Designating Tax Abatement - Metro Beverages Inc. 3707 Lathrop St. (3 Year Real Property)

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RESOLUTION NO. C� ! OV - A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 3707 WEST LATHROP STREET, AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A 3 YEAR REAL PROPERTY TAX ABATEMENT FOR METRO BEVERAGES, INC. WHEREAS, a petition for real 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 3707 West Lathrop Street, South Bend, Indiana, and which is more particularly described as follows: 445.36' EAST & WEST BY 488.33' NORTH & SOUTH BEGINNING 1878.68' WEST AND 40' NORTH SOUTHEAST CORNER SECTION 28 -38 -2E 5 ACRES BEING LOT 6 -2 AIRPORT INDUSTRIAL PARK PHASE III and which has Key Number #25- 1010 - 0400.14, be designated and 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 et sea., 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, gt sea., and South Bend Municipal Code Sections 2 -76, et sea., 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 Real 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 sea., and qualifies under the relevant provisions of South Bend Municipal Code Sections 2 -76 et sea., 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;