5077-24 Confirming Resolution Personal Property Steel Warehouse

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BILL NO. 24-14 RESOLUTION NO. 5077-24 A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 2803 Tucker Drive, South Bend, Indiana 46619 AND 2920 Tucker Drive, South Bend, Indiana 46619 AS AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A FIVE-YEAR (5) PERSONAL PROPERTY TAX ABATEMENT FOR Steel Warehouse Company, LLC WHEREAS, the Common Council of the City of South Bend, Indiana, has adopted a Declaratory Resolution designating certain areas within the City as an Economic Revitalization Area for the purpose of tax abatement consideration; and WHEREAS, a Declaratory Resolution designated the area commonly known as 2803 Tucker Drive, South Bend, Indiana 46619, and 2920 Tucker Drive, South Bend, Indiana 46619, and which is more particularly described as follows: Business Personal Property and which has Key Numbers to be assigned, be designated as an Economic Revitalization Area; and WHEREAS, the area commonly known as 2803 Tucker Drive and 2920 Tucker Drive is part of the Steel Warehouse campus, which also includes the company's headquarters at 2722 Tucker Drive; and WHEREAS, notice of the adoption of a Declaratory Resolution and the public hearing before the Council has been published pursuant to Indiana Code 6-1.1-12.1-2.5; and WHEREAS, the Council held a public hearing for the purposes of hearing all remonstrances and objections from interested persons; and WHEREAS, the Council has determined that the qualifications for an economic revitalization area have been met. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby confirms its Declaratory Resolution designating the area described herein as an Economic Revitalization Area for the purposes of tax abatement. Such designation is for personal property tax abatement only and shall expire on December 31, 2026. SECTION II. The Common Council hereby determines that the property owner is qualified for and is granted personal property tax deduction for a period of five (5) years as shown below pursuant to Indiana Code 6-1.1-12.1-17 and further determines that the petition,the Memorandum of Agreement between the Petitioner and the City of South Bend, and the Statement of Benefits comply with Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code 6-1.1-12 et seq. Year 1 - 100%