07-11-05 Council Meeting Minutes

Home Browse Search

REGULAR MEETINGJULY 11, 2005 C. That the estimate of the number of individuals who will be employed or whose employment will be retained by the Petitioner can reasonably be expected to result from the proposed described redevelopment or rehabilitation; D. That the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed redevelopment or rehabilitation; E. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation; and F. That the totality of benefits is sufficient to justify the requested deduction, all of which satisfy the requirements of Indiana Code 6-1.1-12.1-3. SECTION III. The Common Council hereby determines and finds that the proposed described redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the Statement of Benefits as set forth in Sections 1 through 3 of the Petition for Real Property Tax Abatement Consideration, the Memorandum of Agreement between the Petitioner and the City of South Bend, and that the Statement of Benefits form completed by the petitioner, said form being prescribed by the State Board of Accounts, are sufficient to justify the deduction granted under Indiana Code 6-1.1-12.1-3. SECTION IV. The Common Council hereby accepts the report and recommendation of the Community and Economic Development Committee that the area herein described be designated as an Economic Revitalization Area and hereby adopts a Resolution designating this area as an Economic Revitalization Area for purposes of real property tax abatement. SECTION V. The designation as an Economic Revitalization Area shall be limited to two (2) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION VI. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of six (6)years. SECTION VII. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana Code 5-3-1 and Indiana Code 6-1.1-12.1-2.5, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaration. SECTION VIII. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. s/Charlotte D. Pfeifer Member of the Common Council Councilmember Ann Puzzello, Chairperson, Community and Economic Development Committee, reported that this committee held a Public Hearing on this bill this afternoon and voted to send it to the full Council with a favorable recommendation. st Mr. Timothy Hernly, Barnes & Thornburg LLP, 600 1 Source Bank Center, 100 North Michigan Street, South Bend, Indiana, and Mr. Gig Young Controller, representing Manufacturing Technology, Inc., made the presentation for this bill. Mr. Hernly advised that the petitioner is a builder of friction welding equipment, used in the auto, aerospace, oil, agricultural, and medical fields. Manufacturing Technology plans to add a 10,200 square foot addition to their current building located at 1702 W. Washington Street. The project will cost $600,000. This will allow them the space they need to grow their business. Their current building is extremely cramped and they would 8