HomeMy WebLinkAboutDesignating Tax Abatement - South Bend Lathe, Inc. 400 W. Sample St. (10 Year Real Property)Attest:
RESOLYTJON
Passed by the Common Council of the City of South Bend,
Attest:
October
24,
Clerk
Presented by me to the Mayor of the City of South Bend, I
October 25, 88
19
of Common Council.
Approved and signed by me_ October 27, ___ 19 88_
City Clerk
Mayor
RESOLUTION NO. j (,\ (o - �g SS
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 400 WEST SAMPLE STREET, SOUTH BEND,
INDIANA 46625, AN ECONOMIC REVITALIZATION AREA
FOR PURPOSES OF A 10 YEAR REAL PROPERTY TAX
ABATEMENT FOR SOUTH BEND LATHE, INC.
WHEREAS, a Petition for Real Property Tax Abatement 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 400 West Sample Street, South Bend, Indiana
46625, and which is more particularly described as follows:
A parcel of land being part of the Northeast Quarter of
Section 14, Township 37 North, Range 2 East of the
Second Principal Meridian, and being more particularly
described as follows, viz:
Beginning at 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; thence South 890 51' 46" East,
along the North line of said Tract No. 4, said line
being also the South Right -of -Way line of Sample
Street, a distance of 1200.01 feet to a point 241.64
feet North 890 51' 46" West of the West Right -of -Way
line of Franklin Street, said point being on the
Northerly projection of the West wall line of a
building; thence South 00 21' 18" East, along said
projection and along said West wall line, a distance of
421.71 feet to an angle point; thence South 270 52' 38"
East, along a wall line, a distance of 27.70 feet to an
angle point; thence North 890 38' 42" East, along a
wall line, a distance of 132.73 feet to a point 96.19
feet South 890 38' 42" West of the West Right -of -Way of
Franklin Street; thence South 00 21' 55" East, parallel
with the West Right -of -Way 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 of Franklin
Street; thence South 890 55' 21" West, a distance of
134.32 feet to a point; thence North 120 19' 39" West,
a distance of 162.12 feet to a point; thence North 890
51' 39" West, a distance of 647.32 feet to a point;
thence South 00 04' 26" West, a distance of 28.28 feet
to a point; thence North 890 50' 26" West, a distance
of 100.00 feet to a point; thence South 00 04' 26"
West, a distance of 62.99 feet to a point; thence North
880 32' 07" West, a distance of 443.76 feet to a point;
thence North 00 07' 13" East, a distance of 83.15 feet
to a point on a non - tangent curve which is convex to
the Southwest; thence Northwesterly along said curve,
having a radius of 323.50 feet and a central angle of
340 37' 17 ", an arc distance of 195.48 feet to the
point of tangency on said curve; thence North 30 53'
00" West, a distance of 13.87 feet to a point; thence
North 610 39' 41" West, a distance of 169.36 feet to
the Easterly Right -of -Way line of Chapin Street; thence
North 5 057' 39" East, along said Easterly Right -of -Way
line, a distance of 29.04 feet to an angle point;
thence continuing along said Easterly Right -of -Way
line, North 0 °10' 33" West, a distance of 43.02 feet to
a point of tangency for a curve convex to the
Northwest; thence Northeasterly along said curve,
having a radius of 94.48 feet and a central angle of 88°
00' 40 ", an arc distance of 145.13 feet to the point of
tangency of said curve, said point being on the South
Right -of -Way line of Sample Street; thence North 870
50' 07" East, along said South Right -of -Way line, a
distance of 135.89 feet to the place of beginning,
be 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 Section 2 -76 et seg_, and;
WHEREAS, the Department of Economic Development 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 -1, et seq. and South Bend Municipal Code Section 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 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
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
that the Petition for Real Property Tax Abatement and the
Statement of Benefits forms completed by the Petitioner meet the
requirements of I.C. 6 -1.1- 12.1 -1 et sec., and qualify under the
provisions of South Bend Municipal Code Section 2 -76 et seq. for
tax abatement.
SECTION II. The Common Council hereby determines and finds
the following:
A. That the estimate of the value of the redevelopment or
rehabilitation is reasonable for projects of this nature;
B. That the estimate of the number of individuals who will
be employed or whose employment will be retained can reasonably
be expected to result form the proposed described redevelopment
or rehabilitation;
C. That the estimate of the annual salaries of those
individuals who will be employed or whose employment will be
retained can be reasonably expected to result from the proposed
redevelopment or rehabilitation;
D. 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
E. That the totality of benefits is sufficient to justify
the deduction, all of which satisfy the requirements of I.C. 6-
1.1- 12.1 -3.
SECTION III. The Common Council hereby determines and finds
that the proposed described redevelopment or rehabilitation can
be reasonably expected to yield the benefits identified in the
- 2 -
Statement of Benefits set forth as Sections I through II of the
Petition for Real Property Tax Abatement Consideration, and that
the Statement of Benefits form prescribed by the State Board of
Accounts is sufficient to justify the deduction granted under
Section 6 -1.1- 12.1 -3 of the Indiana Code.
SECTION IV. The Common Council hereby accepts the report
and recommendation of the Human Resrouces and Economic
Development Committee that the area herein described be
designated an Economic Revitalization Area and hereby adopts a
Resolution designating this area as an Economic Revitalization
Area for purposes of real property tax abatement.
SECTION V. The designation as an Economic Revitalization
Area shall be limited to two (2) calendar years from the date of
the adoption of this Resolution by the Common Council.
SECTION VI. The Common Council hereby determines that the
property owner is qualified for an is granted property tax
deduction for a period of ten (10) years.
SECTION VII. The Common Council directs the City Clerk to
cause notice of the adoption of this Declaratory Resolution for
Real Property Tax Abatement to be published, said publication
providing notice of the public hearing before the Common Council
on the proposed confirming of said declaration.
SECTION VIII. This Resolution shall be in full force and
effect from and after its adoption by the Common Council and
approval by the Mayor.
M er f the Common Council
PRESSN'T,D / 0 - --? y - � 2�
NOT AaP:o:
ADOPTED to - a `/- S1 uy
OCT ' 1988