07-26-04 Council Meeting Minutes

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REGULAR MEETING JULY 26, 2004 CARROLL STREET AS AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A FIVE (5) YEAR PERSONAL PROPERTY TAX ABATEMENT FOR CURTIS PRODUCTS, INC. WHEREAS, the Common Council of the City of South Bend, Indiana has adopted a Declaratory Resolution designating certain areas within the City as Economic Revitalization Areas for the purpose of tax abatement consideration; and, WHEREAS, a Declaratory Resolution declared an area commonly known as 702 South Carroll Street and 722 South Carroll Street, South Bend, Indiana, and which is more particularly described as follows: Lot A Monroe Sample Replat Lot B Monroe Sample Replat Lot G Monroe Sample Replat Lot E Monroe Sample Replat Lot F Monroe Sample Replat and which has Key Numbers 18-3025-0910, 18-3025-0912, 18-3021-0793, 18-3024- 090101, 18-3092-3513, and 18-3025-090401 as an Economic Revitalization Area; and WHEREAS, notice of the adoption of a Declaratory Resolution and the public hearing before the Council has been published pursuant to Indiana Code 6-1.1-12.1-2.5; and WHEREAS, the Council held a public hearing for the purposes of hearing all remonstrances and objections from interested persons; and WHEREAS, the Council has determined that the qualifications for an economic revitalization area have been met. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby confirms its Declaratory Resolution designating the area described herein as an Economic Revitalization Area for the purposes of tax abatement. Such designation is for Personal property tax abatement only and is limited to two (2) calendar years from the date of adoption of the Declaratory Resolution by the Common Council. SECTION II. The Common Council hereby determines that the property owner is qualified for and is granted Personal property tax deduction for a period of five (5) years, and further determines that the petition, the Memorandum of Agreement between the Petitioner and the City of South Bend and the Statement Of Benefits 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. SECTION III. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. s/Karen L. White Member of the Common Council Ms. Renee Hayes, Kruggel, Lawton& Company, 210 S. Michigan St. Suite 200, South Bend, Indiana, made the presentation for this bill. Ms. Hayes informed that she is representing the petitioner Curtis Products, Inc. She indicated that Curtis Products Inc. proposes to purchase manufacturing equipment to add additional production capacity to allow the company to meet new contracts. The total cost is estimated to be $350,000. 8