4959-22 Resolution the Grant of Certain Real Property Tax Abatement

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BILL NO. 22-24 RESOLUTION NO. 4959-22 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA CONFIRMING THE GRANT OF CERTAIN REAL PROPERTY TAX ABATEMENT DEDUCTIONS AND WAIVING NONCOMPLIANCE FOR PROPERTY COMMONLY KNOWN AS 3722 FOUNDATION CT., SOUTH BEND, INDIANA 46628 FOR Imagineering Enterprises, Inc. 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 seq.; 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-1/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-1/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; WHEREAS, the Indiana General Assembly has expressed the policy of this State by enacting laws that expressly permit tax abatement noncompliance events such as the untimely or erroneous filing of an application form to be waived; and WHEREAS, the noncompliance event has been corrected, and a public hearing of the Common Council has been held on the subject of this Resolution. NOW, THEREFORE, IT IS HEREBY RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, AS FOLLOWS: SECTION 1. The Taxpayer has presented testimonial and documentary evidence supporting the Taxpayer's (a) progress towards satisfying its obligations detailed in its original Statement of Benefits and its application for tax deduction related to the building construction located at 3722 Foundation Ct, South Bend, Indiana(the"Property"), and(b)inadvertent oversight leading to a belated filing or filing in the incorrect office of the Form 322/RE "Application for Deduction from Assessed Valuation of Structures in Economic Revitalization Areas"to claim the 1