Designating Tax Abatement - Lock Joint Tube LLC 515 W. Ireland Rd. (Up to 7 Yrs. Real Property)

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Quarter (N.E.1 /4) of said Section Twenty -Six (26); thence North 89 °42'44" East, along the south line of two (02) parcels conveyed to Miles Laboratories, Inc. as described in Warranty Deed 7903212 and Warranty Deed 8501215, a distance of 1270.41 feet to a point on the west right of way line of a public street now known as Lafayette Street; thence South 01°30'47" West, along said west right of way line of Lafayette Street and being parallel with and 30.00 feet west of the east line of the Southeast Quarter (S.E. 1/4) of the Northeast Quarter (N.E.1 /4) of said Section Twenty -Six (26), a distance of 602.05 feet to the northeast corner of a parcel conveyed to Arthur Fontonelli and as described in Warranty Deed 9335926; thence South 90 °00'00" West, along the north line of said parcel conveyed to Arthur Fontonelli and also being along the north line of a parcel conveyed to Arthur Fontonelli as described in Corporate Warranty Deed 9335926, a distance of 370.00 feet to the northwest corner of said parcel conveyed to Arthur Fontonelli; thence South 0 1 °30'47" West, along the west line of said parcel conveyed to Arthur Fontonelli, a distance of 360.00 feet to the Point of Beginning of this description. and which has Key Number 023 - 1013 -0758 a/k/a 71- 08 -26- 200 - 014.000 -002, be designated as an Economic Revitalization Area under the provisions of Indiana Code § 6 -1.1- 12.1 et seq., and South Bend Municipal Code Sections 2 -76 et sue., and; WHEREAS, the Department of Community Investment 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, et s�Mc., and South Bend Municipal Code Sections 2 -76, et sue., 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 Community Investment 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 Tax Incentives and the Statement of Benefits form completed by the Petitioner meet the requirements of Indiana Code § 6 -1.1 -12.1 et sue., for tax abatement. SECTION II. The Common Council hereby determines and finds the following: A. That the description of the proposed redevelopment or rehabilitation meets the applicable standards for such development; B. That the estimate of the value of the redevelopment or rehabilitation is reasonable for projects of this nature;