No. 2273 approving an application for personal property tax deduction (Value Production 2629 Foundation Dr)

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RESOLUTION NO. 2273 G AN APPLICATION FOR A RESOLUTION APPROVIN PERSONAL PROPERTY TAX DEDUCTION WHEREAS, I.C. 6-1.1-12.1-2(1) provides that an application for property tax deduction may not be approved when the property is located in an allocation area as defined in I.C. 36-7-14-39, unless the Redevelopment Commission which designated that allocation area adopts a resolution approving that application; and WHEREAS, the South Bend Common Council has received a petition for (5) five years of personal property tax abatement consideration from Value Production, Inc., for personal property located at 2629 Foundation Drive in the Airport Economic Development Area, the legal description of which is attached hereto, marked Exhibit "A" and incorporated herein; and WHEREAS, this Commission declared the Airport Economic Development Area by Resolution No. 919, adopted February 23, 1990, and in the same resolution declared the Airport Economic Development Allocation Area, Allocation Area No. 1; and WHEREAS, the property located at 2629 Foundation Drive is located within the Airport Economic Development Allocation Area, Allocation Area No. 1. NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission as follows: 1) The Commission finds that the application from Value Production, Inc., for (5) five years of personal property tax abatement consideration for property located at 2629 Foundation Drive in the Airport Economic Development Allocation Area, Allocation Area No. 1, should be and is hereby approved. 2) That a copy of this resolution be forwarded to the South Bend Common Council to indicate the Commission's approval of the petition for personal property tax abatement for Value Production, Inc. Approved this 20th day of October, 2006, at the regularly scheduled meeting of the South Bend Redevelopment Commission. SOUTH BEND REDEVELOPMENT COMMISSION ;, Kar ATTEST: Gr gor ownes, cretary