Designating Tax Abatement - Steel Warehouse Co. Inc., Allan Lerman, Frances Lerman, Nathan Lerman and A & F Realty Co. 2722 Tucker Dr. (10 Yr. Real Property)

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Indiana Northern Railway Company; thence East parallel with said North line of said right -of -way, 540 feet, thence North parallel with the East line of said Southwest Quarter of the Northwest Quarter, 320.75 feet to the place of beginning. and this property has Key Numbers 18- 8075- 284406, 18- 8075 -2843, 18- 8075- 284403, 18 -8075- 284404, 18- 8075- 284502, 18- 8075- 284503, 18- 8075- 284501, be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1.1- 12.1 -I gI and South Bend Municipal Code Sections 2 -76 -q §&.q.; 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 Cod e 6- 1.1- 12.1 -1, gt sgq. and South Bend Municipal Code Sections 2 -76 gt 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 that the Petition for Real Property Tax Abatement and the Statement of Benefits form completed by the Petitioner meet the requirements of Indiana Code 6 -1.1- 12.1 -1 et sea,, for tax abatement. SECTION II. The Common Council hereby determines and finds the following: (A) That the description of the proposed redevelopment or rehabilitation meets the applicable standards for such development; (B) That the estimate of the value of the redevelopment or rehabilitation is reasonable for projects of this nature; (C) That the estimate of the number of individuals that will be employed or whose employment will be retained by the Petitioner can be reasonably expect to result from the proposed described redevelopment or rehabilitation; (D) That the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained by the petitioner can be reasonably expected to result from the proposed redevelopment or rehabilitation, (E) That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation; and (F) That the totality of benefits is sufficient to justify the requested deduction, all of which satisfy the requirements of Indiana Cod e 6 -I.1- 12.1 -3. SECTION III. The Common Council hereby determines and finds that the proposed described redevelopment or rehabilitation can be reasonably expected to yield the benefits identified in the Statement of Benefits as set forth in Sections I through II of the Petition for Real Property Tax Abatement Consideration and that the Statement of Benefits Form prescribed by the State Board of Accounts are sufficient to justify the deduction granted under Indiana Code 6 -1.1- 12.1 -3. SECTION IV. The Common Council hereby accepts the report and recommendation of the Community and Economic Development Committee that the area herein described be designated as an Economic Revitalization Area and hereby adopts a Resolution designating this area as an Economic Revitalization Area for purposes of Real Property Tax Abatement. Il M