17-47 NonCompliance Waiver for Manufacturing Technology, Inc.

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Bill No. RESOLUTION NO. A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA,WAIVING NONCOMPLIANCE WITH TAX ABATEMENT PROCEDURES FOR REAL PROPERTY COMMONLY KNOWN AS 402 NORTH SHERIDAN STREET, SOUTH BEND,INDIANA FOR MANUFACTURING TECHNOLOGY, INC. WHEREAS, on August 24, 2015, the Common Council of the City of South Bend (the "Common Council") adopted Resolution No. 4491-15 (the "2015 Resolution"), approving a two (2) year real property tax abatement for the purchase and improvement of the vacant building located at 402 North Sheridan Street, South Bend, Indiana 46619 (the "Building") by Manufacturing Technology, Inc. ("MTI" or "Taxpayer"), within an area located in the City of South Bend that had been designated an economic revitalization area in accordance with IND.CODE § 6-1.1-12.1-1, et seQ.; WHEREAS, as part of MTI's abatement application, MTI described for the Common Council that MTI would by the end of the two (2) year abatement period (a) invest $929,000 on capital improvements to the Building, (b) create at least seven (7) new, permanent full time jobs with a total estimated annual payroll of $300,000, and (c) maintain twenty five (25) existing permanent full time jobs representing an annual payroll of$895,000; WHEREAS,MTI purchased and commenced operations in the former vacant Building and has made progress on meeting the objectives in its abatement application; WHEREAS,while MTI submitted its Application for Deduction from Assessed Valuation Real Property Vacant Building Deduction ("Form 322NBD") and related Compliance Statement of Benefits Vacant Building Deduction ("CF-INBD," and collectively with Form 322NBD the "Application Forms") to the City of South Bend Department of Community Investment in 2016, MTI may have inadvertently failed to timely and properly file Application Forms with the City Clerk and the St. Joseph County Auditor; WHEREAS,the Taxpayer timely filed Application Forms to claim benefits of the property tax abatement for the second year of the tax deduction 2017 (Pay 2018 tax year); WHEREAS, the Common Council recognizes that (a) MTI has fulfilled its pledge to purchase the Building and has made progress in meeting its capital improvement and employment goals, both of which enhances the tax base and supports employment in the City of South Bend; (b) MTI has requested a waiver of its inadvertent oversight for filing of the Application Forms in the wrong office to claim benefits of the tax deduction for the first year of the tax deduction,which 1