Designating Tax Abatement - Penz Realty/Penz Enterprises, Inc. Near Cleveland Rd Intersection with Brick Rd. (5 Year Personal Property)

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(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) be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1.1- 12.1 -1 et sea., and South Bend Municipal Code Section 2 -76 et sea., 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 sea., 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 that the Petition for Personal Property Tax Abatement and Statement of Benefits form completed by the Petitioner meet the requirements of I.C. 6 -1.1- 12.1 -1 et sea., and qualifies under the provisions of South Bend Municipal Code Section 2 -76, et sea., 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; D. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation, and E. That the totality of benefits is sufficient to justify the deduction; all of which satisfy the requirements of I.C. 6 -1.1- 12.1 -3 and which can be reasonably expected to result from the installation of the new manufacturing equipment. SECTION III. The Common Council hereby determines and finds that the proposed new manufacturing equipment can be reasonably expected to yield the benefits identified in the Statement of Benefits as set forth in sections I through II of -2-