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REGULAR MEETING March 14, 2016 Velvet Canada, 121 S Niles Ave, served as the presenter for this bill. She is the designer of the proposed building. The building site is between LaSalle and Colfax on Sycamore Rd. This is a five (5) story building with a rooftop terrace being the sixth (6) story. This is the first apartment building in downtown for Mathews LLC. Each floor has a one (1) bedroom, two (2) bedroom and three (3) bedroom floor plan. This will help the company discover exactly what the market wants in downtown before beginning the River Race Flats. The design is very close to completion and weather permitting construction will begin soon. There were no questions from Council. No one from the public spoke in favor or in opposition of the bill. Councilmember Gavin Ferlic made a motion to adopt Bill 16 -18. Councilmember Randy Kelly seconded the motion which carried by a roll call vote of eight (8) ayes. 16 -19 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 Councilmember Gavin Ferlic reported the Community Investment Committee met and sends this bill forward with a favorable recommendation. Jacob Alexander, Community Investment with offices on the 14a' Floor of the County City Building, served as the presenter for this bill. This abatement will aid in the purchase of approximately $2.7 million in new pharmaceutical equipment. This equipment will help create thirty -nine (39) permanent full time jobs with an average annual salary of $50,000. The estimated taxes to be abated are $109,315 and total taxes to be paid are $129,172. Gregory Hiatt, 17490 Dugdale Dr. South Bend, served as the petitioner for this bill. Spectron is both a radio - pharmacy and a manufacturing facility. This equipment would allow the company to produce new and different materials than they have been producing over the past twenty (20) years. This is a new paradigm in the industry and Spectron is hoping to move into that opening. There were no questions from the Council. No one from the public spoke in favor or in opposition to the bill. Councilmember Gavin Ferlic made a motion to adopt Bill 16 -19. Councilmember Oliver Davis seconded the motion which carried by a roll call vote of eight (8) ayes. 16 -20 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 BLACKTHORN CORPORATE OFFICE PARK LOT 6, SOUTH BEND, IN 46628 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A (5) FIVE -YEAR REAL PROPERTY TAX ABATEMENT FOR COHN & COHN INVESTMENTS, LLC Councilmember Gavin Ferlic reported the Community Investment Committee met and sends this bill forward with a favorable motion. C.