07-12-82 Council Meeting Minutes

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�.wj 0 REGULAR MEETING JULY 12, 1982 A parcel of land being a part of the plat of E. H. Rush's Second Addition, South Bend, Indinaa, and being more particularly described as follows, viz: Beginning at the Southwest corner of lot 167 as shown on the recorded plat of E. H. Rush's Second Addition; thence North 00- 05' -41" west, along the east line of Fellows Street, a measured distance of 220.60 feet to the northwest corner of lot 162 in said Addition; thence north 450- 05' -09" east, a distance of 28.20 feet to a point on the south line of lot 66 in J. Rush's Fourth Addition, said point being south 890- 44' -02" east a distance of 20.00 feet from the southwest corner of said lot; thence South 890- 44' -02" east, along the south line of said lot and said line projected, and the south line of lot 74 in said J. Rush's Addition, a measured distance of 229.42 feet to a point which is 40.00 feet westerly of the southeast corner of said lot 74; thence south 440- 53' -19" east, a distance of 56.72 feet to a point on the east line of lot 161 in said E. H. Rush's Addition, said point being South 00- 02' -36" east a distance of 20.00 feet from the northeast corner of said lot; thence South 00- 02' -36" east, along the west line of Rush Street, a measured distance of 198.87 feet to the southeast corner of lot 156 in said E. H. Rush's Addition; thence South 890- 55' -29" west, along the south line of of said lot 156 and said south line projected, and the south line of said lot 167, a measured distance of 289.20 feet to a point of beginning, containing 68,356.7 square feet, more or less. Subject to any easements, covenants, or restrictions of record. WHEREAS, the Redevelopment Commission has conducted an investigation pursuant to Section 2 -77 of the Municipal Code and prepared a report determining that there is compliance with the Statutory obsolescence and eligibility criteria under Indiana Code 6- 1.1- 12.1 -1 et seq. 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 Urban Development Area, and that the tangible personal property to be located at such location is entitled to a deducation from the assessed value of the equipment for a period of five (5) years. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. 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 Urban Development Area, and that the tangible personal property to be located at such location is entitled to a deduction from the assessed value of the equipment for a period of five years (5) years. SECTION II. The Common Council hereby adopts a resolution designating this area as an Urban Development Area for purposes of personal property tax abatement. SECTION III. The Common Council directs the City Clerk, upon the receipt of the report of the Area Plan Commission to cause notice of the adoption of this Resolution to be published. Said publication shall provide notice of the public hearing before the Common Council of said declaration. SECTION IV. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. /s/ Lewis A. McGann Member of the Common Council RESOLUTION NO. 973 -82 AN INDUCEMENT RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA, RELATING TO: HARBOR METAL TREATING OF INDIANA, INC. /ANTHONY FORTUNA PROJECT. WHEREAS, at the present time there are insufficient employment opportunities and insufficient diversification of business, commerce and industry in and near the City of South Bend, Indiana (the "City "); and WHEREAS, the economic welfare of the City would be benefited by the acquisition of economic development facilities in the City pursuant to the provisions of Indiana Code 18 -6 -4.5 (the "Act:); and WHEREAS, Harbor Metal Treating of Indiana, Inc. and Anthony Fortuna propose to acquire economic development facilities to be located in the City as defined in the Act if,the City will finance costs of such economic development facilities pursuant to the Act; and WHEREAS, the South Bend Economic Development Commission has received an application by Harbor Metal Treating of Indiana, Inc. and Anthony Fortuna for the issuance of City of South Bend Economic Development Bonds in an amount not to exceed One Million Dollars ($1,000,000.00) repayable over a twelve (12) year period with interest thereon at a rate consistent with interest rates generally paid on tax - exempt bonds at the time the bonds are issued in order to purchase real property to be leased to Harbor Metal Treating of Indiana, Inc., a Michigan corporation, authorized to do business in Indiana, resulting in an increase of approximately twelve (12) additional employees by 1984 by the principal user with an increased annual payroll of in excess of One Hundred Twenty Five Thousand Dollars (125,000.00) per year.