Designating Tax Abatement - South Bend Redevelopment Commission Benefit of Midwest Land Co. 5021 F.J. Nimtz Pkwy. (5 Year Personal Property)

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with said real estate having the following Key No. 25_101 &_0628, 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 Midwest Land Company (the "Petitioner ") proposing installation of new manufacturing equipment; and WHEREAS, the Council has determined that the installation of new manufacturing equipment proposed by the Petitioner is located within an area that has already been designated an Economic Revitalization Area by the Council; 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 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 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; and WHEREAS, Indiana Code § 6 -1.1 -12.1 -11.3 authorizes the Common Council to grant the tax abatement requested by Petitioner. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: CF.0 TION I. The Common Council hereby reconfirms 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 four (4) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION IT The Common Council hereby waives compliance with the requirements of Indiana Code § 6- 1.1- 12.1 -1 et seq., as permitted by Indiana Code § 6 -1.1- 12.1 -11.3, to the extent necessary to give effect to this Resolution. Without limiting the general scope of this waiver, the Common Council specifically waives the Petitioner's failure to submit its Statement of Benefits to the Common Council before the hearing regarding the designation of the Economic Revitalization Area, in accordance with Indiana Code § 6 -1.1- 12.1- 11.3(a)(1). SFC'TfON Ili. 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. (Revised 11- 26 -90)