Confirming Tax Abatement - Aledo Company, LLC / O-T-D Corporation 3722 Foundation Ct. (5 Year Real Property)

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RESOLUTION NO. 2Z 3 7- 912 A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA COMMONLY KNOWN AS 3722 Foundation Court, South Bend, Indiana 46628 TO BE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A THREE (3) YEAR REAL PROPERTY TAX ABATEMENT FOR ALEDO COMPANY, L.LC. (OWNER) O-T -D CORPORATION (LESSEE) WHEREAS, the Common Council of the City of South Bend, Indiana, has adopted a Declaratory Resolution designating certain areas within the City as Economic Revitalization Areas for the purpose of tax abatement consideration; and WHEREAS, a Declaratory Resolution designated the area commonly known as 3722 Foundation Court, South Bend, Indiana 46628 and which is more particularly described as follows: 5.72 acres, irregular tract South side Foundation Court beginning 318.73 feet East and 528.34 feet North of South West corner South East quarter being lot 6 -5; Airport Industrial Park, phase 3, Section 28- 38 -2E. with said real estate having the following Key No. 25 -1010- 040018, as an Economic Revitalization Area; and WHEREAS, notice of the adoption of A Declaratory Resolution and the public hearing before the Council has been published pursuant to Indiana Code 6- 1.1- 12.1 -2.5; and WHEREAS, the Council held a public hearing for the purposes of hearing all remonstrances and objection from interested persons; and WHEREAS, the Council has determined that the qualifications for an economic revitalization area have been met. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby confirms its Declaratory Resolution designating the area described herein as an Economic Revitalization Area for the purposes of tax abatement. Such designation is for Real property tax abatement only and is limited to two (2) calendar years from the date of adoption of the Declaratory Resolution by the Common Council. SECTION II. The Common Council hereby determines that the property owner is qualified for and is granted Real property tax deduction for a period of Three (3) years, and further determines that the petition complies with Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code 6 -1.1 -12.1 et eq. SECTION III. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. Member o e Common Council (Revised 11/26/90) - < - xi .AAA qq �e ;gar :$ �MGd PRESENTED NOT APPROVED / -2G -93 ADOPTED MAR --