11-14-88 Council Meeting Minutes

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R$G JAR N�EETTNG NOVEMBT�14 19$x_ RESOLUTION NO. 1671 -88 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA COMMONLY KNOWN AS 2722 W. TUCKER DRIVE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A 5 YEAR PERSONAL PROPERTY TAX ABATEMENT FOR STEEL WAREHOUSE, SLITTER MODERNIZATION AND EXPANSION PROJECT. WHEREAS, a petition for personal property tax abatement has been filed with the City Clerk for consideration by the Common Council of the City of South Bend, Indiana, requesting that the area commonly known as 2722 Tucker Drive, South Bend, Indiana, and which is more particularly described as follows: A part of the northwest 1/4 of Section 15, Township 37 North, Range 2 East, now within and part of the City of South Bend, Indiana, and which is more particularly described as follows: Beginning at a point on the west line of the southeast 1/4 of the northwest 1/4 of said Section 15, a distance of 260.00 feet south of the northwest corner of said southeast 1/4 of the northwest 1/4, said point being on the south line of Tucker Drive; thence east along said south line of Tucker Drive 305.00 feet; thence south parallel with the west line of said southeast 1/4 of the northwest 1/4, 490.85 feet to the north right of way of the Indiana Northern Railway Company; thence west along said north right of way line 225.70 feet to the west edge of Steel Warehouse Co. Inc.'s building; thence north along said west edge of building 172.00 feet; thence west parallel with the north right of way line of said Indiana Northern Railway Company 104.30 feet to the southeast corner of a tract of land conveyed to Stanley Enterprises, Inc.; thence north along the east line of said Stanley Enterprises, Inc. tract 320.74 feet to the south line of Tucker Drive; thence east along said south line of Tucker Drive 25.00 feet to the point of beginning, containing 3.314 acres, more or less. 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 section 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 that the Petition for Real Property Tax Abatement and the Statement of Benefits form completed by the Petitioner meet the requirements of I.C. 6 -1.1- 12.1 -1 et seq., and qualifies under the provisions of South Bend Municipal Code Section 2 -76, et seq., for tax abatement. SECTION II. The Common Council hereby determines and finds the following: A. That the estimate of the value of the redevelopment or rehabilitation is reasonable for projects of this nature; B. That the estimate of the number of individuals who will be employed or whose employment will be retained can reasonably be expected to result from the proposed described redevelopment or rehabilitation; C. That 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 redevelopment or rehabilitation; D. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation; and E. That the totality of benefits is sufficient to justify the deduction, all of which satisfy the requirements of I.C. 6 -1.1- 12.1 -3. SECTION III. The Common Council hereby determines and finds that the proposed described redevelopment or rehabilitation can be reasonably expected to yield the benefits identified in the Statement of Benefits set forth in sections I through II of the Petition for Personal Property Tax Abatement Consideration and that the Statement of Benefits form prescribed by the State Board of Accounts are sufficient to justify the deduction granted under Section 6 -1.1- 12.1 -3 of the Indiana Code.