Designating Tax Abatement - MAS Technology Corp. Expansion Project 110 S. Hill St. (6 Year Real Property)

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RESOLUTION NO. /9,? /- 9 a A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 110 SOUTH HILL STREET AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A 6 YEAR REAL PROPERTY TAX ABATEMENT FOR MAS Technology Corporation Expansion Project WHEREAS, a petition for real property tax abatement has been filed with the City Clerk for consideration by the Common Council of the City of South Bend, Indiana requesting that the area commonly known as 110 South Hill Street and 4 adjacent lots in South Bend, Indiana, and which is more particularly described as follows: Key Number Legal Description 18-50110307 W 1/2 Lot 171 Cottrells 1st to Lowell 18- 50110308 40 ft End 821/2 ft E End Lot 171 Cottrells 1 st to Lowell 18- 50110309 42 1/2 ft E End Lot 171 Cottrells 1st to Lowell 18-50110310 Lot 172 Cottrells 1 st to Lowell 18- 50110321 49 1/2 ft West End Lots 177 & 178 EX South 12 ft Cotrelis 1 st Addition to Lowell be designated as an Economic Revitalization Area under the Provisions of Indiana Code 6 -1.1- 12.1 -1 et seq. and South Bend Municipal code Sections 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. 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 se q., and qualifies under the relevant provisions of South Bend Municipal Code Section 2 -76 et seq.. 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 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;