Designating Tax Abatement - Steel Warehouse of Indiana Inc./Allan Lerman, Frances Lerman, Nathan Lerman and A & F Realty Co. 2722 Tucker Dr. (10 Year Real 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. and this property has Key Numbers 18- 075- 284406, 18- 075 -2843, 18- 075- 284403, 18- 075- 284404, 18- 075- 284502, 18- 075- 284503, 18- 075- 28501, be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1.1- 12.1 -1 jet sea., 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 seq., and South Bend Municipal Code Sections 2 -76 .�.J st ., 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 qualified 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; (C) That 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 described redevelopment or rehabilitation; (D) That the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed redevelopment or rehabilitation; (E) That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation; and