4740-18 Modifying and reconfirming resolution for Imagineering Enterprises

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BILL NO. 18-47 RESOLUTION NO. 4740-18 A RESOLUTION MODIFYING AND RECONFIRMING THE ADOPTION OF DECLARATORY RESOLUTION NO. 4596-16 DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 3722 Foundation Ct, South Bend, IN 46628 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A FIVE (5) YEAR PERSONAL PROPERTY TAX ABATEMENT FOR Imagineering Enterprises, Inc. WHEREAS, the Common Council of the City of South Bend has adopted Declaratory Resolutions designating certain areas within the City as Economic Revitalization Areas for the purpose of tax abatement consideration. WHEREAS, Declaratory Resolution No. 4596-16 designated the area located at 3722 Foundation Ct., South Bend, IN 46601 and certain business personal property therein, as more specifically set forth in Declaratory Resolution No. 4596-16, which has Key Numbers to be assigned, as an Economic Revitalization Area under the provisions of Indiana Code 6-1.1-12.1 et and South Bend Municipal Code Sections 2-76 et seq.; and WHEREAS, upon proper notice, a public hearing was held, after which the Common Council issued a Confirming Resolution No. 4597-16 confirming the adoption of a Declaratory Resolution No. 4596-16 on September 28, 2016; and WHEREAS, the Petitioner was granted a two-year designation period in the Confirming Resolution No. 4597-16, which will expire on September 13, 2018; however, the project will not be completed until September 2019. WHEREAS, the Petitioner has requested an additional one year to complete the project. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby determines and finds that the extension of the designation is appropriate and meets the requirements of Indiana Code § 6-1.1-12.1 et seq. SECTION I1. The Common Council hereby reconfirms its Declaratory Resolution No. 4596-16 and its Confirming Resolution No. 4597-16 designating the area described herein as an Economic Revitalization Area for the purpose of a personal property tax abatement. Such designation is limited to three (3) calendar years from the date of adoption of the Declaratory Resolution No. 4596-16 by the Common Council. SECTION III. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of five (5) years as shown below and further determines that the petition, the Statement of Benefits and the Memorandum of Agreement between the Petitioner and the City of South Bend comply with Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code 6-1.1-12 et seq. Year 1 — 100% Year 2—80% Year 3 —60% Year 4—40%