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

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WHEREAS, the Council has determined that the qualifications for an economic revitalization area have been met; and WHEREAS, the 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 new manufacturing equipment; and WHEREAS, upon review ofthe Petitioner's Form SB -1 Statement ofBenefits, the Council finds that (i) the estimate of the cost of the new manufacturing equipment is reasonable for equipment of the type described in the Statement of Benefits; (ii) the estimate of the number of individuals who will be employed or whose employment will be retained can reasonably be expected to result from the installation of new manufacturing equipment described in the Statement of Benefits; (iii) the estimate of annual salaries of those individuals who will be employed or whose employment will be retained can reasonably be expected to result from the proposed installation ofnew manufacturing equipment; (iv) other benefits about which information was requested are benefits which can reasonably be expected to result from the proposed installation of new manufacturing equipment; and (v) the totality of benefits to be derived from the proposed installation of new manufacturing equipment is sufficient to justify the deduction sought by the applicant. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: 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 personal 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 hereby determines that the property owner is qualified for and is granted personal property tax deduction for a period of five (5) 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 -12.1 et seq. SECTION III. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. Member of the Common Council SBDS02 PX 185728 PRESENTED l 0 -1 \—� I NOT APPROVED ADOPTED L04 - q Isla Red M Clerk's Office SEP 2 0 1999