Designating Tax Abatement - Steel Warehouse Inc. 2722 W. Tucker Dr. (5 Year Personal Property)

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RESOLUTION NO./ G 3 -9a A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS 2722 WEST TUCKER DRIVE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF PERSONAL PROPERTY TAX ABATEMENT FOR STEEL WAREHOUSE CO. 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 2722 West Tucker Drive, South Bend, Indiana, and which is more particularly described as follows: A part of the southeast 1/4 of the northeast 1/4 of Section 16, Township 37 North, Range 2 East in the City of South Bend, St. Joseph County, Indiana, described as follows: Commencing at the intersection of the east line of said Section 16 with the south line of Tucker Drive, said point being 260.00 feet south of the north line of said southeast 1/4 of the northeast 1/4; thence west along the westerly extension of the south line of Tucker Drive, 213.00 feet to the true Point of Beginning; thence south parallel with the east line of said Section, 499.07 feet to the north right of way line of the former Indiana Northern Railway Company; thence westerly along said north right of way line, 166.00 feet; thence north parallel with the east line of said Section, 499.76 feet to the westerly extension of the south line of Tucker Drive; thence east along said westerly extension of the south line of Tucker Drive, 166.00 feet to the Point Of Beginning and containing 1.90 acres, more or less. and this property has Key Number 18- 80752844.06, be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1.1- 12.1 -1 et semi_., and South Bend Municipal Code Section 2 -76 et sue.; 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 sue., and South Bend Municipal Code Sections 2 -76 et sec., 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: (a) the estimate of the cost of the new manufacturing equipment is reasonable for equipment of that type; (b) the estimate of the number of individuals that will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result