01/22/07 Council Meeting Minutes

Home Browse Search

REGULAR MEETING JANUARY 22, 2007 e. The totality of benefits is sufficient to justify the deduction requested. SECTION IL 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 that 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 Community and Economic Development, and the Community and Economic Development Committee's favorable recommendation, that the area herein described be designated as an 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 (5) five years. SECTION VL The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Personal Property Tax Abatement to be published pursuant to Indiana Code 5-3-1, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaration. SECTION VII. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. s/Timothy A. Rouse Member of the Common Council Councilmember Derek Dieter, Chairperson, Community and Economic Development Committee, reported that this committee held Public Hearings on these bills this afternoon and voted to send them to the full Council with a favorable recommendation. Mr. Barton Bennett, Owner, Odyssian Technology, 15270 Timber Trail, Mishawaka, Indiana, made the presentation for these bills. Mr. Bennett advised that Odyssian Technology is a high technology company focused on technology innovation and creative product development related to advanced lightweight composites, multifunctional structure, smart structure, and integrated systems and is involved in developing technology products for both military and consumer marketplace. The project will invest $384,816 in research and development equipment. Odyssian Technology is purchasing two buildings in the East Bank Development Area. Plans are to renovate the 2,800 square foot Colfax Avenue building by making a new entry, adding windows, redesigning the office space, adding a kitchen breakroom, conference room, engineering center and restrooms that are handicap accessible. The fagade will be reworked by adding windows, new doors, lighting, landscaping, and paving the parking area. The empty lot will be redeveloped into a courtyard with awrought-iron gate and a few parking spaces. Security and perimeter lighting will be added. The facility will be set up with state of the art IT capabilities. The Niles Avenue facility has 2,588 square feet and will be renovated by replacing doors and windows, power washing and painting, replacing the roof, adding security and lighting, renovating the bathroom and adding utilities as needed to support a research and development laboratory. It is estimated that the total project will create five (5) new, permanent, full-time jobs representing a new annual payroll of $277,440. The project will also maintain three (3) existing permanent full-time jobs representing an annual payroll of $483,584. 45