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REGULAR MEETINGOCTOBER 24, 2005 <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 reasonable for <br />equipment of that type; <br />b. That the estimate of the number of individuals that will be employed or whose <br />employment will be retained by the Petitioner can reasonably be expected to result from <br />the proposed installation of new manufacturing equipment; <br />c. That the estimate of the annual salaries of those individuals that will be employed <br />or whose employment will be retained by the Petitioner can be reasonably expected to <br />result from the proposed installation of new manufacturing equipment; <br />d. any other benefits about which information was requested are benefits that can be <br />reasonably expected to result from the proposed new 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 five (5) years. <br />SECTION VI. The Common Council directs the City Clerk to cause notice of the <br />adoption of this Declaratory Resolution for Personal Property Tax Abatement to be <br />published pursuant to Indiana Code 5-3-1, said publication providing notice of the public <br />hearing before the Common Council on the proposed confirming of said declaration. <br />SECTION VII. 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/Charlotte D. Pfeifer <br /> Member of the Common Council <br />Councilmember Puzzello, 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. Richard Deahl, Attorney at Law, Barnes & Thornburg, LLP, 100 N. Michigan Street, <br />Suite 600, South Bend, Indiana, made the presentation on behalf of Mossberg & <br />Company, Inc. Mr. Gary Belting, Vice President of Finance, Mossberg & Company, Inc. <br />301 East Sample Street, South Bend, Indiana, was also present. <br />Mr. Deahl advised that Mossberg & Company is engaged in the lithography and printing <br />industry. The company prints and lithographs high quality, close tolerance, color <br />brochures and inserts for the medical products industry, annual and quarterly statements <br />9 <br /> <br />