Confirming Tax Abatement - Aircraft Landing Systems, Honeywell, Inc. 3520 Westmoor St. (10 Year Real Property)

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SECTION I. The petitioner acknowledges that due to an inadvertent oversight, it did not file a real property tax abatement request simultaneously with its personal property request which was applied for on May 5, 1997 and approved as Resolution No. 2449 -97. The Common Council pursuant to Section 2 -84 of the South Bend Municipal Code finds that ten (10) years is the appropriate and rational time period for this tax abatement in light of the following: A. The company is a long time South Bend business, currently employing 798 people in its Aircraft Landing Systems division with an annual payroll in excess of $50,000,000. B. The company has invested over $7.5 million for the new building addition and has or will be investing another $49 million in equipment. C. The company has already seen employment growth of 18 new positions resulting from the building addition and new equipment purchases. D. The company is an anchor company in the 2"° Councihnanic district, and is a leading corporation in the aircraft industry in the nation. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of ten (10) years. SECTION H. The Common Council hereby confirms its Declaratory Resolution designating the area described herein as an Economic Revitalization Area for the purposes of tax abatement. Such designation is for Real property tax abatement only and is limited to two (2) calendar years from the date of adoption of the Declaratory Resolution by the Common Council. SECTION III. The Common Council hereby determines that the property owner is qualified for and is granted Real property tax deduction for a period of ten (10) years, and further determines that the petition complies with Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code 6- 1.1 -12 et seq. SECTION IV. Before July 1, 2001, the petitioner agrees to enter into a Memorandum of Agreement with the City of South Bend that will specifically identify the terms and conditions of this abatement. SECTION V. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor, and shall be retroactive to May 5, 1997. Member of the Common PRESENTED LS- NOT APPROVED ADOPTED 6-ZS -01 Filed In Clerk's Office =JG*2Q9 LORETTAJ. DUDA CITYCLERK, SO. BEND, IN.