Reconfirming Area Deductions Steel Warehouse Co Inc.

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RESOLUTION NO. 3i F -05 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND RECONFIRMING ECONOMIC REVITALIZATION AREA DEDUCTIONS OF STEEL WAREHOUSE CO. INC. AND ITS AFFILIATES WHEREAS, on August 31, 2004, Steel Warehouse Co. Inc. filed three (3) Forms SB -1 Statements of Benefits in connection with its applications for real and personal property tax abatement on proposed new investments in a building addition and new manufacturing equipment at its industrial location at 2722 West Tucker Drive in South Bend, and in connection with its investment in new manufacturing equipment at its manufacturing facility at 1400 Riverside Drive in South Bend; and WHEREAS, the Common Council of the City of South Bend approved those Statements of Benefits and designated the areas commonly known as 2722 Tucker Drive and 1400 Riverside Drive as Economic Revitalization Areas, all in accordance and as more particularly described in Resolution Nos. 3380 -04, 3381 -04 and 3382 -04; and WHEREAS, the Economic Revitalization Areas continue in existence and will be designated as such under those Resolutions until September 13, 2006; and WHEREAS, Steel Warehouse Co. Inc. and its affiliates have met and exceeded the estimates for employment and wages as set forth in those original Statements of Benefits, and is interested in making additional investments in new manufacturing equipment and real property structures, as more particularly described in the three (3) Amended Statements of Benefits which have been filed with and submitted to the Common Council for its consideration of five -year real property tax abatement and five -year personal property tax abatement on the new investments described therein. NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby finds that: a. The estimate of the cost of the redevelopment of real property and proposed installation of new manufacturing equipment is reasonable for property of this type. b. The estimate of the number of individuals who will be employed or whose employment will be retained can be reasonably expected to result from the redevelopment of real property and proposed installation of new manufacturing equipment. C. The estimate of the annual salaries of the individuals who will be employed or whose employment will be retained can be reasonably expected to result from the redevelopment of real property and proposed installation of new manufacturing equipment.