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1111 02�.11 -1 1 <br />RESOLUTION NO. -11 <br />A RESOLUTION OF THE COMMON COUNCIL OF THE <br />CITY OF SOUTH BEND RECONFIRMING AN <br />ECONOMIC REVITALIZATION AREA DEDUCTION FOR <br />MC CORMICK & COMPANY, INCORPORATED <br />WHEREAS, on July 2, 2010, McCormick and Company, Incorporated filed an <br />original Form SB -I Statement of Benefits in connection with its application for personal <br />property tax, abatement on proposed new investments in a building addition and new <br />manufacturing and logistical distribution equipment at its industrial location at 3425 West <br />Lathrop Drive in South Bend; and <br />WHEREAS, the Common Council of the City of South Bend approved that <br />Statement of Benefits, as revised on January 4, 2011, and designated the area commonly <br />known as 3425 West Lathrop Drive as an Economic Revitalization Area, all in <br />accordance and as more particularly described in Resolution No. 4076 -11; and <br />WHEREAS, the Economic Revitalization Area continues in existence and will be <br />designated as such under that Resolution until July 25, 2012; and <br />WHEREAS, McCormick & Company is in the process of implementing its <br />project and has already met and exceeded the estimates for employment and wages and is <br />making a good faith effort to meet the estimates for the investment and as set forth in the <br />revised Statement of Benefits; and <br />WHEREAS, McCormick & Company is interested in making additional <br />investments in new manufacturing and logistical distribution equipment as more <br />particularly described in the Amended Statement of Benefits, dated February 3, 2011, <br />which has been filed with and submitted to the Common Council for its consideration of <br />five year personal property tax abatement on the new investments described therein. <br />NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the <br />City of South Bend, Indiana, as follows: <br />SECTION I. In compliance with IND. CODE § § 6-1.1-12.1-4.5(b), the Common <br />Council hereby finds that: <br />a. The estimate of the cost of the proposed new manufacturing equipment <br />and new logistical distribution equipment is reasonable for property of this type. <br />b. The estimate of the number of individuals who will be employed or whose <br />employment will be retained can be reasonably expected to result from the proposed <br />installation of the new manufacturing and logistical distribution equipment. <br />C. The estimate of the annual salaries of the individuals who will be <br />employed or whose employment will be retained can be reasonably expected to result <br />