Designating Tax Abatement - STI-K Polymers America, Inc. 700 W. Chippewa (5 Year Personal Property)

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RESOLUTION NO. rM � l� A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS 700 W. CHIPPEWA AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF PERSONAL PROPERTY TAX ABATEMENT FOR STI -K POLYMERS AMERICA, 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 700 W. Chippewa, South Bend, Indiana, and which is more particularly described as follows: SE PT NW NE SO &EOFRR EX 1.59 AC OFF NW OF NE 4.91 AC SEC 26 37 2E and this property has Key Number 23 1013 0755, 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 etseg.; 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 sec., and South Bend Municipal Code Sections 2 -76 et sec., 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 reasonably expected to result from the proposed installation of new equipment;