07-24-06 Council Meeting Minutes

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REGULAR MEETING JULY 24, 2006 ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A (5) FIVE YEAR PERSONAL PROPERTY TAX ABATEMENT FOR LOCK JOINT TUBE WHEREAS, a petition for personal property tax abatement consideration 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 Lock Joint Tube, South Bend, Indiana, and which is more particularly described as follows: A tract of land in the City of South Bend, County of St. Joseph, and State of Indiana, situated in the Northwest ¼ of Section 14, and the Northeast ¼ of Section 15, Township 37 North, Range 2 East, bounded by the following described line: Beginning at a point in the West line of Walnut Street, 682.75 feet south of the South line of Sample Street, which point is 31 feet South of the South line of the Sanders and Egbert Tract, as conveyed by deed recorded in Deed Record 118, Page 428 and Deed record 121, Page 320; thence on an assumed bearing of South 000’49” East along said West line of Walnut Street, 556.95 feet; thence South 8955’05” West, 1200 feet; thence North 000’49” West parallel with said West line of Walnut Street 589.19 feet to a point 651.75 feet south of the south line of Sample Street or the produced South line of the tract conveyed to F.C. Raff, recorded in Deed Record 172, Page 641; thence South 8957’10” East along the South line above described tract produced East, 295 feet; thence South 000’49” East parallel with the West line of Walnut Street, 31 feet; thence North 8957’16” East, 905 feet to the place of beginning, containing 15.565 acres, more or less. and which has Key Number 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 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, et seq., and South Bend Municipal Code Sections 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 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. WHEREAS, a review of the South Bend Redevelopment designation areas finds that the property is located in the Sample-Ewing Business District, which is a Tax Incremental Allocation Area; therefore, the petition for personal property must first be approved by the South Bend Redevelopment Commission. WHEREAS, a review of the South Bend Urban Enterprise Zone finds that the property is located in the Urban Enterprise Zone Area and may qualify for the Enterprise Zone Investment Deduction under I.C. 6-1.1-45 for the same property. 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 seq., that: a. The estimate of the cost of the new manufacturing equipment is reasonable for equipment of that type; 11