11-23-87 Council Meeting Minutes

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F I; s I'M of the New Jersey, Indiana and Illinois Railroad Company Right -of =Way of spur tract Number 2; thence along said Right -of -Way Southeasterly 371.89 feet along an arc to the right having a radius of 469.15 feet and subtended by a long chord have a bearing of S 44 26'30 "E and a length of 362.22 feet to the point of tangency of said curve; thence S 21 44'E a distance of 40.0 feet to the point of beginning. PARCEL 3 EASEMENT An easement for vehicular and pedestrian crossing over, upon and across, and for parking upon the following described real estate: A part of the Northeast Quarter, Section 16, Township 37 North, Range 2 East, 2nd P.M., in the City of South Bend, Saint Joseph County, Indian containing 0.175 acres, more or less and more particularly described as follows: Beginning at a point 900.6 feet South of the North line of said Section 16 and 1390.55 feet East of the East line of Sheridan Avenue, which line is on the Westerly line of an 18 -foot railroad spur Right -of -Way of the New Jersey, Indiana and Illinois Railroad Company; thence N 21 44'W a distance of 40.00 feet along said Westerly Right -of -Way; thence along said Right -of -Way Northwesterly 371.89 feet along an arc to the left having a radius of 469.15 feet and subtended by a long chord having a bearing of N 44 26130 "W and a length of 362.22 feet; thence N 0 031E a distance of 19.2 feet to the Easterly Right -of -Way of said railroad spur; thence along said Right -of -Way Southeasterly 386.19 feet along an arc to the right having a radius of 487.15 feet and subtended by a long chord having a bearing of S 44 26'35 11E and a length of 376.15 feet; thence S 21 44'E a distance of 47.18 feet; thence N 90 00'W a distance of 19.38 feet to the point of beginning. Commonly known as 3602 West Sample Street, South Bend, Indiana 46619. be designated as an Economic Revitalization area under the provisions of Indiana Code 6 -1.1- 12.1 -1, et. seq.; and WHEREAS, the Redevelopment Commission 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- 1.11- 12.1 -1, et seq., and has further prepared maps and plats showing the boundaries and such other information as required by law of the area in question; 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. That the Common Council hereby accepts the report and recommendation of the Human Resources and Economic Development Committee that the area herein described be designated an Economic Revitalization Area nd hereby adopts a resolution designating this area as an Economic Revitalization Area for purposes of personal property tax abatement. SECTION II. That the Common Council hereby determines and finds that the estimate of the number of individuals that will be employed or whose employment will be retained and the estimate of the annual salaries of these individuals and the estimate of the value of the redevelopment or rehabilitation of the other benefits about which the Common Council has obtained information are benefits that can be reasonably expected to result from the installation of the new manufacturing equipment. SECTION III. That the Common Council hereby determines and finds the following: (A) If the proposed new manufacturing equipment is not installed, the approximate current year tax rate for the City would be $15.0781; (B) If the proposed new manufacturing equipment is not installed and no deduction is granted, the approximate current year tax rate for the City would be $15.0764; (C) If the proposed new manufacturing equipment is installed, the deduction is granted, and a deduction percentage of eighty percent (80 %) is assumed, the approximate current year tax rate for the City would be $15.0773. SECTION IV. That 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 sections 1 through 3 of the Petition for Personal Property Tax Abatement Consideration and the statement of benefits is sufficient to justify the deduction granted under Section 6 -1.1- 12.1 -4.5 of the Indiana Code. SECTION V. That the Common Council determines that such designation is for personal property tax abatement only and shall be limited to five calendar years from the date of the adoption of this resolution by the Common Council.