Designating Tax Abatement - Nimet Industries Inc. 2424 N. Foundation Dr. (6 Year Real Property)

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RESOLUTION NO. Q A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 2424 NORTH FOUNDATION DRIVE, SOUTH BEND, INDIANA AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A SIX YEAR REAL PROPERTY TAX ABATEMENT FOR NIMET INDUSTRIES, INC. WHEREAS, a petition for real property tax abatement has been filed with the City Clerk for consideration by the Common Council of the City of South Bend, Indiana requesting that 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. and which has Key Number 25- 1010 - 040015, be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1.1- 12.1 -1 gl,., and South Bend Municipal Code Sections 2 -76 g1 sec .; 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 -1, et sec ., 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 Human Resources 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.. and qualified under the relevant provisions of South Bend Municipal Code Sections 2 -76 g 3g-q., for tax abatement.