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HomeMy WebLinkAboutDesignating Tax Abatement - Lock Joint Tube Inc. 1400 Riverside Dr. (10 Year Real Property)RESOLUTION NO. 1989 -92 Passed by the Common Council of the City of South Bend, November 23, 1992 Clerk Attest: President of Common Council. Presented by me to the Mayor of the City of South Bend, November 24, 92 19 Approved and signed by me City Clerk Mayor RESOLUTION NO. /V- 9A LOCK JOINT TUBE INC. W,EREAS, a petition for real property ta* abatement has been filled with the City Clerk for consideration by the Common Council of the City of South Bend, Indiana rgquestint that the area commonly known as 1400 Riverside Drive, South Bend, Indiana, and which is more particularly described as follows: Beginning at the Southeast corner of the Southwest 1/4 of said, section 35; thence Squth 89 49152" Wgst (bearing assumed) along the South line of said section 308.97 feet; thence North 89 55'00" West 116.24 feet- thence North 00 00'27" West, 12.00 feet to the North dine of a 12 fgot alley; hence North 89 55'00" West along said North line of alley 236.61 feet to a point 120.00 feet South 89 55100" East 9t the East line of Kessler Boulevard, 128.00 feet to a point on the South line of King Street, 180.00 feet South 89 55118" East of the Northeast corngrof Lot 10 as shown on the second plat of Northwest addition to the city of South Bend recorded April 6 1906 in Plat Book SouthglineOofnKingg Street, 352.848feet;ithencetNorthg00he 00'27" West 194.85 feet to a point on the, centerline of the East and West 14 foot alley between King Street and McCartney street produced East, thence NortFi 00 06109" East 128.81 feet; thence North 89 4¢'49" East 287.05 feet to the Westerly line of Riverside Drive; thence South 16 37115" West along a chord subtending said Westerly line of Riverside Drive, 455.43 feet to the South line of said section 35; thence North 90 00100" West along said South line, 156.71 feet to the point of the beginning. Commgncing at the Southeast corner of the 1/4 of said section 35; thence North QO 00130" West (bearing ssumed) along the East line of said Southwest 1/4 a distance of 463.14 feet to the Point of $eginning for the followinct described tract; thence continuing North 00 00'30" Wes£ along said East line 336.00 feet to the South line of TVeen Street; thence south 89 56109" West along said South ine of Queen Street 176.60 feet; thence North 00 02136" East 195.00 feet to the centerline of the East and West 14 foot alley between Ki.nyon Stre,et and Queen Street; thence South 89 56109" West along said centerline of alley 131.27 feet; thence South 00 06109" West along the Aast line of Lot 145 in the Third Plot of Northwest Addition recorded March 7, 1907 in Plat Book 9 page 6Q in the Office of the St. Jo$eph County Recorder and its Northerl and Southerly extensions 195 DO feet to the South line oy TineStreet; thence South 89'5610911 West along said South ITine of Queen Street, 12.93 feet to the East line of Allen Street; thence South 00 05151" West along said East line of Allen Street 329.87 feet to the South line of McCartney Street; thence South 89 58127" East along said South line of McCartney Street, 12.91 feet; thence South 00 06109" West 6.11 fget; thence, Nqrth 89 56109" East 308.71 feet to the Point of beginning. and which ha$ Key Number 18- 2110 -4067, designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1.1- 12.1 -1 et seq. and South Bend Municipal Code S-ec -fions 2 -76 et sea., and; WHE$EAS, the Department of Economic Developmgnt has goncluded an lnvgstigation and prepared a report with information sufficient for the Common Council to determine that thq area gualifles as an Economic Revitalization Area undgrIndiana Code 6 -1.1- 12.1 -1, et sea. and South Bend Municipal code Secfions 2 776, et sew, and has further repared ma p$ and plats showing the qb undarie$ and such gthier information regarding the area in question as required by law; and WHERVAS, the Human Resources and Economic Develq ment Committee of the Common Council has reviewed said report and recommendgd to the gommgn Council that the area qualifies as an Economic Revitalization Area. NQW, THEREFORE BE IT RESOLVED b the Common Council of the City of South bend, Indiana, as by SECTION I. ThQ Common Council hereby determines and finds In He Petition for Real Property Tax Abatement and the Statement of Benefits farm comppleted by the Petitioner meet the requirements of Indiana Code 6 -J.1- 12.1 -1 et se and iaiities under the rat provisions of SoutTi Be� unicipal Code Sections 2 -76 et sea., for tax abatement. SECTION II. The Common Council hereby determines and finds ti oI owing: A. That the,dgscription of the proposed redevelopment or rehabilitation meets the applicable standards for such development. B. That the,e$timnte of the value of the rQdevelo ment or rehabilitation is reasonable for projects off this nature; C. That the estimate of the number of individuals who will,be employed or whose employment will be retained by the Petitioner can reasonably be expected to result from the proposed described redevelopment or rehabilitation; D. That the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained by the Petitioner can be reasonably expected,tq result from the proposed redevelopment of rehabilitation; E. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation; and F. That the totality of benefit$ is sufficient to justify the requQsted deduction, all of which satisfy the requirements of Indiana Code 6- 1.1 -12.1- 3. SECTION III. The Common Council hereby determines and finds He proposed described redeveloppmentor rehabilitation can be reasonably expegted to field benefits identified in the Statement of Benefits set Yorth as Sections I through TI of the Petition for Real Propert Tax Abatement Consideration and that the Statement of Benef.i�s form prescribed by the State $oard of Accounts are sufficient to justifyy the deduction granted under Indiana Code 6 -1.1- 12.1 -3. SECTION IV. The Common Council hereby accepts the report and recommend ion of the Human Resources an4 Economic DevQlopment CommitteQ that the aree herein described be designate4 an Ecgnomig Revitalization Area and 1}ereby adopts a Resolntion designating this area as an Economic Revitalization Area for purposes of real Droberty tax SECTION V. The designation as an Economic Revitalization r� e�aTT bQ limited to two (2) calendar ears from the date of the adoption of this Resolution by the ears Council. SECTION VI. ThQ Common Qouncil hereby determines that the proper y owner is gnalified for and is granted property tax deduction for a period of ten (10) years. SECTION VII. The Common Qouncil directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana Code 5 -3 -1 and Indiana Code 6 -1.1- 12.1 - ?.5, said ubllcation providing notice of =e public hearing before the ommon Council on the proposed confirming of said declaration. SECTION VIII. This Resolution shall be in full force end eef e�cf —from and after its adoption by the Common Council and approval by the Mayor. PRESENTEE NOT APPROVED ADOPTED i/-a3 -?a Filed in Clerk's Office NOV _ ,'