12-08-03 Council Meeting Minutes

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REGULAR MEETING DECEMBER 8, 2003 That the estimate of the annual salaries of those individuals that will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed installation of new manufacturing equipment. 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 Section 1 through 3 of the Petition for Personal Property Tax Abatement Consideration and that the 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/Karen L. White Member of the Common Council Councilmember King, 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. Thomas Dockery, 19160 Summers Drive, South Bend, Indiana, made the presentation for this bill. Mr. Dockery thanked the Mayor for meeting with representatives of his company last week and after explaining their desire to add $1.6 million dollars of new equipment along with ten (10) new jobs to South Bend the Mayor gave this abatement his full support. Mr. Dockery noted that earlier this afternoon he met with the Community and Economic Development Committee and he thanked the members of that committee for supporting this tax abatement. He reiterated that they are looking to spend $1.6 million dollars. The company just moved from St. Joseph County into the City limits. They are binging approximately ninety (90) new jobs into the City. This new equipment, the majority of which will be modern CNC computerized equipment and robotics, will allow them to become more competitive in their field which is the trucking business. The company makes -33-