Confirming Tax Abatement - Penz Realty/Penz Enterprises, Inc./Penz Products, Inc. Lots 1 & 2 Proposed Michiana Regional Industrial Park (5 Year Personal Property)

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distance of sixty (60) feet to a point; thence North zero (0) degrees twenty -two (22) minutes thirty -eight (38) seconds East a distance of one hundred sixty (160) feet to a point; thence North eighty -nine (89) degrees thirty -nine (39) minutes six (6) seconds West a distance of three hundred thirty (330) feet to the point of beginning. Containing 6.70 acres more or less. (Lots 1 & 2 of the Proposed and unrecorded subdivision Michiana Regional Industrial Park, Cleveland and Brick Roads at the Bypass, US 31 North, St. Joseph County Indiana) 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 II. 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. SECTION III. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. RMT619: PRESENTED 6 - a s- qC NOT APPROVED ADOPTED (p -, E5 -Q() ember of th7rrmon C nci1 -2- Filed in clerk's Office MAY 2 1990 IN.