Confirming Tax Abatement - Cobra Development LLC for the Benefit of: Michiana Midget Motors Inc. 3735 William Richardson Dr. (3 Year Real Property)

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SECTION I. 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 II. The Common Council pursuant to Section 2 -84 of the South Bend Municipal Code finds that three (3) years is a proper designation in light of the following: 1. Michiana Midget Motors needs the reduced taxes in order to ease the financial burdon associated with moving the company and allow the company to remain competitive in an industry with increasing foreign competition; 2. The abatement will provide the additional cash flow necessary to develop new products and to purchase the necessary tooling to have these products made; 3. The abatement will help support the pursuit of expanded domestic sales and increased foreign sales. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of three (3) years. 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 THREE (3) 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 IV. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approved by the Mayor. PRESENTED 10'ZS�y 1 NOT APPROVED - `` ADOPTED O-'L S ^� 0. G. S T-f� Member of the Common Council Filed in Clerk's Office E r TpS 1999 LORETTA r, DUDA CITY CLERK, So. BEND. IN.