Designating Tax Abatement - Ricasso Inc. 2603 Foundation Dr. (5 Year Personal Property)

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RESOLUTION NO. /933- Sa A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS 2603 FOUNDATION DRIVE, AIRPORT INDUSTRIAL PARK SOUTH BEND, INDIANA AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF PERSONAL PROPERTY TAX ABATEMENT FOR RICASSO, INC. 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 2603 Foundation Drive, Airport Industrial Park, South Bend, Indiana, and which is more particularly described as follows: A tract of land in Section 28, Township 38 North, Range 2 East, German Township, St. Joseph County, Indiana, described as: Beginning at the Southeast corner of said Section 28, thence North 89 degrees 59'57" West on and along the South line of said Section 28, said line also being the centerline of Lathrop Street, a distance of 1982.03 feet; thence North 90 degrees 00'00" West on and along said South line a distance of 660.68 feet; thence South 89 degrees 59'3" West on and along said South line a distance of 661.27 feet; thence North 0 degrees 00'18" East a distance of 40.00 feet to the North line of Lathrop Street and the Southwest corner of Block 3 of Airport Industrial Park, Phase III; thence North 0 degrees 00'18" East on and along the West line of said Block 3 a distance of 1260.19 feet to the true place of beginning; thence continuing North 0 degrees 00'18" East on and along said West line a distance of 290.40 feet; thence South 89 degrees 59'42" East a distance of 450.00 feet to the West line of Foundation Drive; thence South 0 degrees 00'18" West on and along the West line of Foundation Drive a distance of 290.40 feet to the centerline of Foundation Court extended; thence North 89 degrees 59'42" West a distance of 450.00 feet to the true point of beginning, such tract containing 3.00 acres, more or less, and being Lot 3 -5 of the Airport Industrial Park, Phase III. and this property has Key Number 25- 1010040002, 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 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: -1-