02-09-98 Council Meeting Minutes

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REGULAR MEETING FEBRUARY 9. 1998 RESOLUTION NO. 2556 -98 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS 1313 S. WALNUT STREET, SOUTH BEND, INDIANA, AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A FIVE (5) YEAR PERSONAL PROPERTY TAX ABATEMENT FOR EXPANDED METAL COMPANY OF INDIANA LLC WHEREAS, a petition for personal property tax abatement consideration has been filed with the Common Council of the City of South Bend, requesting that the area commonly known as 1313 S. Lafayette Blvd., South Bend, Indiana, and which is more particularly described as follows: A tract of land in the City of South Bend, St. Joseph County, Indiana, situated in the Northwest Quarter of Section 14, and the northeast quarter of Section 15, Township 37 north, Range 2 East bounded by the following described line. Beginning at a point in the west line of Walnut Street, 1719.61 feet South of the south line of Sample Street, which point is 1067.8a6 feet south of the south line of the Sanders and Egbert Tract, as conveyed by deeds recorded in Deed Record 118, page 428 and Deed Record 121, page 320; thence an assumed bearing of south 00001049" east along said west line of Walnut Street, 107.50 feet; thence South 89053103" West 269.27 feet; thence north 83057102" west, 75 feet to the southeast corner of an existing brick building, thence south 89055103" West 579.48 feet; thence north 0000149" west parallel with said West line of Walnut Street, 83.16 feet; thence north 89023132" east 437.13 feet; thence north 61054'12" east, 42.91 feet; thence north 89054112" East, 725.03 feet to the place of beginning. and this property has Key Numbers 18 8021 084502, be designated as an Economic Revitalization Area under the provisions of Indiana Code 6- 1,1- 12.1 -1 et sea., and South Bend Municipal Code Section 2 -76 et seq.: and WHEREAS, the Department of Economic Development has concluded an 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 -1, et seq., and South Bend Municipal Code Sections 2- 76 et sec 1 . 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 Human Resources 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, 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;