10-28-96 Council Meeting Minutes

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REGULAR MEETING OCTOBER 28, 1996 recorded in Deed Record 333 page 336; thence north 293.6 feet, more or less, to a point in the south line of West Washington Avenue 20 feet East of the place of beginning; thence West 20 feet to the place of beginning, subject, however, to a perpetual easement of right of way in common with the Grantees at all times and for all purposes over the following real estate for the use and benefit of the South Bend Drug Co., Inc.: A part of the East Half (h) of the Northeast Quarter (1/4) of Section Ten (10), Township Thirty -seven (37) North, Range Two (2) East, described as follows: Beginning at a point on the south line of Washington Avenue which is 389.87 feet West of a point which is 7.58 feet West from the West line of College Street extended South to the South line of Washington Avenue; thence due south 133.5 feet; thence Easterly 321.3 feet to a point 130.3 feet due South from the South line of Washington Avenue; thence in a Southeasterly direction 102 feet to an iron stake, which iron state is 208 feet due South from Washington Avenue; thence North 46.2 feet; thence in a northwesterly direction 80.3 feet to a point 100.3 feet due South from the South line of Washington Avenue; thence Westerly 305.6 feet to a point due south 103.5 feet from the South line of Washington Avenue which is 30 feet East of the place of beginning, thence West 30 feet to the place of beginning. and which has Key Numbers 25- 020020002 and 18- 020010005 an Economic Revitalization Area under the provisions of Indiana Code 6 -1.1- 12.1 -1 et. seq. and South Bend Municipal Code Sections 2 -76 Et Seq. 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 seg., 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 that the Petition for Personal Property Tax Abatement and the Statement of Benefits form completed by the Petitioner meet the requirements of Indiana Code 6 -1.1- 12.1 -1 et seq., and qualifies under the relevant provisions of South Bend Municipal Code Sections 2 -76 et seq., for tax abatement. SECTION II. The Common Council hereby determines and finds the following: (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;