02-28-94 Council Meeting Minutes

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commonly known as 3600 McGill, South Bend, Indiana, and which is more particularly described as follows: A part of the northeast quarter (NE 1/4) of Section 28, Township 38 North, Range 2 East, City of South Bend, St. Joseph County, Indiana, described as follows: Commencing at the Northeast corner of said Section 28, thence South 89P 48105" West (the bearing of the South line of the Southeast Quarter (SE 1/4) of Section 28 is assumed North 9Q' 00' 00" West) a distance of 1305.00 feet along the North boundary of said Northeast Quarter (NE 1/4) to the centerline intersection of Cleveland Road and Kenmore Street; thence South 000 00' 23" West a distance of 363.70 feet to a cross cut in the pavement: thence South 09P 59' 37" East a distance of 531.87 feet to a cross cut in the centerline of Kenmore Street; thence South 800 00' 23" West a distance of 40.00 feet to a 1/2 inch iron rebar; thence North 54° 59' 34" West a distance of 14.14 feet; thence South 800 20' 03 "West and a length of 90.15 feet to the point of beginning; thence South 000 00' 23" West a distance of 382.35 feet; thence North 89 °59' 37" West 352.17 feet; thence Northeasterly a distance of 43.47 feet along a segment of a curve to the left, having a radius of 50.00 feet, subtended by a chord, having a bearing of North 58' 12' 33" East and a length of 42.11 feet; thence Northeasterly a distance of 26.65 feet along a segment of a curve to the right, having a radius of 67.50 feet, subtended by a chord, having a bearing of North 4e 41' 25" East a length of 26.65 feet, thence South 890 59' 37" East a distance of 49.04 feet; thence northeasterly a distance of 249.28 feet along a curve to the left, having a radius of 1944.86 feet, subtended by a chord, having a bearing of North 860 20' 07 East and a length of 249.11 feet to the point of beginning. and this property has Key Number 25 1010 038510 be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1,1- 12.1 -1 et seq., and South Bend Municipal Code Section 2 -76 et seq.; 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 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 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- 1271 -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; (d) any other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed installation of new manufacturing equipment; and (e) the totality of benefits is sufficient to justify the deduction requested. SECTION II. The Common Council hereby determines and finds that the proposed new manufacturing equipment can be reasonably expected to yield the benefits identified in the State of Benefits as set forth in Section 1 through 3 of the Petition for Personal Property Tax Abatement Consideration and that the Statement of Benefits form completed by the Petitioner, said form being prescribed by the State Board of Accounts, are sufficient to justify the deduction granted under Indiana Code 6 -1.1- 12.1 -4.5. SECTION III. The Common Council hereby accepts the report and recommendation of the Department of Economic Development, and the Human Resources and Economic Development Committee's favorable recommendation, that the area herein described be designated as Economic Revitalization Area for purposes of personal property tax deduction for a period of five (5) years. SECTION IV. The Common Council determines that such designation is for personal property tax abatement only and shall be limited to two (2) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION V. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of five (5) years. SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution to be published pursuant to Indiana Code 5 -3-