Designating Tax Abatement - Lock Joint Tube Inc. Large Diameter Tube Mill Project 1215 S. Walnut St. (5 Year Personal Property)

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RESOLUTION NO. c 22X -95 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS 1215 SOUTH WALNUT STREET SOUTH BEND, INDIANA 46619 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF PERSONAL PROPERTY TAX ABATEMENT FOR LOCK JOINT TUBE INC. LARGE DIAMETER TUBE MILL PROJECT WHEREAS, a petition for personal property tax abatement consideration has been filed with the Common Council of the City of South Bend, requesting that the area commonly known as 1215 South Walnut Street, South Bend, Indiana 46619 and which is more particularly described as follows: Pt. NW 1/4 Sec 14 & NE 1/4 Sec 15 -37 -2E Beg 932.75' South of SW Corner of Sample and Walnut and this property has Key Number 18- 8021 - 0845.04, be designated as an Economic Revitalization Area under the provisions of Indiana Code 6- 1.1- 12.1 -1 et SeMc ., and South Bend Municipal Code Sections 2 -76 et seq., 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 areas qualifies as an Economic Revitalization Area under Indiana Code 6 -1.1- 12.1 -1, et SeMc ., 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 pursuant to Indiana Code 6 -1.1- 12.1 -4.5, that: (a) the estimate of the cost of the new manufacturing equipment is reasonable for equipment of that type; (b) the estimate of the number of individuals that will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed installation of new manufacturing equipment; (c) the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained can be reasonably expected to result from the proposed installation of new equipment. 1