05-23-2022 FINAL Notice and Agenda Packet - Amended

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ler-k's Office BILL NO. 22-24 2027 RESOLUTION NO. CITY<Ji S A RESOLUTION OF THE COMMON COUNCIL OF--= -`-BEND,IN THE CITY OF SOUTH BEND, INDIANA CONFIRMING THE GRANT OF CERTAIN REAL PROPERTY TAX ABATEM DEDUCTIONS AND WAIVING NONCOMPLIANCE FOR PRO ER COMMONLY KNOWN AS s 3722 FOUNDATION CT., SOUTH BEND, INDIANA 8 o Mqr IB o' c FOR c gwti 10? Imagineering Enterprises, Inc. 9 s°ptiF 1 s WHEREAS, on September 10, 2018,the Common Council of the City of South Bend(the Common Council") adopted Resolution No. 4741-18 (the "2018 Resolution"), approving a six 6) year real property tax deduction for a new speculative building located at 3722 Foundation Ct. South Bend, IN 46628 (the "Building") by Imagineering Enterprises, Inc. or "Taxpayer", within an area located in the City of South Bend that had been designated an economic revitalization area in accordance with IND. CODE § 6-1.1-12.1-1, et sea.; WHEREAS, as part of Imagineering Enterprises Inc. deduction application, Imagineering Enterprises, Inc. described for the Common Council that Imagineering Enterprises, Inc. would by the end of the three (3) year designation period (a) invest $1,500,000 on construction of a new speculative industrial building, (b) create 15 or retain 41 direct jobs; WHEREAS, Imagineering Enterprises Inc. completed a construction of 15,000 S.F. building and has met all objectives in its deduction application; WHEREAS, while Imagineering Enterprises, Inc submitted its CF-I/RP form to the City of South Bend Department of Community Investment in May 2021, the company inadvertently failed timely and properly to file the Application for Deduction from Assessed Valuation of Structures in Economic Revitalization Areas ("Form 322/RE") and the related Compliance Statement of Benefits Real Property Deduction("CF-I/RP") to the St. Joseph County Auditor; WHEREAS, the Common Council recognizes that (a) Imagineering Enterprises, Inc. has fulfilled its pledge to construct a new speculative building; (b) Imagineering Enterprises, Inc. has requested a waiver of its inadvertent oversight for filing of the Application Forms in the wrong office to claim benefits of the tax deduction for the first year of the tax deduction, which the Common Council has the power and authority to approve under Indiana law, and(c) Imagineering Enterprises, Inc would have been entitled to receive the tax deduction for the first two years of the deduction period had no noncompliance event occurred; 1