Designating Tax Abatement - Lock Joint Tube, Inc./Keycorp Capital Leasing/Steel Warehouse Co. Inc. 515 W. Ireland Rd. (5 Year Personal Property)

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described in Warranty Deed 7903212 and Warranty Deed 8501215, a distance of 1270.41 feet to a point on the west right of way line of a public street now known as Lafayette Street; thence South Ol °- 30' -47" West, along said west right of way line of Lafayette Street and being parallel with and 30.00 feet west of the east line of the Southeast Quarter (S.E. 1/4) of the Northeast Quarter (N.E.1 /4) of said Section Twenty-Six (26), a distance of 602.05 feet to the northeast corner of a parcel conveyed to Arthur Fontonelli and as described in Warranty Deed 9335926; thence South 90 " -00'- 00" West, along the north line of said parcel conveyed to Arthur Fontonelli and also being along the north line of a parcel conveyed to Arthur Fontonelli as described in Corporate Warranty Deed 9335926, a distance of 370.00 feet to the northwest corner of said parcel conveyed to Arthur Fontonelli ; thence South Ol °- 30' -47" West, along the west line of said parcel conveyed to Arthur Fontonelli, a distance of 360.00 feet to the Point of Beginning of this description and containing 24.793 Acres, more or less. and this property has Key Number 23- 1013 -0758, be designated as an Economic Revitalization Area under the provisions of Indiana Code Section 6- 1.1- 12.1 -1 et SeMc ., and South Bend Municipal Code Sections 2 -76 et seq.; and WHEREAS, the Common Council has received a completed Form SB -1 Statement of Benefits from Lock Joint Tube, Inc./KeyCorp Capital Leasing/Steel Warehouse Co. Inc. proposing installation of the new manufacturing equipment; and WHEREAS, the Department of 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 Section 6- 1.1- 12.1 -1, et M., and South Bend Municipal Code Sections 2 -76 et ss ., 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 Human Resources and Economic Development Committee ofthe 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. Upon review of the aforementioned Form SB -1 Statement of Benefits, the Common Council hereby determines and finds pursuant to Indiana Code Section 6- 1.1- 12.1 -4.5, that: (a) the estimate of the cost of the new manufacturing equipment is reasonable for equipment of that type; (b) the estimate of the number of individuals who will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed installation of new manufacturing equipment; -2-