Confirming Tax Abatement - J & J Leasing LLC 110 S. Hill St. (10 Year Real Property)

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NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council pursuant to Section 2 -84 of the South Bend Municipal Code finds the ten (10) years is the appropriate and rational time period for this tax abatement in light of the following: The petitioner currently employs over 103 people in the South Bend office and has an annual payroll of over $3.9 trillion. The petitioner also projects to add as many as 150 new positions to its payroll over the next five years. 2. Environmental Health Laboratories (EHL), in conjunction with Underwriters Laboratories (UL), which is the largest public safety testing company in the world, are dedicated to public safety and to the communities they are a part of. The petitioner cites the enormous costs associated with this project, with total project costs estimated to exceed $7 million. SECTION II. 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 sea. SECTION III. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approved by the Mayor. PRESENTED NOT APPROVED ADOPTED Member of the Common CMincil 1 � 201 [O:C ..._r....�,_._ 1.�k,A -,T1TA J. 0,50A C" CL €M,. $0. E31OW7 !M.