Designating Tax Abatement - Fortuna Land Co. (Harbor Metal Treating) of Indiana 802 S. Fellows (3 Year Real Property)

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RESOLUTION NO._ /75x1- Yq A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREA WITHIN THE CITY OF SOUTH BEND, INDIANA COMMONLY KNOWN AS 802 SOUTH FELLOWS TO BE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A THREE(3) YEAR REAL PROPERTY TAX ABATEMENT FOR FORTUNA LAND CO. (HARBOR METAL TREATING) OF INDIANA. WHEREAS, a petition for real property tax abatement has been filed with the City Clerk for consideration by the Common Council of the City of South Bend, Indiana, and which is more particularly described as follows: A parcel of land being a part of the plat of E. H. Rush's Second Addition, and adjacent vacated alleys, in the City of South Bend, Indiana, and being more particularly described as follows, viz: Beginning at the Northwest corner of Lot 168 as shown on the recorded plat of E. H. Rush's Second Addition; thence North 890 - 55' -29" East, along the North line of said lot 168 and said North line projected, and along the North line of Lot 155 in said Addition, a measured distance of 289.20 feet to the Northeast corner of said Lot 155; thence South 00 -02' -36" East, along the West line of Rush Street as shown on said plat, and said line extended, a measured distance of 50.14 feet to the South line of a 14 foot wide alley lying South of and adjacent to said lots 168 and 155; thence South 890 -56' -02" West, along said South line of said alley a measured distance of 289.15 feet to the East line of Fellows Street as shown on said plat, extended south; thence North 00 -05' -41" West, along said East line of Fellows Street, a measured distance of 50.10 feet to the point of beginning. 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 Section 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 Section 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 find that the Petition for Real Property Tax Abatement and the Statement of Benefits form completed by the Petitioner meet the requirements of I.C. 6 -1.1- 12.1 -1 et seq., and qualifies under the provisions of South Bend Municipal Code Section 2 -76 et seq, for tax abatement. SECTION II. The Common Council hereby determines and finds the following: A. That the estimate of the value of the redevelopment or rehabilitation is reasonable for projects of this nature. B. That the estimate of the number of individuals who will be employed or whose employment will be retained can reasonably be expected to result from the proposed described redevelopment or rehabilitation; C. That the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained can be reasonably expected to result from the proposed redevelopment or rehabilitation.