Confirming Tax Abatement - Nimet Industries Inc. 2424 N. Foundation Dr. (5 Year Personal Property)

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RESOLUTION NO. D 7 /6 A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 2424 NORTH FOUNDATION DRIVE, SOUTH BEND, INDIANA, TO BE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A FIVE YEAR PERSONAL PROPERTY TAX ABATEMENT FOR NIMET INDUSTRIES, INC. WHEREAS, the Common Council of the City of South Bend, Indiana, has adopted a Declaratory Resolution designating certain areas within the City as Economic Revitalization Areas for the purpose of tax abatement consideration; and WHEREAS, a Declaratory Resolution designated the area commonly known as 2424 North Foundation Drive, South Bend, Indiana, and which is more particularly described as follows: A parcel of land in part of the South Half of Section 28, Township 38 North, Range 2 East, German Township, St. Joseph County, Indiana, described as follows: Commencing at the southeast corner of said Section; thence North 90 degrees 00 minutes 00 seconds West 2642.71 feet to the southeast corner of the Southwest Quarter of said Section; thence South 89 degrees 57 minutes 33 seconds West 171.27 feet; thence North 0 degrees 00 minutes 47 seconds East 528.56 feet; thence South 89 degrees 59 minutes 13 seconds East 40 feet to the point of beginning of this description: thence North 0 degrees 00 minutes 47 seconds East 375.00 feet; thence South 89 degrees 59 minutes 13 seconds East 450.00 feet; thence South 0 degrees 00 minutes 47 seconds West 375.00 feet; thence North 89 degrees 59 minutes 13 seconds West 450.00 feet to the point of beginning and containing 3.874 acres, more or less. The bearing of the South line of the Southeast Quarter of Section 28 is assumed North 90 degrees 00 minutes 00 seconds West. with said real estate having the following Key No. 25- 1010- 040015, 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. 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.