12-09-91 Council Meeting Minutes

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7E alley between King Street and McCartney Street produced East; thence North 00 06109" East, 128.81 feet; thence North 89 46'49" East 287.05 feet to the Westerly line of Riverside Drive; thence South 16 37'15" West along a chord subtending said Westerly line of Riverside Drive, 466.43 feet to the South line of said Section 35; thence North 90 00'00" West along said South line, 156.71 feet to the point of beginning. Commencing at the Southeast corner of the 1/4 of said Section 35; thence North 00 00'30" West (bearing assumed) along the East line of said Southwest 1/4 a distance of 463.14 feet to the Point of Beginning for the following described tract; thence continuing North 00 00130" West along said East line 336.00 feet to the South line of Queen Street; thence South 89 56109" West along said Southline of Queen Street 176.60 feet; thence North 00 02136" East 195.00 feet to the centerline of the East and West 14 foot alley between Kinyon Street and Queen Street; thence South 89 56'09" West along said centerline of alley, 131.27 feet; thence South 00 06'09" West along the East line of Lot 145 in the Third Plat of Northwest Addition recorded March 7, 1907 in Plat Book 9 page 60 in the Office of the St. Joseph County, Recorder and its Northerly and Southerly extensions, 195.00 feet to the south line of Queen Street; thence South 89 56109" West along said South line of Queen Street, 12.93 feet to the East line of Allen Street; thence South 00 05'51" West along said east line of Allen Street, 329.87 feet to the South line of McCartney Street, 12.91 feet; thence South 00 06'09" West 6.11 feet; thence North 89 56'09" East 308.71 feet to the Point of Beginning. and this property has Key Number 18 2110 4067, 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 Sections 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- 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 expected to result from the proposed installation of new manufacturing equipment; (c) the estimate of the annual salaries of those individuals who will 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 Statement 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 abatement and hereby makes such a designation, 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 -1, said publication providing notice of the public hearing before the Common