Designating 404 W. Sample St. an Urban Development Area for Tangible Personal Tax Abatement Consideration

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RESOLUTION NO. QY7 $Z A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, DESIGNATING 404 WEST SAMPLE STREET AN URBAN DEVELOPMENT AREA FOR TANGIBLE PERSONAL 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 404 West Sample Street , South Bend, Indiana. 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 : A parcel of land being a part of the Northeast Quarter of Section 14, Township 37 , North, Rage 2 East of the Second Principal Meridan and being more particularly described as follows , viz: Beginning at a point 1200 . 01 feet South 89° -51' -46" East of the Northwest corner of Tract No . 4 of the Studebaker Corporation Replat as recorded in Plat Book 11 , page 184, in the office of the Recorder of St. Joseph County, Indiana, said point being on the North Line of said Tract No . 4, which North Line is also the South right-of-way line on Sample Street ; thence South 0° -21' -18" East along the projection of a wall line and along said wall line, a distance of 421 . 71 feet to an angle point ; thence South 27 ° -52' -38" East, alonga walifine/&istance of 27 . 07 feet to an angle point ; thence North 89° -38' 42" East, along a wall line a distance of 132 . 73 feet to a point 96. 19 feet South 89° -38 ' -42" West of the West right-of-way line of Franklin Street ; thence South 0° -21' -55" East, parallel with the West right- of-way line of Franklin Street , a distance of 160 . 27 feet to a point 96 . 18 feet South 89° -55 ' -21" West of said West right-of-way line of Franklin Street ; thence North 89° -55 ' -21" East, a distance of 96. 18 feet to said West right-of-way line ; thence North 0° -21' -55" West , along said West right- of-way line , a distance of 604. 93 feet to said South right- of-way line of Sample Street ; thence North 89° -51' -46" West , along said South right-of-way line , a distance of 241. 64 feet to the place of beginning. Containing 122, 878 . 47 square feet (2 . 821 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 eligibitlity 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 (5) years . NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows :