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REGULAR MEETING JANUARY 10, 2011 <br /> Municipal Code of the City of South Bend and Indiana Code 6-1.1-12 et seq.; provided <br /> however, the Petitioner may not receive an economic revitalization area deduction if it <br /> receives an enterprise zone investment deduction under I.C. 6-1.1-45 for the same <br /> property. <br /> SECTION III. This Resolution shall be in full force and effect from and after its <br /> adoption by the Common Council and approved by the Mayor. <br /> s/Derek D. Dieter <br /> Member of the Common Council <br /> Mr. Richard Deahl, Attorney, Barnes & Thornburg, 600 1 Source Bank Center, 100 <br /> North Michigan, South Bend, Indiana, made the presentation for this bill on behalf of the <br /> owner G.H.S. Corporation d/b/a GHS Strings <br /> Mr. Deahl advised that G.H.S. Corporation is one of the larges domestic manufactures of <br /> strings for fretted instruments, including strings of classic, acoustic and electric guitars, <br /> bass instruments, mandolins, banjos, fiddles and many other instruments. He stated that <br /> the petitioner is proposing to relocate its primary string manufacturing operations to <br /> South Bend in a phased transition process to ramp up production and commence <br /> production during 2011. The project consists of the installation of string manufacturing <br /> equipment including, without limitation, automated ball-end machines, and computer <br /> monitored string tension and winding equipment. G.H.S. Corporation will be transferring <br /> or purchasing and installing new and used equipment. All of the used equipment will <br /> come from outside the State of Indiana. The estimated cost of the project is $600,000 to <br /> $1,000,000. At a cost of$600,000 total taxes to be abated during the five year abatement <br /> period are estimated at $26,096. Total taxes to be paid during the five year abatement <br /> period are estimated at $23,746. At a cost of$1,000,000 total taxes to be abated during <br /> the five year abatement period are estimated at $43,494. Total taxes to be paid during the <br /> five year abatement period are estimated at $39,577. Per the petition, it is estimated that <br /> the total project will created at least fifteen (15) new, permanent, full-time jobs in the first <br /> year of production representing a new annual payroll of at least $350,000. He noted that <br /> because the project is new to South Bend there are no existing jobs. <br /> A Public Hearing was held on the Resolution at this time. <br /> There being no one present wishing to speak to the Council either in favor of or in <br /> opposition to this Resolution, Councilmember White made a motion to adopt this <br /> Resolution. Councilmember Oliver Davis seconded the motion which carried and the <br /> Resolution was adopted by a roll call vote of nine (9) ayes. <br /> RESOLUTION NO. 4073-11 A RESOLUTION OF THE COMMON COUNCIL <br /> OF THE CITY OF SOUTH BEND <br /> DESIGNATING CERTAIN AREAS WITHIN THE <br /> CITY OF SOUTH BEND, INDIANA, <br /> COMMONLY KNOWN AS 3849 SHOWERLUX <br /> DRIVE AN ECONOMIC REVITALIZATION <br /> AREA FOR PURPOSES OF UP TO AN EIGHT <br /> (8) YEAR REAL PROPERTY TAX <br /> ABATEMENT FOR SBG REALTY, LLC <br /> WHEREAS, a petition for real property tax abatement has been filed with the City <br /> Clerk for consideration by the Common Council of the City of South Bend, Indiana <br /> requesting that the area commonly known as 3849 Showerlux Drive, South Bend, <br /> Indiana, and which is more particularly described as follows: <br /> This real estate is commonly described as: vacant land North of and <br /> adjacent to 4701 Nimtz Parkway, said property having frontage on <br /> Showerlux Drive, South Bend, Indiana 46628 and is legally described as <br /> 13 <br />