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REGULAR MEETING SEPTEMBER 24, 2007 <br />and which has Key Number 025-1010-040018, as an Economic Revitalization Area, and <br />WHEREAS, notice of the adoption of a Declaratory Resolution and the public <br />hearing before the Council has been published pursuant to Indiana Code 6-1.1-12.1-2.5; <br />and <br />WHEREAS, the Council held a public hearing for the purposes of hearing all <br />remonstrance's and objections from interested persons; and <br />WHEREAS, the Council has determined that the qualifications for an economic <br />revitalization area have been met. <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of <br />South Bend, Indiana, as follows: <br />SECTION L The Common Council hereby confirms its Declaratory Resolution <br />designating the area described herein as an Economic Revitalization Area for the <br />purposes of tax abatement. Such designation is for Personal property tax abatement only <br />and is limited to two (2) calendar years from the date of adoption of the Declaratory <br />Resolution by the Common Council. <br />SECTION IL The Common Council hereby determines that the property owner is <br />qualified for and is granted Personal property tax deduction for a period of (5) five years, <br />and further determines that the petition, the Memorandum of Agreement between the <br />Petitioner and the City of South Bend, and the Statement of Benefits comply with <br />Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code <br />6-1.1-12 et seq. <br />SECTION V. This Resolution shall be in full force and effect from and after its adoption <br />by the Common Council and approved by the Mayor. <br />s/Timothy A. Rouse <br />Member of the Common Council <br />Mr. Don Kratz, Executive Vice President, Imagineering Enterprises, Inc., 3702 W <br />Sample Street, South Bend, Indiana, made the presentation for this bill. <br />Mr. Kratz advised that Imagineering Enterprises, Inc. intends to acquire a vacant 59,000 <br />square foot building at 3722 Foundation Court, South Bend, Indiana. The acquired <br />building will be the processing facility ad office of their operation in South Bend. The <br />estimated total cost of the project is $5.1 million with new equipment being installed at a <br />cost of $3.5 million. The processing facility will provide electroless nickel plating , <br />phosphate coatings, passivation processes, non destruction testing and quality assurance <br />testing for client's components as the final step in the manufacturing process. The new <br />equipment for the manufacturing process will include lab equipment, wet processing and <br />phosphate passivation equipment, paint line, NDT equipment, and waste treatment <br />equipment. Mr. Kratz stated that he estimates that the total project will create six (6) <br />new, permanent, full-time jobs over the next year with an estimated new annual payroll <br />of $190,000. The project will also maintain sixty-nine (69) existing, permanent, full-time <br />jobs and two (2) existing, permanent, part-time jobs representing an annual payroll of <br />$2,697,738. <br />A Public Hearing was held on the Resolution at this time. There being no one present <br />wishing to speak to the Council either in favor of or in opposition to this Resolution, <br />Councilmember Dieter made a motion to adopt this Resolution. Councilmember Kelly <br />26 <br />