Designating Tax Abatement - 1217 & 1215 South Walnut Street - Steel Warehouse Company LLC

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East, 905 feet to the place of beginning, containing 15.565 acres, more or less. and which have Key Numbers 18-8021-0845.03 and 18-8021-0845.04, 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 seq., and; WHEREAS, the Department of Community and Economic Development has concluded and 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 se ., and South Bend Municipal Code Sections 2-76, et sue., and has further prepared maps and plats showing the boundaries and such other information regarding the area in question as required bylaw; and WHEREAS, the Community 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. The Common Council hereby determines and finds pursuant to Indiana Code 6-1.1-12.1-4.5 et sea., that: (a) the estimate of the cost of the new manufacturing equipment is reasonable for equipment of that type; (b) the estimate of the number of individuals that will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed installation of new manufacturing equipment; (c) the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed installation of new equipment; (d) any other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed new manufacturing equipment; and (e) the totality of benefits is sufficient to justify the deduction requested.