Bill 16-19 Property Tax Abatement for Spectron mrc LLC

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RESOLUTION NO. A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 1265 Franklin, Catalyst Two Building, Ignition Park, South Bend, IN 46601 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A (5) FIVE -YEAR PERSONAL PROPERTY TAX ABATEMENT FOR: Spectron mrc, LLC WHEREAS, a petition for personal property tax abatement consideration has been filed with the City Clerk for consideration by the Common Council of the City of South Bend, Indiana, requesting that the area commonly known as 1265 Franklin, Catalyst Two Building, Ignition Park, South Bend, IN 46601 and which is more particularly described as follows: Business Personal Property and which has a Key Number to be assigned be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1.1 -12.1 et seq., and South Bend Municipal Code Sections 2- 76 et Sec,., and; WHEREAS, the Department of Community Investment 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, et sec l., and South Bend Municipal Code Sections 2 -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 Community Investment 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. The Common Council hereby determines and finds pursuant to Indiana Code 6 -1.1- 12.1 -4.5 et seq., that: a. The estimate of the cost of the new manufacturing equipment is reasonable for