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REGULAR MEETING MARCH 8, 2004 <br /> public street now known as Lafayette Street; thence South 01°- 30'-47" West, <br /> along said west right of way line of Lafayette Street and being parallel with and <br /> 30.00 feet west of the east line of the Southeast Quarter (S.E. 1/4) of the Northeast <br /> Quarter (N.E.1/4) of said Section Twenty-Six (26), a distance of 602.05 feet to the <br /> northeast corner of a parcel conveyed to Arthur Fontonelli and as described in <br /> Warranty Deed 9335926; thence South 90° - 00'-00" West, along the north line of <br /> said parcel conveyed to Arthur Fontonelli and also being along the north line of a <br /> parcel conveyed to Arthur Fontonelli as described in Corporate Warranty Deed <br /> 9335926, a distance of 370.00 feet to the northwest corner of said parcel conveyed <br /> to Arthur Fontonelli ; thence South 0 1°- 30'-47" West, along the west line of said <br /> parcel conveyed to Arthur Fontonelli, a distance of 360.00 feet to the Point of <br /> Beginning of this description and containing 24.793 Acres, more or less. <br /> and which has Key Number 23-1013-0758 as an Economic Revitalization Area; and <br /> WHEREAS, notice of the adoption of a Declaratory Resolution and the public hearing <br /> before the Council has been published pursuant to Indiana Code 6-1.1-12.1-2.5; and <br /> WHEREAS, the Council held a public hearing for the purposes of hearing all <br /> remonstrances and objections from interested persons; and <br /> WHEREAS, the Council has determined that the qualifications for an economic <br /> revitalization area have been met. <br /> NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South <br /> Bend, Indiana, as follows: <br /> SECTION I. The Common Council hereby confirms its Declaratory Resolution designating the <br /> area described herein as an Economic Revitalization Area for the purposes of tax abatement. <br /> Such designation is for Personal property tax abatement only and is limited to thirty(30) months <br /> from the date of adoption of the Declaratory Resolution by the Common Council. <br /> SECTION II. The Common Council hereby determines that the property owner is qualified for <br /> and is granted Personal property tax deduction for a period of five (5) years, and further <br /> determines that the petition complies with Chapter 2, Article 6, of the Municipal Code of the City <br /> of South Bend and Indiana Code 6-1.1-12 et <br /> SECTION III. This Resolution shall be in full force and effect from and after its adoption by the <br /> Common Council and approval by the Mayor. <br /> s/Karen L. White <br /> Member of the Common Council <br /> Mr. Richard Deahl, Attorney, Barnes &Thornburg, made the presentation for this resolution. <br /> Mr. Deal indicated that the project includes the purchase and installation of a high-speed mill, <br /> uncoiling and staging equipment, coil feeders, dies welders, scaring units, mill stands, cutting <br /> and butting equipment. The total estimated cost of the new equipment will be approximately <br /> $1.5 to $4.0 million. Mr. Deal also indicated that the project will create four(4) new permanent <br /> jobs within the first year, representing a new annual payroll of$116,000 and will help retain two <br /> hundred and forty(242) current jobs, representing a payroll of$8,800,000. <br /> -7- <br />