Designating Tax Abatement - Lock Joint Tube, Inc./Keycorp Capital Leasing/Steel Warehouse Co. Inc. 1215 S. Walnuut St. (5 Year Personal Property)

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RESOLUTION NO. A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS 1215 SOUTH WALNUT STREET SOUTH BEND, INDIANA AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF PERSONAL PROPERTY TAX ABATEMENT FOR LOCK JOINT TUBE, INC./KEYCORP CAPITAL LEASING/ STEEL WAREHOUSE CO. INC. WHEREAS, a petition for personal property tax abatement consideration has been filed with the Common Council of the City of South Bend, requesting that the area commonly known as 1215 South Walnut Street, South Bend, Indiana, and which is more particularly described as follows: A tract of land in the City of South Bend, County of St. Joseph, and State of Indiana, situated in the Northwest 1/4 of Section 14, and the Northeast 1/4 of Section 15, Township 37 North, Range 2 East, bounded by the following described line: Beginning at a point in the West line of Walnut Street, 682.75 feet south of the South line of Sample Street, which point is 31 feet South of the South line of the Sanders and Egbert Tract, as conveyed by deeds recorded in Deed Record 118, Page 428 and Deed record 121, Page 320; thence on an assumed bearing of South 0 000'49" East along said West line of Walnut Street, 556.95 feet; thence South 89 °55'05 "' West, 1200 feet; thence North 0 °00'49" West parallel with said West line of Walnut Street, 589.19 feet to a point 651.75 feet south of the south line of Sample Street or the produced South line of the tract conveyed to F. C. Raff, recorded in Deed Record 172 Page 641; thence South 89 °57'10" East along the South line above described tract produced East, 295 feet; thence South 0 °00'49" East parallel with the West line of Walnut Street, 31 feet; thence North 89 °57'16" East, 905 feet to the place of beginning. and this property has Key Number 18- 8021 - 084504, be designated as an Economic Revitalization Area under the provisions of Indiana Code Section 6- 1.1- 12.1 -1 et sue., and South Bend Municipal Code Sections 2 -76 et SeMc .; and WHEREAS, the Common Council has received a completed Form SB -1 Statement ofBenefits from Lock Joint Tube, Inc./KeyCorp Capital Leasing/Steel Warehouse Co. Inc. proposing installation of the new manufacturing equipment; and WHEREAS, the Department ofEconomic 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 seq., and South Bend Municipal Code Sections 2 -76 et seq., and has further prepared maps and plats showing the boundaries and such other information regarding the area in question as required by law; and