Designating Tax Abatement - South Bend Absorbtech LLC 3900 W. William Richardson Dr. (5 Year Personal Property)

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RESOLUTION NO. �W— 1J A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS 3900 WEST WILLIAM RICHARDSON DRIVE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF PERSONAL PROPERTY TAX ABATEMENT FOR South Bend Absorbtech ®, L.L.0 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 3900 West Richardson Drive, South Bend, Indiana, and which is more particularly described as follows: 20 acres of land off the East end of the South Half of the Northwest Quarter of Section 21, Township 38 North, Range 2 East excepting therefrom the following: A part of the South Half of the Northwest Quarter of Section 21, Township 38 North, Range 2 East, St. Joseph County; Indiana, described as follows: Beginning on the South line of said Quarter Section South 88° 57' 48" West 160.62 feet from the Southwest corner of said Quarter Section; thence South 88-571 48" West 501.97 feet along said South line to the Southwest corner of the owner's land; thence North 0.52' 00" West 221.16 feet along the West line of the owner's land; thence Southeasterly 548.23 feet along an are to the right having a radius of 4,718.66 feet and subtended by a long chord having a bearing of South 67^ 13' 54" East and a length of 547.92 feet to the point of beginning. and this property has Key Number 25- 1012 -0198 , be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1.1- 12.1-1 et sea., and South Bend Municipal Code Sections 2 -76 et sea.; 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 sea., and South Bend Municipal Code Sections 2- 76 et sea., 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 1