Designating Tax Abatement - Exacto Inc. 1137 S. Lafayette Blvd. (5 Year Personal Property)

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RESOLUTION NO. A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS 1137 S. LAFAYETTE BLVD. AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF PERSONAL PROPERTY TAX ABATEMENT FOR EXACTO, INC. OF SOUTH BEND WHEREAS, a petition for personal property tax abatement consideration has been filed with the Common Council of the City of South Bend, requesting that the area commonly known as 1137 S. Lafayette Blvd., South Bend, Indiana, and which is more particularly described as follows: Beginning at the SW corner of Lot 7, Stull's Second Edition; Thence, N along the E right -of -way of an alley a distance of 336.06 feet + or - to a point; said point being the NW corner of the S 1/2 of Lot 64, South Bend City Edition; Thence, E along the northern boundary of said 1/2 of Lot 64 which is on the western right -of -way of Lafayette Blvd.; Thence, S a distance of 275 feet + or - to the SE corner of Lot 6, Stull's Second Edition; Thence W a distance of 125 feet to a point; thence, S 66 feet to a point; Thence, W 40 feet to a point of beginning. All being within the City of South Bend, County of St. Joseph, State of Indiana. and this property has Key Numbers 18 8006 0288, 18 8002 0115, 18 8006 0282, 18 8006 028201, 18 8006 0285, 18 8006 028501, 18 8002 0116, be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1.1- 12.1 -1 et seo., and South Bend Municipal Code Section 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 Area 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 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.