03-24-08 Common Council Minutes - Laserfiche WebLink

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REGULAR MEETING MARCH 24, 2008 d. Any other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed new manufacturing equipment; and e. The totality of benefits is sufficient to justify the deduction requested. SECTION II. The Common Council hereby determines and finds that the proposed new manufacturing equipment can be reasonably expected to yield the benefits identified in the Statement of Benefits as set forth in Sections 1 through 3 of the Petition for Personal Property Tax Abatement Consideration and that 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 6-1.1-12.1-4.5. SECTION III. The Common Council hereby accepts the report and recommendation of the Department of Community and Economic Development, and the Community and Economic Development Committee's favorable recommendation, that the area herein described be designated as an Economic Revitalization Area for purposes of personal property tax abatement and hereby makes such a designation. SECTION IV. The Common Council determines that such designation is for personal property tax abatement only and shall be limited to two (2) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION V. 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. SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Personal Property Tax Abatement to be published pursuant to Indiana Code 5-3-1, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaration. SECTION VII. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. s/Oliver J. Davis Member of the Common Council Councilmember Dieter, 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. Mr. Wally Schrubkowski, Triangle Machine, Inc., 3702 W. Sample Street, Suite 1125, South Bend, Indiana, made the presentation for this bill. Mr. Schrubkowski advised that Triangle Machine, Inc. is a manufacturer of precision machined components. The company plans to purchase and install new equipment (one Haas CF-1 CNC Milling Center) that will give it the ability to complete work in-house that is currently outsourced to other firms and at the same time increase it productive capacity. Mr. Schrubkowski stated that the project will invest $75,586 and it is estimated that the total project will create one (1) new, permanent, full-time job in the first year of production representing a new annual payroll of $30,000. The project will also maintain two (2) existing, permanent full-time jobs and one (1) existing part-time job representing an annual payroll of $75,000.00. A Public Hearing was held on the Resolution at this time. There being no one present wishing to speak to the Council either in favor of or in opposition to this Resolution, Councilmember Dieter made a motion to adopt this Resolution. Councilmember Varner seconded the motion which carried and the Resolution was adopted by a roll call vote of eight (8) ayes. 8