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REGULAR MEETING FEBRUARY 28, 2011 <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 /> follows: that part of the Southeast Quarter of Section 20 and the <br /> Southwest quarter of Section 21, both in Township 38 North, <br /> Range 2 East, German Township, City of South Bend, St. Joseph County, <br /> Indiana which is described as: Lot # 10A as shown on the plat of"H.G. <br /> Baus Centre-Phase One First Replat" subdivision recorded by Document <br /> No. 0746267 in the records in the Office of the Recorder of St. Joseph <br /> County, Indiana. Containing 5.54 acres more or less. Subject to all legal <br /> highways, easements and restrictions of record, <br /> and which has Key Number 71-03-21-300-001.000-009, as an Economic Revitalization <br /> 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 I. 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 II. 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 complies with Chapter 2, Article 6, of the <br /> Municipal Code of the City of South Bend and Indiana Code 6-1.1-12 et sec.. <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. Stan Blenke, South Bend Gear, LLC., 4701 Nimtz Parkway, South Bend, Indiana, <br /> made the presentation for this bill. <br /> Mr. Blenke advised that South Bend Gear, LLC is a start up company that will produce <br /> engine gears for the heavy duty truck market in North America. The project will acquire <br /> several pieces of turning, gear cutting and gear finishing equipment as well as robots and <br /> automation equipment. Under a separate project a building is being constructed to house <br /> the new company. The personal property project will be implemented in two phases over <br /> a two year period beginning with installation of an initial group of machines during July, <br /> 2011 with final installation of machinery by February 2013. The estimated cost of the <br /> two phase project is $15,600,000. Total taxes to be abated during the five (5) year <br /> abatement period are estimated $678,507. Total taxes to be paid during the five (5) year <br /> abatement period are estimated at $617,395. Per the petition, it is estimated that the total <br /> project will create at least twelve (12) new, permanent, full-time jobs in the first year of <br /> production representing a new annual payroll of at least $550,000. It is estimated that <br /> 8 <br />