Designating Tax Abatement - Schafer Gear Works Inc. 814 S. Main St. (5 Year Personal Property)

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PARCEL V: All of Lots Numbered Two Hundred THirteen (213), Two Hundred Fourteen (214), Two Hundred Fifteen (215), Two Hundred Sixteen (216) and the East 10 feet of Lot Numbered Two Hundred Seventeen (217) all as shown on the recorded Plat of Daniel Garst's 1st addition of South Bend City, now within and a part of the City of South Bend, excepting therefrom the South 25 feet thereof. PARCEL VI: All of Lots Numbered Two Hundred Eighteen (218), Two Hundred Nineteen (219) and Two Hundred Twenty (220) and the West 15 feet of Lot Numbered Two Hundred Seventeen (217) all as shown on the recorded Plat of Daniel Garst's 1st addition to South Bend City, now within and a part of the City of South Bend, excepting therefrom the South 24.5 feet thereof. be designated as an Economic Revitalization Area under the provision of Indiana Code 6 -1.1- 12.1 -1 et seg., and South Bend Municipal Cde section 2 -76 et seg., 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 seq., and South Bend Municipal Code section 1 -76 et seq., 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 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 seq., and qualifies under the provisions of South Bend Municipal Code Section 2 -76, et seq., 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 reasonable 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 reasonable expected to result from the proposed redevelopment or rehabilitation; D. That the other benefits about which information was requested are benefits that can be reasonable expected to result from the proposed described redevelopment or rehabilitation; and;