07-14-03 Council Meeting Minutes

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REGULAR MEETING JULY 14, 2003 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 made a motion to consider the substitute version of this Resolution. Councilmember Coleman seconded the motion which carried by a voice vote of eight (8) ayes. Councilmember King, Chairperson, Community and Economic Development Committee, reported that this committee held a Public Hearing on this bill this afternoon. They did note that in the Resolution that the designation was listed as Olive Road which was incorrect and they changed it to Olive Street and that accounts for the substitute version of this bill. The committee did vote to give the substitute bill a favorable recommendation to the full Council. Mr. Thomas Kinnucan, Jr., 51930 Juniper Road, South Bend, Indiana, made the presentation for this bill. Mr. Kinnucan advised that this abatement is for additional production equipment that will be needed for future growth consisting of two (2) form dies, resistance welder, roller, new test set up and a cut to length line at a cost of approximately two hundred fifty thousand dollars ($250,000.00). It is estimated that they will be able to hire twelve (12) new employees with a payroll addition of about three hundred fifty thousand dollars ($350,000.00). A Public Hearing was held on the Resolution at this time. There being no one present wishing to speak to the Council either in favor of or in opposition to this Resolution, Councilmember Kelly made a motion to adopt this Resolution as substituted. Councilmember King seconded the motion which carried and the Resolution was adopted by a roll call vote of eight (8) ayes. RESOLUTION NO. 3211 -03 A RESOLUTION OF THE COMMON COUNCIL OF THE frTTXT /lT? n T-TT -- -Y- 1 -- i"r I ♦ r