Designating Tax Abatement - Adams Engineering, Inc. 1702 W. Washington St. (5 Year Personal Property)

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intersect the South line of said West Washington Avenue; thence South 208 feet; thence West 395.87 feet; thence North 208 feet to the South line of Washington Avenue; thence East along the South line of Washington Avenue a distance of 395.87 feet to the place of beginning. Also beginning at a point in the South line of West Washington Avenue 7.58 feet West from a point where the West line of College Street extended South would intersect the South line of Washington Avenue and being at the Northeast corner of the above described tract; thence South along the East line of the above described tract 293.6 feet to an iron stake; thence East 19.69 feet, more or less, to the Southwest corner of a tract of land conveyed to the South Bend Wholesale Drug Company by deed recorded in Deed Record 333, page 336; thence North 293.6 feet, more or less, to a point in the South line of West Washington Avenue 20 feet East of the place of beginning; thence West 20 feet to the place of beginning. Subject to easements and restrictions of record. 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 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; -2-