Laserfiche WebLink
REGULAR MEETING NOVEMBER 13, 2006 <br />WHEREAS, the Department of Community and Economic Development has <br />concluded an investigation and prepared a report with information sufficient for the <br />Common Council to determine that the area qualifies as an Economic Revitalization Area <br />under Indiana Code 6-1.1-12.1, et seq., and South Bend Municipal Code Sections 2-76, et <br />seq., and has further prepared maps and plats showing the boundaries and such other <br />information regarding the area in question as required by law; and <br />WHEREAS, the Community and Economic Development Committee of the <br />Common Council has reviewed said report and recommended to the Common Council <br />that the area qualifies as an Economic Revitalization Area. <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 determines and finds pursuant to Indiana <br />Code 6-1.1-12.1-4.5 et seq., that: <br />a. The estimate of the cost of the new manufacturing equipment is <br />reasonable for equipment of that type; <br />b. That the estimate of the number of individuals that will be employed or <br />whose employment will be retained by the Petitioner can reasonably be <br />expected to result from the proposed installation of new manufacturing <br />equipment; <br />c. That the estimate of the annual salaries of those individuals that will be <br />employed or whose employment will be retained by the Petitioner can be <br />reasonably expected to result from the proposed installation of new <br />manufacturing equipment; <br />d. Any other benefits about which information was requested are benefits <br />that can be reasonably expected to result from the proposed new <br />manufacturing equipment; and <br />e. The totality of benefits is sufficient to justify the deduction requested. <br />SECTION II. The Common Council hereby determines and finds that the proposed new <br />manufacturing equipment can be reasonably expected to yield the benefits identified in <br />the Statement of Benefits as set forth in Sections 1 through 3 of the Petition for Personal <br />Property Tax Abatement Consideration and that Statement of Benefits form completed by <br />the petitioner, said form being prescribed by the State Board of Accounts, are sufficient <br />to justify the deduction granted under Indiana Code 6-1.1-12.1-4.5. <br />SECTION III. The Common Council hereby accepts the report and recommendation of <br />the Department of Community and Economic Development, and the Community and <br />Economic Development Committee's favorable recommendation, that the area herein <br />described be designated as an Economic Revitalization Area for purposes of personal <br />property tax abatement and hereby makes such a designation. <br />SECTION IV. The Common Council determines that such designation is for personal <br />property tax abatement only and shall be limited to two (2) calendar years from the date <br />of the adoption of this Resolution by the Common Council. <br />SECTION V. The Common Council hereby determines that the property owner is <br />qualified for and is granted property tax deduction for a period of (5) five years. <br />19 <br /> <br />