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SECTION I. The Common Council pursuant to Section 2 -84 of the South Bend Municipal <br />Code finds the six (6) years is the appropriate and rational time period for this tax abatement in <br />light of the following: <br />1. The petitioner is an 80 year old South Bend based business, currently <br />employing 294 with an annual payroll in excess of $11,500,000. <br />2. The company completed an expansion of their facility in 2000 and has <br />already more than doubled the 10 new jobs promised in their previous <br />abatement granted in 1999. <br />3. The proximity of the previous project with this project is within two <br />years and the square footage of each project, when combined, exceed the <br />requirements for a 6 year abatement. <br />SECTION II. The Common Council hereby confirms its Declaratory Resolution designating <br />the area described herein as an Economic Revitalization Area for the purposes of tax <br />abatement. Such designation is for Real property tax abatement only and is limited to two (2) <br />calendar years from the date of adoption of the Declaratory Resoiution by the Common <br />Council. <br />SECTION III. The Common Council hereby determines that the property owner is qualified <br />for and is granted Real property tax deduction for a period of six () years, and further <br />determines that the petition complies with Chapter 2, Article 6, of the Municipal Code of the <br />City of South Bend and Indiana Code 6- 1.1 -12 et sea. <br />SECTION IV. This Resolution shall be in full force and effect from and after its adoption by <br />the Common Council and approved by the Mayor. <br />PRESENTED '�—Z,3"0J <br />NOT APPROVED <br />ADOPTED, <br />Member of the Common unctl <br />Filed In Clerk's Office <br />A�� 0 9 200 <br />LCRETTAJ. DIM <br />CRYCW K,tO.BEND,RL <br />