Designating Tax Abatement - 635 S. Lafayette Blvd. (10 Year Real Property)

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ALSO, a non-exclusive easement to maintain on the surface and underground storage of fuel oil reserved to the Grantor, Wood Brothers, Inc. , in a Warranty Deed to South Bend Warehouse Corporation recorded in Deed Record 697, page 126 , described as follows: A part of the Southeast Quarter of Section 11, Township 37 North, Range 2 East of the 2nd P.M. , more particularly described as follows: Beginning at the Northwest corner of Tract No. 3 of the Studebaker Corporation Replat, as recorded in Plat Book 11, page 184, in the office of the Recorder of St. Joseph County, Indiana; thence South 89°32 ' 00" East a distance of 251.33 feet to a point thence South 00°30 ' 46" West a distance of 102.64 feet to a point; thence South 89°29 ' 14" East a distance of 640 feet to a point; thence South 00°30 ' 46" West a distance of 20 . 30 feet to a point; thence South 89°29 ' 14" East a distance of 0. 67 feet to a point; thence South 00°30 ' 46" West a .distance of 84.60 feet for a point of beginning; thence South 89°29 ' 14" East a distance of 15 .00 feet to a point; thence South 00°30 ' 46" West a distance of 46.00 feet to a point; thence North 89°29 ' 14" West a distance of 48 .00 feet to a point; thence North 00°30 ' 46" East a distance of 15. 00 feet to a point; thence South 89°29 ' 14" East a distance of 33 .00 feet to a point; thence North 00°30 ' 46" East a distance of 31.00 feet to the point of beginning. be designated as an Economic Revitalization Area under the provision 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 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. That the Common Council hereby determines and finds that the estimate of the number of individuals that will be employed or whose employment will be retained and the estimate of value of the redevelopment or rehabilitation and any other benefits about which the body designating the economic revitalization area requires information are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation. SECTION II . That the Common Council hereby determines and finds the following: (A) If the proposed redevelopment or rehabilitation does not occur, the approximate current year tax rate for the City would be 15.0781. (B) If the proposed redevelopment or rehabilitation does occur and no deduction is granted, the approximate current year tax rate for the City would be 15.0740. (C) If the proposed redevelopment or rehabilitation occurs, the deduction is granted, and a deduction percentage of fifty percent ( 50%) is assumed, the approximate current year tax rate for the City would be 15.0761.