08/13/07 Council Meeting Minutes

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REGULAR MEETING AUGUST 13, 2007 of said last named parcel to a point on the South line or the right of way of the Indiana Northern Railroad Company due West of the place of beginning: thence East ten hundred Fifty-seven and Thirteen-hundredths (1057.13) feet, more or less, to the place of beginning and containing Seventeen and seven hundred Sixty-one thousandths (17.761) acres, exclusive of Olive Street. All that part of the East Half of the North West Quarter of the North West Quarter of Section No. 15, Township No. 37 North, Range No. 2 East, that lies South of the right- of-way of the Indiana, Illinois, and Iowa Railroad Company (now New York Central Railroad), now within and a part of the City of South Bend; excepting there from a lot or parcel of land bounded as follows: Beginning at the intersection of the South Easterly line of said right-of--way and the East line of the East Half of the Northwest Quarter of the North West Quarter of said Section No. 15, thence running South Westerly along the South Easterly line of said right-of--way to the West line of the East Half of the North West Quarter of the North West Quarter of said Section; thence running South 219 feet, more or less, to a point; thence North Easterly parallel with and 219 feet South of the Southerly line of said right- of-way to the East line of the East Half of the North West Quarter of the North West Quarter of said Section No. 15; thence North 219 feet, more or less, to the place of beginning. and which have Key Numbers 18-8075-2838, 18-8075-2839, 18-8075-2843, 18-8075- 2844.03, 18-8075-2844.04, 18-8075-2844.06, 18-8075-2845.01, 18-8075-2845.02, 18- 8075-2845.03, be designated as an Economic Revitalization Area under the provisions of Indiana Code 6-1.1-12.1 et seq., and South Bend Municipal Code Sections 2-76 et seq., and; WHEREAS, the Department of Community and Economic Development has concluded and investigation and prepared a report with information sufficient for the Common Council to determine that the area qualifies as an Economic Revitalization Area under Indiana Code 6-1.1-12.1, et seq., and South Bend Municipal Code Sections 2-76, et sec ., and has further prepared maps and plats showing the boundaries and such other information regarding the area in question as required by law; and WHEREAS, the Community and Economic Development Committee of the Common Council has reviewed said report and recommended to the Common Council that the area qualifies as an Economic Revitalization Area. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby determines and finds pursuant to Indiana Code 6-1.1-12.1-4.5 et seq., that: (a) the estimate of the cost of the new manufacturing equipment is reasonable for equipment of that type; (b) the estimate of the number of individuals that will be employed or whose employment will be retained by the petitioner can be reasonably expected to result from the proposed installation of new manufacturing equipment; (c) the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained by the petitioner can be reasonably expected to result from the proposed installation of new equipment; (d) any other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed new manufacturing equipment; and 25