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<br />REGULAR MEETING JULY 12, 1982
<br />A parcel of land being a part of the plat of E. H. Rush's Second Addition,
<br />South Bend, Indinaa, and being more particularly described as follows, viz:
<br />Beginning at the Southwest corner of lot 167 as shown on the recorded plat of
<br />E. H. Rush's Second Addition; thence North 00- 05' -41" west, along the east line
<br />of Fellows Street, a measured distance of 220.60 feet to the northwest corner
<br />of lot 162 in said Addition; thence north 450- 05' -09" east, a distance of 28.20
<br />feet to a point on the south line of lot 66 in J. Rush's Fourth Addition, said
<br />point being south 890- 44' -02" east a distance of 20.00 feet from the southwest
<br />corner of said lot; thence South 890- 44' -02" east, along the south line of said
<br />lot and said line projected, and the south line of lot 74 in said J. Rush's
<br />Addition, a measured distance of 229.42 feet to a point which is 40.00 feet
<br />westerly of the southeast corner of said lot 74; thence south 440- 53' -19" east,
<br />a distance of 56.72 feet to a point on the east line of lot 161 in said E. H.
<br />Rush's Addition, said point being South 00- 02' -36" east a distance of 20.00
<br />feet from the northeast corner of said lot; thence South 00- 02' -36" east, along
<br />the west line of Rush Street, a measured distance of 198.87 feet to the southeast
<br />corner of lot 156 in said E. H. Rush's Addition; thence South 890- 55' -29" west,
<br />along the south line of of said lot 156 and said south line projected, and the
<br />south line of said lot 167, a measured distance of 289.20 feet to a point of
<br />beginning, containing 68,356.7 square feet, more or less.
<br />Subject to any easements, covenants, or restrictions of record.
<br />WHEREAS, the Redevelopment Commission has conducted an investigation pursuant
<br />to Section 2 -77 of the Municipal Code and prepared a report determining that there
<br />is compliance with the Statutory obsolescence and eligibility criteria under Indiana
<br />Code 6- 1.1- 12.1 -1 et seq.
<br />WHEREAS, the Human Resources and Economic Development Committee of the Common
<br />Council has reviewed said report and recommended to the Common Council that the area
<br />qualifies as an Urban Development Area, and that the tangible personal property to
<br />be located at such location is entitled to a deducation from the assessed value of
<br />the equipment for a period of five (5) years.
<br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend,
<br />Indiana, as follows:
<br />SECTION I. The Common Council hereby accepts the report and
<br />recommendation of the Human Resources and Economic Development Committee that the
<br />area herein described be designated an Urban Development Area, and that the tangible
<br />personal property to be located at such location is entitled to a deduction from the
<br />assessed value of the equipment for a period of five years (5) years.
<br />SECTION II. The Common Council hereby adopts a resolution designating this
<br />area as an Urban Development Area for purposes of personal property tax abatement.
<br />SECTION III. The Common Council directs the City Clerk, upon the receipt of
<br />the report of the Area Plan Commission to cause notice of the adoption of this Resolution
<br />to be published. Said publication shall provide notice of the public hearing before
<br />the Common Council of said declaration.
<br />SECTION IV. This Resolution shall be in full force and effect from and after
<br />its adoption by the Common Council and approval by the Mayor.
<br />/s/ Lewis A. McGann
<br />Member of the Common Council
<br />RESOLUTION NO. 973 -82 AN INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND,
<br />INDIANA, RELATING TO: HARBOR METAL TREATING OF INDIANA,
<br />INC. /ANTHONY FORTUNA PROJECT.
<br />WHEREAS, at the present time there are insufficient employment opportunities
<br />and insufficient diversification of business, commerce and industry in and near the
<br />City of South Bend, Indiana (the "City "); and
<br />WHEREAS, the economic welfare of the City would be benefited by the acquisition
<br />of economic development facilities in the City pursuant to the provisions of Indiana
<br />Code 18 -6 -4.5 (the "Act:); and
<br />WHEREAS, Harbor Metal Treating of Indiana, Inc. and Anthony Fortuna propose to
<br />acquire economic development facilities to be located in the City as defined in the
<br />Act if,the City will finance costs of such economic development facilities pursuant
<br />to the Act; and
<br />WHEREAS, the South Bend Economic Development Commission has received an application
<br />by Harbor Metal Treating of Indiana, Inc. and Anthony Fortuna for the issuance of
<br />City of South Bend Economic Development Bonds in an amount not to exceed One Million
<br />Dollars ($1,000,000.00) repayable over a twelve (12) year period with interest thereon
<br />at a rate consistent with interest rates generally paid on tax - exempt bonds at the
<br />time the bonds are issued in order to purchase real property to be leased to Harbor
<br />Metal Treating of Indiana, Inc., a Michigan corporation, authorized to do business
<br />in Indiana, resulting in an increase of approximately twelve (12) additional employees
<br />by 1984 by the principal user with an increased annual payroll of in excess of One
<br />Hundred Twenty Five Thousand Dollars (125,000.00) per year.
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