Designating Tax Abatement - Boliden Metech, Inc. 445 N. Sheridan Ave. (5 Year Personal Property)

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RESOLUTION NO. �225q- 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 445 NORTH SHERIDAN AVENUE SOUTH BEND, INDIANA AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A FIVE (5) YEAR PERSONAL PROPERTY TAX ABATEMENT FOR BOLIDEN METECH, INC. 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 445 North Sheridan Avenue, South Bend, Indiana, and which is more particularly described as follows: A tract of land in the Southwest 1/4 of Section 4, Township 37 North, Range 2 East located in Portage Township, City of South Bend, St. Joseph County, Indiana, described as follows: Beginning at a point on the West line of Sheridan Avenue (80 foot right -of- way) 420.19 feet North (assumed bearing) of the North line of Linden Avenue (80 foot right -of -way) which point is also 207 feet West and 460.19 feet North of the Southeast corner of said Southwest 1/4 of Section 4; thence Northerly along said West line of Sheridan Avenue 673.22 feet to the Southerly right -of- way line of the Consolidated Rail Corporation (formerly the New York Central Railroad); then North 79 °18'30" West along said Southerly right -of- way line of the Consolidated Rail Corporation 429.83 feet; then south 00 °08'15" West 749.04 feet to a point 418.30 feet North 00 003'15" East of the North line of Linden Avenue; thence East perpendicular to the West line of Sheridan Avenue 370.56 feet to the point of beginning, containing 6.268 acres, more or less. and which has Key No. 182193725701. be designated as an Economic Revitalization Area under the provisions of Indiana Code 6- 1.1- 12.1 -1 gt seq., and South Bend Municipal Code Sections 2 -76 et seq.; 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 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; (Rmiscd 11/26/90) 1