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WHEREAS, the Council has determined that the qualifications for an economic <br />revitalization area have been met. <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South <br />Bend, Indiana, as follows: <br />SECTION I. The Common Council hereby reconfirms its Declaratory Resolution designating <br />the area described herein as an Economic Revitalization Area for the purposes of tax abatement. <br />Such designation is for Personal property tax abatement only and is limited until February 15, <br />2015. The Common Council hereby confirms that Somaschini North America may assume the <br />tax abatement previously granted to South Bend Gear. <br />SECTION II. The Common Council hereby determines that the property owner is qualified for <br />and is granted Personal property tax deduction for a period of (5) five years, and further <br />determines that the petition complies with Chapter 2, Article 6, of the Municipal Code of the <br />City of South Bend and Indiana Code 6- 1.1 -12 et sect. <br />SECTION III. This Resolution shall be in full force <br />Common Council and approved by the Mayor. <br />PRESENTED -'L unJ�� <br />NOT APPROVE6 <br />'ADOPTED. <br />he <br />Filed In Clerk's <br />0 691 <br />M41 x 4 i•t. <br />JOHN VCX)RCa <br />CITY CLERK, SOUTH 0"ENDI IN <br />