Designating Tax Abatement - Petersen Printing Copr. d/b/a Petersen Graphics Group 2920 W. Sample St. (5 Year Personal Property)

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Starting at a point 35 feet South and 165 feet East of the Northwest corner of Section 15, Township 37 North, Range 2 East which point is on the South line of East Sample Street; thence South 0 degrees 2 minutes 50 seconds West, 229 feet to the true point of beginning for this description; thence continuing as an extension to the last described line South 0 degrees 2 minutes 50 seconds to the Northerly right of way line of the Norfolk and Western Railroad (N.J.I. and I.R.R.); thence South 65 degrees 59 minutes 50 seconds West in a Southwesterly direction along the railroad right of way to a point which is 109.4 feet Northeasterly as measured on said railroad right of way from the West line of Section 15, Township 37 North, Range 2 East; thence North 0 degrees 2 minutes 50 seconds East, 587.24 feet to a point (which point is 264 feet South and 100 feet East of the Northwest corner of said Section 15); thence North 89 degrees 50 minutes 50 seconds East, 65 feet to the point of beginning. Subject to legal highways. and which has Key numbers 18 8075 282401 and 18 8075 282404, be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1.1 -12.1 et seg., and South Bend Municipal Code Sections 2 -76 et seg.; 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 seg., and South Bend Municipal Code Sections 2 -76 et seg., 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 pursuant to Indiana Code 6 -1.1- 12.1 -4.5 et sea., that: (a) the estimate of the cost of the new manufacturing equipment is reasonable for equipment of that type; (b) that the estimate of the number of individuals that will be employed or whose employment will be retained by the Petitioner can reasonably be expected to result from the proposed installation of new manufacturing equipment; (c) that the estimate of the annual salaries of those individuals that will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed installation of new equipment;