Designating Tax Abatement - Spin-Cast Plastics, Inc. Lots 5-3 & 5-4 in Airport Industrial Park Ph IV (6 Year Real Property)

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e RESOLUTION NO. 7� " A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS LOTS 5 -3 AND 5 -4 IN THE AIRPORT INDUSTRIAL PARK, PHASE IV, AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A SIX (6) YEAR REAL PROPERTY TAX ABATEMENT FOR SPIN -CAST PLASTICS, INC. 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, requesting that the area in South Bend, Indiana, which is described as follows: Lots 5 -3 and 5 -4 combined Airport Industrial Park, Phase IV, 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 sea., and South Bend Municipal Code 2 -76, et sect., 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 Real Property Tax Abatement and Statement of Benefits form completed by the Petitioner meets the requirements of Indiana Code 6 -1.1- 12.1 -1 et sect., 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;