Designating Tax Abatement - James & Linda Teske 4075 Ralph Jones Dr. (5 Year Personal Property)

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NO. o-2 14,0 - A RESOLUTION C$) Qw':l Filed in Clerk's Office JUL t 1994 mefm GAMM0.4 Cllr CLEP.X, so. SEND, IN. OF THE CITY OF RFAS WITHIN W4 *V,01 WHEREAS, a petition for personal property tax abatement has been filed with the City Clerk for consideration by the Common Council of the City of South Bend, Indiana requesting that the area commonly known as 4075 Ralph Jones Drive, South Bend, Indiana, and which is more particularly described as follows: Lot Numbered Five (5) as shown on the recorded Plat of Toll Road Industrial Park, Section Three, recorded June 5, 1987 in the Office of the Recorder of St. Joseph County, Indiana, as Instrument No. 8717304. and which as Key Number 4- 1013 -0223, 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 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 Are under Indiana Code 6 -1.1- 12.1 -1, et seq., 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 that the Petition for Personal Property Tax Abatement and the Statement of Benefits form completed by the Petitioner meet the requirements of Indiana Code 6 -1.1- 12,1 -1 et seq., and qualifies under the relevant provisions of South Bend Municipal Code Sections 2 -76 et seq., for tax abatement. 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; D. That the estimate of the annual salaries of those