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BILL NO. 19-19 <br /> RESOLUTION NO. 4773-19 <br /> A RESOLUTION CONFIRMING THE ADOPTION OF A <br /> DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS <br /> WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY <br /> KNOWN AS <br /> 1545 S. Olive Street, South Bend, IN 46619 <br /> AS AN ECONOMIC REVITALIZATION AREA FOR <br /> PURPOSES OF A FIVE (5) YEAR PERSONAL <br /> PROPERTY TAX ABATEMENT FOR <br /> Molding Plastics, LLC <br /> WHEREAS, the Common Council of the City of South Bend, Indiana, has <br /> adopted a Declaratory Resolution designating certain areas within the City as Economic <br /> Revitalization Areas for the purpose of tax abatement consideration; and <br /> WHEREAS, a Declaratory Resolution designated the area commonly known as <br /> 1545 S. Olive Street, South Bend, Indiana, and which is more particularly described as <br /> follows: <br /> Business Personal Property <br /> and which has Key Numbers to be assigned and be designated as an Economic <br /> Revitalization Area; and <br /> WHEREAS, notice of the adoption of a Declaratory Resolution and the public <br /> hearing before the Council has been published pursuant to Indiana Code 6-1.1-12.1-2.5; <br /> and <br /> WHEREAS, the Council held a public hearing for the purposes of hearing all <br /> remonstrances and objections from interested persons; and <br /> WHEREAS, the Council has determined that the qualifications for an economic <br /> revitalization area have been met. <br /> NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of <br /> South Bend, Indiana, as follows: <br /> SECTION I. The Common Council hereby confirms its Declaratory Resolution <br /> designating the area described herein as an Economic Revitalization Area for the <br /> purposes of tax abatement. Such designation is for personal property tax abatement only <br /> and is limited to three (3) calendar years from the date of adoption of the Declaratory <br /> Resolution by the Common Council. <br /> SECTION II. The Common Council hereby determines that the property owner is <br /> qualified for and is granted personal property tax deduction for a period of five (5) <br /> years as shown by the schedule outlined below as well as the attachment pursuant to <br /> Indiana Code 6-1.1-12.1-17 and further determines that the petition, the Memorandum of <br /> Agreement between the Petitioner and the City of South Bend, and the Statement of <br /> Benefits comply with Chapter 2, Article 6, of the Municipal Code of the City of South <br /> Bend and Indiana Code 6-1.1-12 et seq. <br /> Year 1 - 100% <br />