Designating Tax Abatement - South Bend Scrap & Processing Div. 1145-1305 Prairie Ave. (5 Year Personal Property)

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Street in said City, said intersection point being the most Northeasterly corner of a parcel of land Quit - Claimed to Metal Resources Corporation by Penn Central Corporation in Document No. 8103153 in the Office of the Recorder of St. Joseph County, Indiana, thence South 28 °- 06' -58" West, along said westerly right -of -way line of Prairie Avenue, a distance of 50.99 feet to a South line of said Metal Resources parcel; thence South 28 °- 16' -39" West along said Westerly right -of -way line, a distance of 700.77 feet to the place of beginning for this description; thence continuing South 280- 16' -39" West along said Westerly right -of -way line, a distance of 220.07 feet to the Northeast corner of a 25.00 foot (by rectilinear measurement) water easement lying North of and adjacent to Lot 1 of Metal Resources Minor Subdivision as the same is shown on the plat thereof, recorded in said Recorder's Office as Instrument No. 8511495, thence North 61°- 44' -13" West along the North line of said water easement and parallel with the North line of said Lot 1, a distance of 369.14 feet; thence North 28 °- 13' -33" East, a distance of 220.07 feet; thence South 61 °- 44' -13" East, parallel with said North line of Lot 1, a distance of 368.08 feet to the place of beginning. PARCEL III: A non - exclusive easement for ingress and egress over and across Lot 2 shown on the recorded plat of Metal Resources Minor Subdivision, recorded June 13, 1985 as Document Number 8511495 and set out in Deed Record 659, page 281 acknowledged December 28, 1964 and recorded January 13, 1965 and also set out in Deed Record 657, page 131, dated October 13, 1964 and recorded October 28, 1964 all in the Office of the Recorder of St. Joseph County, Indiana. and this property has Key Number A: 18 8021, 084104, 18 8021 0847, 18 8021 084717 and 18 8021 084718. B: 18 8021 084702, 18 8021 084707 and 18 8021 084709, be designated as an Economic Revitalization Area under the provisions of Indiana Code 6-1.1 - 12.1- 1etseq., and South Bend Municipal Code Sections 2- 76etseq., 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 Department of Economic Development has concluded and 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,etseq., and South Bend Municipal Code Sections 2- 76etseq., 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; N