Designating Tax Abatement - Ludwick Graphics, Inc. 650 N. Wilber St. (5 Year Personal Property)

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RESOLUTION NO. A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS 650 N. WILBER STREET AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF PERSONAL PROPERTY TAX ABATEMENT FOR LUDWICK GRAPHICS, INC., and its affiliate, LUDWICK LEASING GROUP 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 650 N. Wilber Street, South Bend, Indiana, and which is more particularly described as follows: Lot C Davis Add & N. Easterly 1/2 Vacant Alley; Lot D Davis Plat & N. 1/2 Vacant Alley S. & Adj.; Lot E Davis Plat & S. Westerly 1/2 Vacant Alley & S. 1/2 Vacant Alley N. & Adj.; Lot F Davis Plat Ex 8 Ft Wly Side; Lot 30 Ex 4.2 Ft W Side Pleasant Home Addition; Lot 29 Pleasant Home Addition; Lot 5 Meases Addition, and this property has Key Numbers 18 1053 2270; 18 1053 2269; 18 1053 2272; 18 1053 2273; 18 1039 1703; 18 1039 1704; 18 1039 1683, be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1.1- 12.1-1 et seq., and South Bend Municipal Code Sections 2 -76 et 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, at 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;