Designating Tax Abatement - Masterbilt, Inc. 325 S. Walnut (5 Year Personal Property)

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RESOLUTION NO. O� / / 10 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS 325 S Walnut AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF PERSONAL PROPERTY TAX ABATEMENT FOR Masterbilt, Inc. WHEREAS, a petition for personal property tax abatement consideration has been filed with the Common Council of the City of South Bend, Indiana, requesting that the area commonly known as 325 S. Walnut South Bend, Indiana, and which is more particularly described as follows: (Legal Description) Lot 4l EX SW PT NE COR LOT 42 KNOBLOCKS SUB BOL 84 N OF RR and this property has Key Number 18 3076 3060 be designated as an Economic Revitalizatoin Area under the provisons of Indiana Code 6 -1.1- 12.1 -1 et esMc ., and South Bend Municipal Code Sections 2- 76 et seq., and hasfurther 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 estimateof the cost of the new manufacturing equipment is reasonable for equipment of that type;