Designating Tax Abatement - Eaton Corporation 2930 Foundation Dr. (5 Year Personal Property)

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of said 12.00 acre tract of land, North 00 °12'22" East, a distance of 19.56 feet to a 3/4" iron pipe found at the Southeast corner of said 12.00 acre tract of land; thence along the Southerly line of said 12.00 acre tract of land, being also the Northerly line of said Portion herein described, North 89 °53'27" West, 371.17 feet to the point of beginning. and which has Key Number 25 - 1010 - 038401 , be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1.1 -12.1 et s�Mc., and South Bend Municipal Code Sections 2 -76 et seq., 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 6 -1.1 -12.1, et 5a., 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 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 seq., 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 be reasonably 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 manufacturing equipment; (d) any other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed new manufacturing equipment; and (e) the totality of benefits is sufficient to justify the deduction requested. SECTION II. The Common Council hereby determines and finds that the proposed new manufacturing equipment can be reasonably expected to yield the benefits identified in the Statement of Benefits as set forth in Section 1 through 3 of the Petition for Personal Property Tax Abatement Consideration and that the Statement of Benefits Form completed by the Petitioner, said form being prescribed by the State Board of Accounts, are sufficient to justify the deduction granted under Indiana Code 6- 1.1- 12.1 -4.5. SECTION III. The Common Council hereby accepts the report and recommendation of the Department of Community and Economic Development, and the Community and Economic Development Comoittee's favorable recommendation, that the area herein described be designated as an Economic Revitalization Area for purposes of personal property tax abatement and hereby makes such a designation.