Designating Tax Abatement - Lock Joint Tube Inc. 1400 Riverside Dr. (10 Year Real Property)

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NQW, THEREFORE BE IT RESOLVED b the Common Council of the City of South bend, Indiana, as by SECTION I. ThQ Common Council hereby determines and finds In He Petition for Real Property Tax Abatement and the Statement of Benefits farm comppleted by the Petitioner meet the requirements of Indiana Code 6 -J.1- 12.1 -1 et se and iaiities under the rat provisions of SoutTi Be� unicipal Code Sections 2 -76 et sea., for tax abatement. SECTION II. The Common Council hereby determines and finds ti oI owing: A. That the,dgscription of the proposed redevelopment or rehabilitation meets the applicable standards for such development. B. That the,e$timnte of the value of the rQdevelo ment or rehabilitation is reasonable for projects off this nature; C. That the estimate of the number of individuals who will,be employed or whose employment will be retained by the Petitioner can reasonably be expected to result from the proposed described redevelopment or rehabilitation; D. That the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained by the Petitioner can be reasonably expected,tq result from the proposed redevelopment of rehabilitation; E. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation; and F. That the totality of benefit$ is sufficient to justify the requQsted deduction, all of which satisfy the requirements of Indiana Code 6- 1.1 -12.1- 3. SECTION III. The Common Council hereby determines and finds He proposed described redeveloppmentor rehabilitation can be reasonably expegted to field benefits identified in the Statement of Benefits set Yorth as Sections I through TI of the Petition for Real Propert Tax Abatement Consideration and that the Statement of Benef.i�s form prescribed by the State $oard of Accounts are sufficient to justifyy the deduction granted under Indiana Code 6 -1.1- 12.1 -3. SECTION IV. The Common Council hereby accepts the report and recommend ion of the Human Resources an4 Economic DevQlopment CommitteQ that the aree herein described be designate4 an Ecgnomig Revitalization Area and 1}ereby adopts a Resolntion designating this area as an Economic Revitalization Area for purposes of real Droberty tax SECTION V. The designation as an Economic Revitalization r� e�aTT bQ limited to two (2) calendar ears from the date of the adoption of this Resolution by the ears Council. SECTION VI. ThQ Common Qouncil hereby determines that the proper y owner is gnalified for and is granted property tax deduction for a period of ten (10) years. SECTION VII. The Common Qouncil directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana Code 5 -3 -1 and Indiana Code 6 -1.1- 12.1 - ?.5, said ubllcation providing notice of =e public hearing before the ommon Council on the proposed confirming of said declaration. SECTION VIII. This Resolution shall be in full force end eef e�cf —from and after its adoption by the Common Council and approval by the Mayor. PRESENTEE NOT APPROVED ADOPTED i/-a3 -?a Filed in Clerk's Office NOV _ ,'