Designating 2930 Foundation Drive as an Urban Development Area for Tangible Personal Property Tax Abatement Consideration

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RESOLUTION NO. ( ()(1)(5-• , ,3 • A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, DESIGNATING 2930 FOUNDATION DRIVE, SOUTH BEND, INDIANA, 46628, AN URBAN DEVELOPMENT AREA FOR TANGIBLE PERSONAL PROPERTY TAX ABATEMENT CONSIDERATION. WHEREAS, a petition for Personal Property Tax abatement consideration has been filed with the Common Council of the City of South Bend pursuant to Section 2-76 of the Municipal Code for the tangible personal property to be located at 2930 Foundation Drive, South Bend, Indiana, 46628. WHEREAS, the legal description of the facility in which the tangible personal property is to be located, is more particularly described by a line drawn as follows: The following described real estate in St. Joseph County, State of Indiana, to wit: Part of the North Half of Section 28, Township 38 North, Range 2 East, Second Principal Meridian, City of South Bend, St. Joseph County, Indiana, more particularly described as follows: Commencing at the East Quarter corner of said Section 28; thence South 89 degrees 58'45" West along the South line of the Northeast Quarter of said Section 28, 2314.41 feet; thence North 0 degrees 00'47" East 120.00 feet to the North boundary of Boland Drive, also being the point of beginning; thence North 89 degrees 58'56" West along said North boundary 447.83 feet; thence North 45 degrees 00'09" West 14.14 feet to the East boundary of Foundation Drive; thence North 0 degrees 00147" East along said East boundary 747.96 feet; thence North 89 degrees 44'14" East 458.26 feet; thence South 0 degrees 01'41" West 759.90 feet to the point of beginning, containing 7.979 acres more or less. WHEREAS, the Redevelopment Commission has conducted an investigation pursuant to Section 2-77 of the Municipal Code and prepared a report determining that there is compliance with the Statutory obsolescence and eligibility criteria under Indiana Code 6-1. 1-12.1-1 et seq. 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 Urban Development Area, and that the tangible personal property to be located at such location is entitled to a deducation from the assessed value of the equipment for a period of five years (5) years. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby accepts the report and recommendation of the Human Resources and Economic Development Committee that the area herein described be designated an Urban Development Area, and that the tangible personal property to be located at such location is entitled to a deduction from the assessed value of the equipment for a period of five years (5) years. SECTION II. The Common Council hereby adopts a resolution designating this area as an Urban Development Area for purposes of personal property tax abatement. SECTION III. The Common Council directs the City Clerk, upon the receipt of the report of the Area Plan Commission to cause notice of the adoption of this Resolution to be published. Said publication shall provide notice of the public hearing before the Common Council of said declaration. SECTION IV. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. Member of the Commo uncil FILED DR CLERK'S OFFICE c 1QR� PRESENTED a - N-13 NOT APPROVED Irene Gammon ADOPTED 41:2-'`� �3 CITY CLERK,SOLD REND,IND.