and WHEREAS, the Redevelopment Commission adopted Resolution No. 854 on August 12, 1988, approving three years of real property and five years of personal property tax abatement; and WHEREAS, the South Bend Common Council has indicated its intent to approve six years of real property tax abatement as well as the five years of. personal property tax abatement; and WHEREAS, it is necessary for the Redevelopment Commission to amend Resolution No. 854 in order to approve six years of real property tax abatement. NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission as follows: 1.) The Commission finds that the application of Allied Products Corporation for six years of real property and five years of personal property tax abatement consideration for property located at 601 W. Broadway Street in the Studebaker Corridor Allocation Area (South Bend Allocation Area No. 6) is hereby approved and Resolution No. 854 is hereby amended. 2.) That a copy of this resolution be forwarded to the South Bend Common Council to indicate the Commission's approval of the Allied Products Corporation petition for real and personal property tax abatement. Approved this 26th day of August, 1988, at the regularly scheduled meeting of the South Bend Redevelopment Commission. SOUTH BEND REDEVELOPMENT COMMISSION , Pres7-Qent ATTEST: lawk V Roman Piasecki, Secretary 2 /h.