Confirming Tax Abatement - Gordan Plastics Inc. Technology Dr. (5 Year Personal Property)

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RESOLUTION NO. 1LL.S,_k8' A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA COMMONLY KNOWN AS TECHNOLOGY DRIVE TO BE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A FIVE (5) YEAR PERSONAL PROPERTY TAX ABATEMENT FOR GORDON 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 commonly known as Technology Drive and which is more particularly described as follows: A tract of land in the north half of Section 19, Township 38 North, Range 2 East, City of South Bend, German Township, St. Joseph County, Indiana, said tract more particularly described as follows: Commencing at the North Quarter corner of said Section 19; thence South 00054'38" East, on and along the North -South centerline of said Section 19, 110.75 feet to the South right -of -way line of Brick Road; thence North 88047'24" West, along said South line, 519.31 feet; thence South 00054'38" East, 1002.25 feet; thence North 89055'36" East, 18.97 feet; thence South 00054'38" East, 311.85 feet to the true Place of Beginning, said Point being the Southwest corner of Lot 10 as shown on the recorded Plat of Landmark Business Park, Section Four, Part One, and recorded as Instrument No. 8614459 in the Office of the Recorder of St. Joseph County, Indiana; thence South 89043'00" West, 156.38 feet, thence South 00054'38" East, 371.47 feet; North 89043'00" East, 586.94 feet to a point on the West Line of Technology Drive, said point being on a 70.00 foot radius curve; thence along said curve to the right through a central angle of 07019'19 ", a chord length of 8.94 feet which bears North 04031'34" West, an arc distance of 8.95 feet to the P.T. of said curve; thence North 00054'38" West, along the West line of Technology Drive, 362.56 feet to the Southeast corner of Lot 10 of aforesaid Landmark Business Park, Section Four, Part One; thence South 89043'00" West, along the South line of said Lot 10, 430.00 feet to the Place of Beginning. Said tract contains 5.000 acres, more or less. 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 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.