10-12-98 Council Meeting Minutes

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REGULAR MEETING OCTOBER 12, 1998 BEND, INDIANA, COMMONLY KNOWN AS 3605 WEST CLEVELAND RD., AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A FIVE (5) YEAR PERSONAL PROPERTY TAX ABATEMENT FOR FEDERAL -MOGUL SOUTH BEND, INC. WHEREAS, a petition for personal property tax abatement consideration has been filed with the Common Council of the City of South Bend, requesting that the area commonly known as 1137 S. Lafayette Blvd., South Bend, Indiana, and which is more particularly described as follows: A tract of land in part of the east half of Section 21, township 38 north, range 2 east, 2nd P.M. St. Joseph County, Indiana, and more particularly described as follows: Beginning at a point on the east -west half section line of said east half north 88 degrees 53 minutes 36 seconds East 915.58 feet from the center of said Section 21, thence north 0 degrees 56 minutes 57 seconds west 338.80 feet; thence north 88 degrees 53 minutes 36 seconds east, parallel with the east -west half section of said Section 800.00 feet; thence south 0 degrees 56 minutes 57 seconds east 1726.13 feet; thence northwesterly 550.14 feet along an arc to the right having a radius of 4463.66 feet and subtended by a long chord having a bearing of north 54 degrees 36 minutes 59 seconds west and a distance of 549.80 feet; thence north 51 degrees 05 minutes 08 seconds west 465.22 feet; thence north 0 degrees 56 minutes 57 seconds west 761.20 feet to the east -west half section line of said east half the point of beginning, and containing 26.203 acres, more or less. and this property has Key Numbers 25 500 13100, be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1,1- 12.1 -1 et sea., and South Bend Municipal Code Section 2 -76 et sea.; 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 sea., and South Bend Municipal Code Sections 2- 76 et sea. 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 pursuant to Indiana Code 6 -1.1- 12.1 -4.5, 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 can be reasonably expected to result from the proposed installation of new equipment;