25-43 Modifying and Reconfirming Resolution - Real Property Tax Abatement for Verbio North America LLC at 3201 West Calvert Street

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WHEREAS, the modernization project, upon completion, will employ proprietary technology and processes that will be eligible for federal tax credits that incentivize the development and implementation of technologies for renewable energy;and WHEREAS, Verbio North America LLC's advanced 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 full construction of the real property improvements 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. 5026-23; and WHEREAS, the Common Council desires to reconfirm the designation of a certain area designated by Declaratory Resolution No. 5019-23 and confirmed by Confirming Resolution No. 5026-23 as an Economic Revitalization Area for purposes of an eight-year (8) real 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. 5019-23 and Confirming Resolution No. 5026-23 designating as an Economic Revitalization Area for purposes of an eight-year(8)real property tax abatement the area described as: Key Number: 71-08-16-400-002.000-026 Commonly Known As: 3201 W. Calvert Street, South Bend, IN 46613 Legal Description: Vac Sunset Pk Se 1/4 Ex Pt Sold To City S& Adj & Mid Pt S 1/2 E Of Rr Cont 61.834 Ac+- Sec 16-37- 2e SECTION II. The designation as an Economic Revitalization Area for purposes of an eight-year (8) real 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 eight(8)years as shown in Section VI of Declaratory Resolution No. 5019-23 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