08/13/07 Council Meeting Minutes

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REGULAR MEETING AUGUST 13, 2007 Beginning at a point in the West line of Walnut Street, 1239.70 feet South of the South line of Sample Street, which point is 587.95 feet South of the South line of the Sanders and Egbert Tract, as conveyed by deeds recorded in Deed Record 118, page 428 and Deed Record 121, page 320; thence on an assumed bearing of South 0 00'49" East along said West line of Walnut Street, 479.91 feet; thence South 89 54' 12" West, 725.03 feet; thence South 61 54' 12" West, 42.91 feet; thence South 89 23'32" West 437.13 feet; thence North 0 00'49" West parallel with said West line of Walnut Street, 504.26 feet; thence North 89 55'05" East, 1200 feet to the place of beginning. A tract of land in the City of South Bend, County of St. Joseph, and State of Indiana, situated in the Northwest'/4 of Section 14, and the Northeast'/4 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 deeds recorded in Deed Record 118, page 428 and Deed Record 121, page 320; thence on an assumed bearing of South 0 00'49" East along said West line of Walnut Street, 556.95 feet; thence South 89 55'05" West, 1200 feet; thence North 0 00'49" 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 of F.C. Raff, recorded in Deed Record 172 page 641; thence South 89 57' 10" East along the South line above described tract produced East, 295 feet; thence South 0 00'49" East parallel with the West line of Walnut Street, 31 feet; thence North 89 57' 16" 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 seq., and South Bend Municipal Code Sections 2-76, et sec ., 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. 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; (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; 29