Designating Tax Abatement - Petersen Printing Corp. d/b/a Petersen Graphics Group 2920 W. Sample St. (5 Year Personal Property)

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extension to the last described line South 0 degrees 2 minutes 50 seconds to the Northerly right of way line of the Norfolk and Western Railroad (N.J.I. and I.R.R.); thence South 65 degrees 59 minutes 50 seconds West in a Southwesterly direction along the railroad right of way to a point which is 109.4 feet Northeasterly as measured on said railroad right of way from the West line of Section 15, Township 37 North, Range 2 East; thence North 0 degrees 2 minutes 50 seconds East, 587.24 feet to a point (which point is 264 feet South and 100 feet East of the Northwest corner of said Section 15); thence North 89 degrees 50 minutes 50 seconds East, 65 feet to the point of beginning. Subject to legal highways. and this property has Rey numbers 18 8075 282401 and 18 8075 282404, be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1.1- 12.1 -1 et see., and South Bend Municipal Code Sections 2 -76 et sec.; 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 sue., and South Bend Municipal Code Sections 2 -76 et see., 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; (d) any other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed installation of new manufacturing equipment; and (e) the totality of benefits is sufficient to justify the deduction requested.