Designating Tax Abatement - Sealed Power Corporation D/B/A SPX Corporatio 2810 Foundation Dr. (5 Years Personal Property)

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SUBSTITUTE RESOLUTION NO. 88 -25 Resolution No. 1606 -88 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS 2810 FOUNDATION DRIVE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF PERSONAL PROPERTY TAX ABATEMENT (SEALED POWER CORPORATION) (d /b /a SPX Corporation) WHEREAS, a petition for personal property tax abatement consideration has been filed with the Common Council of the City of South Bend, requesting that the area commonly known as 2810 Foundation Drive, South Bend, Indiana, and which is more particularly described as follows: A part of Section 28, Township 38 North, Range 2 East, City of South Bend, St. Joseph County, Indiana, described as follows: Commencing at the northeast corner of the Southeast Quarter of Section 28; thence South 89 degrees 58156" West a distance of 2294.41 feet along the north line of said quarter section to the point of beginning; thence South 0 degrees 00147" West a distance of 247.17 feet; thence South 89 degrees 58CL56" West a distance of 477.83 feet to the east boundary of Foundation Drive; thence North 0 degrees 00147" East a distance of 277.17 feet along said east boundary; thence North 44 degrees 59152" East a distance of 14.14 feet to the South boundary of Boland Drive; thence North 89 degrees 58156" East a distance of 447.83 feet along said south boundary; thence South 0 degress 00147" West a distance of 40.0 feet along said south boundary; thence North 89 degrees 58156" East a distance of 20.0 feet along said south boundary to the point of beginning, being known as Lot 4 -4 Airport Industrial Park Phase III. be designated as an Economic Revitalization Area under the provisions of Indiana Code 6- 1.1- 12.1 -1 et seq., and South Bend Municipal Code section 2 -76; 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 the Indiana Code 6 -1.1- 12.1 -1., et seq., and South Bend Municipal Code section 2 -76, 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 Commitee 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 the Statement of Benefits form completed by the