Confirming Tax Abatement - Steel Warehouse Co. Inc. 2722 W. Tucker Dr. (5 Year Personal Property)

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RESOLUTION N0. __Q7LJ-2Sb ..... A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 2722 W. TUCKER DRIVE, SOUTH BEND, INDIANA, TO BE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A FIVE (5) YEAR PERSONAL PROPERTY TAR ABATEMENT FOR THE STEEL WAREHOUSE CO. INC. SLITTER MODERNIZATION AND EXPANSION PROJECT. 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 designating the area commonly known as 2722 W. Tucker Drive, South Bend, Indiana, and which is more particularly described as follows: Beginning at a point on the west line of the southeast 1/4 of the northwest 1/4 of said Section 15, a distance of 260.00 feet south of the northwest corner of said southeast 1/4 of the northwest 1/4, said point being on the south line of Tucker Drive; thence east along said south line of Tucker Drive 305.00 feet; thence south parallel with the west line of said southeast 1/4 of the northwest 1/4, 490.85 feet to the north right of way of the Indiana Northern Railway Company; thence west along said north right of way line 225.70 feet to the west edge of Steel Warehouse Co. Inc.'s building; thence north along said west edge of building 172.00 feet; thence west parallel with the north right of way line of said Indiana Northern Railway Company 104.30 feet to the southeast corner of a tract of land conveyed to Stanley Enterprises, Inc.; thence north alone the east line of said Stanley Enterprises, Inc. tract 320.74 feet to the south line of Tucker Drive; thence east along said south line of Tucker Drive 25.00 feet to the point of beginning, containing 3.314 acres, more or less. Subject to highway and easements of record. 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 The Common Council hereby confirms its Declaratory Resolution designating the area described herein as a 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.