06-11-01 Council Meeting Minutes

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REGULAR MEETING JUNE 11, 2001 requirements of Indiana Code 6 -1.1 -12.1 et se q., for tax abatement. SECTION II. The Common Council hereby determines and finds the following: A. That the description of the proposed redevelopment or rehabilitation meets the applicable standards for such development. B. That the estimate of the value of the redevelopment or rehabilitation is reasonable for projects of this nature; C. That the estimate of the number of individuals who will be employed or whose employment will be retained by the Petitioner can reasonably be expected to result from the proposed described redevelopment or rehabilitation; D. That the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed redevelopment or rehabilitation; E. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation; and F. That the totality of benefits is sufficient to justify the requested deduction, all of which satisfy the requirements of Indiana Code 6- 1.1- 12.1 -3. SECTION III. The Common Council hereby determines and finds that the proposed described redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the Statement of Benefits set forth as Section I through II of the Petition for Real Property Tax Abatement Consideration and that the Statement of Benefits form prescribed by the State Board of Accounts are sufficient to justify the deduction granted under Indiana Code 60 -1.1- 12.1 -3. SECTION IV. Pursuant to applicable state law, the property owner and the city will complete all requirements of IC 6 -1.1 -12.1, which are necessary to be completed by July 1, 2001. SECTION V. The Common Council hereby accepts the report and recommendation of the Community and Economic Development Committee that the area herein described by designated as an Economic Revitalization Area and hereby adopts a Resolution designating this area as an Economic Revitalization Area for purposes of real property tax abatement. SECTION VI. The petitioner acknowledges that due to an inadvertent oversight, it did not file a real property tax abatement request simultaneously with its personal property request which was applied for on May 5, 1997 and approved as Resolution No. 2449 -97. The Common Council pursuant to Section 2 -84 of the South Bend Municipal Code finds that ten (10) years is the appropriate and rational time period for this tax abatement in light of the following: A. The company is a long time South Bend business, currently employing 798 people in its Aircraft Landing Systems division with an annual payroll in excess of $50,000,000. B. The company has invested over $7.5 million for the new building addition and has or will be investing another $49 million in equipment. C. The company has already seen employment growth of 18 new positions resulting from the building addition and new equipment purchases. D. The company is an anchor company in the 2nd Councilmanic district, and is a leading corporation in the aircraft industry in the nation. The Common Council hereby determines that the property owner is qualified for and is granted