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

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RESOLUTION NO. AW S- 7 -y'a A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 2603 FOUNDATION DRIVE, AIRPORT INDUSTRIAL PARK SOUTH BEND, INDIANA TO BE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A FIVE YEAR PERSONAL PROPERTY TAX ABATEMENT FOR RICASSO, INC. 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 2603 Foundation Drive, Airport Industrial Park, South Bend, Indiana 46628 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. with said real estate having the following Key No. 25- 1010040002, 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 objections 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 Personal property tax abatement only and is limited to