01-27-03 Council Meeting Minutes

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REGULAR MEETING as an Economic Revitalization Area; and JANUARY 27, 2003 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 complies 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 approved by the Mayor. s/Karen L. White Member of the Common Council Ms. Lorraine Ryder, 13714 Woods Trail, Granger, Indiana, made the presentation for these Resolutions. Ms. Ryder advised that Advantage Puck Technologies is the manufacturer of injection molded plastic pieces used to hold various size metal, glass and plastic containers used primarily in the cosmetics industry. The plastic holders are designed to stabilize the containers during labeling, filling, and/or the capping processes. Advantage Puck is currently in the process of purchasing the former Canteen Services building located on North Sheridan Avenue. The building will be completely renovated and a ten thousand (10,000) square foot addition will be constructed. The total cost of the building addition is estimated at two hundred seventy thousand dollars ($270,000.00). In addition to the building expansion project, Advantage Puck will expand its production capabilities with the purchase and/or lease of two (2) to three (3) new injection molding machines, new grinders, lathes and mills. The total cost for the new equipment is estimated at two hundred fifty thousand dollars ($250,000) which makes the total project cost approximately five hundred twenty thousand dollars ($520,000.00) . It is estimated that this project will create between four (4) and six (6) new permanent jobs within the first year representing a new annual payroll of between one hundred twenty -thousand dollars ($120,000) and one hundred eighty -thousand dollars