Confirming Tax Abatement - Steel Warehouse Co. Inc. 2722 Tucker Dr. (5 Year Personal Property)

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(663.52) feet, more or less, to the place of beginning, excepting Thirty (30) feet off the East side thereof for purposes of a public highway. A part of the southwest Quarter of the Northwest Quarter of Section 15, Township 37 North, Range 2 East in the City of South Bend, Indiana more particularly described as follows: Beginning at a point 260 feet South and 25 feet West of the Northeast corner of said Southwest Quarter of the Northwest Quarter; thence West 540 feet; thence South parallel with the East line of said Southwest Quarter of the Northwest Quarter, 324.25 feet to a point 172 feet North of the North line of the right -of -way of the Indiana Northern Railway Company; thence East parallel with said North line of said right -of -way, 540 feet; thence North parallel with the East line of said Southwest Quarter of the Northwest Quarter, 320.75 feet to the place of beginning. with said real estate having the following Key No. 18- 8075- 284406, 18- 8075 -2843, 18 -8075- 284403 18- 8075- 284404, 18- 8075- 284502, 18- 8075- 284503 18- 8075- 28501, as an Economic Revitalization Area; and WHEREAS, notice of the adoption of a Declaratory Resolution and the public hearing before the Council has been published pursuant to Indiana Code 6- 1.1- 12.1 -2.5; and WHEREAS, the Council held a public hearing for the purposes of hearing all remonstrances and objections from interested persons; and WHEREAS, the Council determined that the qualifications for an economic revitalization area had been met and adopted a Confirmatory Resolution as Resolution No. 2157 -94; and WHEREAS, Steel Warehouse, Inc. applied for exemptions for the 1994 assessment year from Indiana personal property taxation for a Resource Recovery System which it owned, which was located on previously described Real Estate during all relevant periods, and to which exemption it was entitled under Indiana Code 6- 1.1 -12 -28.5; and WHEREAS, the State of Indiana has retroactively eliminated the exemption to which Steel Warehouse, Inc. was entitled for said Resource Recovery System, effective beginning with the March 1, 1994 assessment date; and WHEREAS, said legislation authorized local designating authorities to grant tax abatement under Indiana Code 6 -1.1 -12.1 retroactive to the March 1, 1994, assessment date for property which would have qualified for the tax benefits available to Resource Recovery Systems prior to the retroactive repeal of the legislation granting said benefits; and WHEREAS, Steel Warehouse, Inc. has presented to this Council a Statement of Benefits on a form designated by the State Board of Tax Commissioners for this purpose, seeking qualification of certain of its new manufacturing equipment under Indiana Code 6 -1.1 -12.1 under this new State legislation; and WHEREAS, the Common Council of the City of South Bend, Indiana, desires to approve said Statement of Benefits and grant such relief. 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; -4-