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REGULAR MEETING FEBRUARY 8, 2010 <br /> <br /> <br /> <br />Bend, Indiana, requesting that the area commonly known as 7055 Cleveland Road, South <br />Bend, Indiana, and which is more particularly described as: <br /> <br />Lot numbered Two (2) as shown on the recorded plat of Kidder’s Olive Road <br />Minor Subdivision, recorded April 17, 1998 as Document Number 9818752 in the Office <br />of the Recorder of St. Joseph County, Indiana. <br /> <br />and which has Key Number 71-03-19-300-003-000-009 or 025-1011-018601, be <br />designated as an Economic Revitalization Area under the provisions of Indiana Code 6- <br />1.1-12.1 et seq., and South Bend Municipal Code Sections 2-76 et seq., and; <br /> <br />WHEREAS, the Department of Community and Economic Development has <br />concluded an investigation and prepared a report with information sufficient for the <br />Common Council to determine that the area qualifies as an Economic Revitalization Area <br />under Indiana Code 6-1.1-12.1, et seq., and South Bend Municipal Code Sections 2-76, et <br />seq., and has further prepared maps and plats showing the boundaries and such other <br />information regarding the area in question as required by law; and <br /> <br />WHEREAS, the Community and Economic Development Committee of the <br />Common Council has reviewed said report and recommended to the Common Council <br />that the area qualifies as an Economic Revitalization Area. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of <br />South Bend, Indiana, as follows: <br /> <br />SECTION I. The Common Council hereby determines and finds pursuant to Indiana <br />Code 6-1.1-12.1-4.5 et seq., that: <br /> <br />a. the estimate of the cost of the new manufacturing equipment is reasonable <br />for equipment of that type; <br /> <br />b. That the estimate of the number of individuals that will be employed or <br />whose employment will be retained by the Petitioner can reasonably be expected to result <br />from the proposed installation of new manufacturing equipment; <br /> <br />c. That the estimate of the annual salaries of those individuals that will be <br />employed or whose employment will be retained by the Petitioner can be reasonably <br />expected to result from the proposed installation of new manufacturing equipment; <br /> <br />d. any other benefits about which information was requested are benefits that <br />can be reasonably expected to result from the proposed new manufacturing equipment; <br />and <br /> <br />e. the totality of benefits is sufficient to justify the deduction requested. <br /> <br />SECTION II. The Common Council hereby determines and finds that the proposed new <br />manufacturing equipment can be reasonably expected to yield the benefits identified in <br />the Statement of Benefits as set forth in Sections 1 through 3 of the Petition for Personal <br />Property Tax Abatement Consideration and that Statement of Benefits form completed by <br />the petitioner, said form being prescribed by the State Board of Accounts, are sufficient <br />to justify the deduction granted under Indiana Code 6-1.1-12.1-4.5. <br /> <br />SECTION III. The Common Council hereby accepts the report and recommendation of <br />the Department of Community and Economic Development, and the Community and <br />Economic Development Committee's favorable recommendation, that the area herein <br />described be designated as an Economic Revitalization Area for purposes of personal <br />property tax abatement and hereby makes such a designation. <br /> <br />SECTION IV. The Common Council determines that such designation is for personal <br />property tax abatement only and shall be limited to two (2) calendar years from the date <br />of the adoption of this Resolution by the Common Council. <br /> 9 <br /> <br />