Confirming Tax Abatement - National Composites, Inc. 2629 Foundation Dr. (5 Year Personal Property)

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RESOLUTION NO. Lcj-U q 2, A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 2629 FOUNDATION DRIVE, SOUTH BEND, INDIANA TO BE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A FIVE (5) YEAR PERSONAL PROPERTY TAX ABATEMENT FOR NATIONAL COMPOSITES, 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 2629 Foundation Drive, South Bend, Indiana 46614, and which is more particularly described as follows: Real estate located in St. Joseph County, State of Indiana, more particularly described as follows: A parcel of real property in St. Joseph County, Indiana, being 316.80 feet North and South by 450.00 feet East and West, being a parcel of real property which is 211.27 feet West and 1,590.40 feet North of the Southeast comer of the Southwest Quarter of Section 28, Township 38 and Range 2 East. with said real estate having the following Key No. 25- 1010 - 040012 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 two (2) calendar years from the date of adoption of the Declaratory Resolution by the Common Council. SECTION 11. The Common Council hereby determines that the property owner is qualified for and is granted Personal property tax deduction for a period of FIVE 5 years, and further determines that the petition complies with Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code 6 -1.1 -12.1 et sec .