Designating Tax Abatement - Manufacturing Technology Inc. 1702 W. Washington St. (5 Year Personal Property)

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from the South line of Washington Avenue; thence in a Southeasterly direction 102 feet to an iron stake, which iron state is 208 feet due South from Washington Avenue; thence North 46.2 feet; thence in a Northwesterly direction 80.3 feet to a point 100.3 feet due South from the South line of Washington Avenue; thence Westerly 305.6 feet to a point due South 103.5 feet from the South line of Washington Avenue, thence North 103.5 feet to a point on the South line of Washington Avenue which is 30 feet East of the place of beginning, thence West 30 feet to the place of beginning; and which has Key Numbers 18- 2001 -0002 and 18- 2001 -0005, be designated as an economic revitalization area under the provisions of Indiana Code 6 -1.1 -12.1 et se ., 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 se q., and South Bend Municipal Code Sections 2 -76, et se q., 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 seq., 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; D. That the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed redevelopment or rehabilitation;