12-19-94 Council Meeting Minutes

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REGULAR MEETING particularly described as follows: DECEMBER 19, 1994 Beginning at the Southeast corner of the Southwest 1/4 of said Section 35; thence South 89 49'00" West (bearing assumed) along the South line of said Section, 308.97 feet; thence North 89 55100" West, 12.00 feet to the Northline of a 12 foot alley; thence North 89 55'00" West along said North line of alley, 236.61 feet to a point 120.00 feet South 89 55100" East of the East line of Kessler Boulevard, 128.00 feet to a point on the South line of King Street, 180.00 feet South 89 55118" East of the Northeast corner of Lot 10 as shown as shown on the Section Plat of Northwest Addition in the City of South Bend recorded April 6, 1906 in Plat Book 0, pages 30 and 31; thence South 89 55118" East along the South line of King Street, 352.84 feet; thence North 0 00127" West, 194.85 feet to a point on the centerline of the East and West 14 foot alley between King Street and McCartney Street produced East; thence North 00 06109" East, 128.81 feet; thence North 89 46149" East 287.05 feet to the Westerly line of Riverside Drive; thence South 16 37115" West along a chord subtending said Westerly line of Riverside Drive. 455.43 feet to the South line of Said Section 35; thence North 90 00100" West along said South line, 156.71 feet to the point of beginning. Commencing at the Southeast corner of the 1/4 of said Section 35; thence North 00 30'30" West (bearing assumed) along the East line of said Southwest 1/4 a distance of 463.14 feet to the Point of Beginning for the following described tract; thence continuing North 00 00130" West along said East line 336.00 feet to the South line of Queen Street; thence South 89 56109" West along said South line of Queen Street 176.60 feet; thence North 00 02136" East 195.00 feet to the centerline of the East and West 14 foot alley between Kinyon Street and Queen Street; thence South 89 56109" West along said centerline of alley,131.27 feet; thence South 00 06109" West along the East line of Lot 145 in the Third Plat of Northwest Addition recorded March 7, 1907 in Plat Book 9, page 60 in the Office of the St. Joseph County Recorder and its Northerly and Southerly extensions, 195.00 feet to the south line of Queen Street; thence South 89 56109" West along said South line of Queen Street, 12.93 feet to the East line of Allen Street; thence South 00 05151" West along said east line of Allen Street 329.81 feet to the South line of McCartney Street; thence South 89 58127" East along said South line of McCartney Street, 12.91 feet; thence South 00 06109" West 6.11 feet; thence North 89 56109" East 308.71 feet to the Point of Beginning. and this property has Key Numbers 18 2110 4067, 18 2110 4065, be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1,1- 12.1 -1 et seq., 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 seq. 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; (c) the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained 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 installation of new manufacturing equipment; and (e) the totality of benefits is sufficient to justify the deduction requested. SECTION II.. The Common Council hereby determines and finds that the proposed new manufacturing equipment can be reasonably expected to yield the benefits identified in the State of Benefits as set forth in Section 1 through 3 of the Petition for Personal Property Tax Abatement Consideration and that the Statement of Benefits form completed by the Petitioner, said form being prescribed by the State Board of Accounts, are sufficient to justify the deduction granted under Indiana Code 6 -1.1- 12.1 -4.5. SECTION III. The Common Council hereby accepts the report and recommendation of the Department of Economic Development, and the Human Resources and Economic Development Committee's favorable recommendation, that the area herein described be