Designating Tax Abatement - Absorbtech, LLC 3900 W. William Richardson Dr. (6 Year Real Property)

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SECTION II. The Common Council hereby determines and finds the following: A. That the description of the proposed redevelopment or rehabilitation meets the applicable standards for such development. B. That the estimate of the value of the redevelopment or rehabilitation is reasonable for projects of this nature; C: That the estimate of the number of individuals who will be employed or whose employment will be retained by the Petitioner can reasonably be expected to result from the proposed described redevelopment or rehabilitation; E. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation; and F. That the totality of benefits is sufficient to justify the requested deduction, all of which satisfy the requirements of Indiana Code 6 -1.1- 12.1 -3. SECTION III. The Common Council hereby determines and finds that the proposed described redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the Statement of Benefits set forth as Sections I through II of the Petition for Real Property Tax Abatement Consideration and that the Statement of Benefits form prescribed by the State Board of Accounts are sufficient to justify the deduction granted under Indiana Code 6- 1.1- 12.1 -3. SECTION IV. The Common Council hereby accepts the report and recommendation of the Human Resources and Economic Development Committee that the area herein described be designated an Economic Revitalization Area and hereby adopts a Resolution designating this area as an Economic Revitalization Area for purposes of real property tax abatement as a special exception and under Section 2- 84 of the South Bend Municipal Code. Special exception consideration is specifically based on: 1. The Petitioner's ability to significantly reduce the volume of solid waste by providing a reusable absorbent for industrial fluid spills and recycling spilled fluids; 2. If Petitioner's business were in the required SIC Code, a ten (10) year abatement, rather than the requested six (6) year abatement, would be justified; 3. The Petitioner intends to initially and up to ninety development); and 4. The Petitioner has selected Industrial Park section of Area, and its project woi progress of development in Area. provide twenty -three jobs jobs (in a second phase of a site within the Toll Road the Blackthorn Development ild continue the favorable the Blackthorn Development SECTION V. The designation as an Economic Revitalization Area shall be limited to two (2) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION VI. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of six (6) years. SECTION VII. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana Code 5- 3-1 and Indiana Code 6 -1.1- 12.1 -2.5, said publication providing