Confirming Tax Abatement - Total Enterprises, LTD 3333 W. Lathrop Dr. (5 Year Personal Property)

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a length of 25.96 feet; thence South 00 degrees 00 minutes 00 seconds West 749.36 feet, thence North 90 degrees 00 minutes 00 seconds West 70.00 feet to the point of beginning. Subject to legal highways. with said real estate having Parcel Key No. 25 -1010 -0409, as an Economic Revitalization Area; and WHEREAS, notice of the adoption of a Declaratory Resolution and the public hearing before the Council has been published pursuant to Indiana Code 6- 1.1- 12.1 -2.5; and WHEREAS, the Council held a public hearing for the purposes of hearing all remonstrances and objections from interested persons; and 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 Total Enterprises, Ltd. proposing installation of new manufacturing equipment; and WHEREAS, upon review of the Petitioner's Form SB -1 Statement of Benefits, 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 of new 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 -3-