Designating Tax Abatement - Imagineering Properties, LLC. 4521 NImtz Parkway (10 Year Real Property)

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'15'06 ") TO A POINT OF TANGENCY; THENCE SOUTH 67'59'20" EAST 380.57 FEET; THENCE SOUTH 29'59'53" WEST A DISTANCE OF 725.09 FEET TO A POINT ON THE NORTH LINE OF F.J. NIMTZ PARKWAY RECORDED IN DOCUMENT NO. 9445142 OFFICE OF THE RECORDER, ST. JOSEPH COUNTY; THENCE NORTH 60'00'07" WEST ALONG THE NORTHLY LINE OF SAID NIMTZ PARKWAY A DISTANCE OF 560.00 FEET TO THE PLACE OF BEGINNING OF THIS DISCRIPTION CONTAINING 8.67 ACRES. and which has Key Number 25- 1010 - 036104, 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 seq., and; WHEREAS, the Department of Community and Economic Development 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 sue., 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 and Economic Development 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 Real Property Tax Abatement and the Statement of Benefits form completed by the Petitioner meet the requirements of Indiana Code § 6 -1.1 -12.1 et sec l., 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; C. That the estimate of the number of individuals who will be employed or whose employment will be retained by the Petitioner can reasonably be expected to result from the proposed described redevelopment or rehabilitation;