25-42 Modifying and Reconfirming Resolution - Personal Property Tax Abatement for Verbio North America LLC at 3201 West Calvert Street

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WHEREAS, Verbio North America LLC's ads anced technology processes require approval from the federal Department of Energy; and WHEREAS, the Department of Energy's approval depends on guidelines to be issued by the Internal Revenue Service at a date expected to be no sooner than May 2026; and WHEREAS, following the publication of guidelines by the Internal Revenue Service, the Department of Energy's approval for Verbio North America LLC would be issued approximately one year later; and WHEREAS, because of delays in the issuance of guidelines by the Internal Revenue Service,Verbio North America LLC's project has been delayed, and installation of new industrial and manufacturing equipment cannot begin until Verbio North America LLC has received the necessary federal approvals; and WHEREAS, because of these delays, which are outside the control of Verbio North America LLC, the Petitioner has requested to extend the designation period confirmed by Confirming Resolution No. 5025-23; and WHEREAS, the Common Council desires to reconfirm the designation of a certain area designated by Declaratory Resolution No. 5018-23 and confirmed by Confirming Resolution No. 5025-23 as an Economic Revitalization Area for purposes of a five-year(5)personal property tax abatement; and NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby reconfirms Declaratory Resolution No. 5018-23 and Confirming Resolution No. 5025-23 designating the area commonly known as 3201 W. Calvert Street, South Bend, Indiana 46613, and which is more particularly described as: Business Personal Property and which has Key Numbers to be assigned, as an Economic Revitalization Area for purposes of a five-year(5)personal property tax abatement. SECTION II. The designation as an Economic Revitalization Area for purposes of a five-year(5) personal property tax abatement expires on December 31, 2030. SECTION III. The Common Council hereby determines that the Petitioner is qualified and is granted property tax deduction for a period of five(5)years as shown in Section V of Declaratory Resolution No. 5018-23 and further determines that the petition, the Statement of Benefits, and the Memorandum of Agreement between the Petitioner and the City of South Bend 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. SECTION IV. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approved by the Mayor.