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

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a RESOLUTION NO. I 70%-6I A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA COMMONLY KNOWN AS LOTS 5 -3 AND 5 -4 IN THE AIRPORT INDUSTRIAL PARK, PHASE IV, TO BE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A FIVE YEAR PERSONAL PROPERTY TAX ABATEMENT FOR SPIN -CAST PLASTICS, 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 which is described as follows: Lots 5 -3 and 5 -4 Combined Airport Industrial Park, Phase IV, 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 k 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. 1