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REGULAR MEETING JANUARY 10, 2011 <br /> by the petitioner, said form being prescribed by the State Board of Accounts, are <br /> sufficient to justify the deduction granted under Indiana Code § 6-1.1-12.1-3. <br /> SECTION IV. The Common Council hereby accepts the report and recommendation of <br /> the Community and Economic Development Committee that the area herein described be <br /> designated as an Economic Revitalization Area and hereby adopts a Resolution <br /> designating this area as an Economic Revitalization Area for purposes of real property <br /> tax abatement. <br /> SECTION V. The designation as an Economic Revitalization Area shall be limited to <br /> two (2) calendar years from the date of the adoption of this Resolution by the Common <br /> Council. <br /> SECTION VI. The Common Council hereby determines that the property owner is <br /> qualified for and is granted property tax deduction for a period of up to eight (8) years. <br /> SECTION VII. The Common Council directs the City Clerk to cause notice of the <br /> adoption of this Declaratory Resolution for Real Property Tax Abatement to be published <br /> pursuant to Indiana Code § 5-3-1 and Indiana Code § 6-1.1-12.1-2.5, said publication <br /> providing notice of the public hearing before the Common Council on the proposed <br /> confirming of said declaration. <br /> SECTION VIII. This Resolution shall be in full force and effect from and after its <br /> adoption by the Common Council and approval by the Mayor. <br /> s/Derek D. Dieter <br /> Member of the Common Council <br /> Councilmember Rouse, Chairperson, Community and Economic Development <br /> Committee, reported that this committee held a Public Hearing on this Bill this afternoon <br /> and voted to send it to the full Council with a favorable recommendation. <br /> Mr. Ryan Rans, 5440126 th Street, South Bend, Indiana made the presentation for this bill <br /> on behalf of the owner SBG Realty, LLC. <br /> Mr. Rans advised that SBG Realty, LLC intends to construct of 50,000 square foot <br /> manufacturing facility which will be leased to South Bend Gear. South Bend Gear is a <br /> joint venture between Schafer Gear Works, Inc. and Somaschini North America, Inc. <br /> formed in order to supply timing gears for Detroit Diesel Corporation which is a <br /> subsidiary of Daimler Corporation. The estimated cost of the building if$2,100,000. In <br /> subsequent phases, the size of the building may be double. During an eight year <br /> abatement total taxes to be abated during the term are estimated at $233,063 and total <br /> taxes to be paid during the eight-year term are estimated at $267,464. Per the petition, it <br /> is estimated that the project will create 12 new, permanent full-time positions in year one <br /> growing to an expected 26 positions by year two. The new annual payroll in year one <br /> will be $605,000 growing to an expected payroll of$1,300,000 by year two. <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 Varner 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 /> 15 <br />