05-08-00 Council Meeting Minutes

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REGULAR MEETING MAY 8, 2000 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 of 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 Sections I through II of the Petitioner 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 6 -1.1- 12.1 -3. SECTION IV. The Common Council hereby accepts the report and recommendation of the Community and Economic Development Committee that the area herein described be 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 V. The designation as an Economic Revitalization Area shall be limited to two (2) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION VI. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of three (3) years. SECTION VII. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana Code 5 -3 -1 and Indiana Code 6 -1.1- 12.1 -2.5, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaration. SECTION VIII. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. s /Charlotte Pfeifer Member of the Common Council Councilmember Kelly reported that the Community & Economic Development Committee met on this Resolution and sends it to the Council with a favorable recommendation. Mr. Richard W. Snyder, 105 East Jefferson Boulevard, Suite 800, South Bend, Indiana, made the presentation for this Resolution on behalf of Thomas E. Lowe, dba Playing Mantis, Inc. Mr. Snyder indicated that Thomas E. Lowe proposes to build a forty thousand (40,000) square foot warehouse /office building on approximately five (5) acres of land for an estimated cost of two million dollars ($2,000,000.00). The building will be used primarily as a warehouse but will also house some offices. It will be the headquarters for this business. The construction of this warehouse will create ten (10) new permanent jobs within the first year for a new annual payroll of three hundred thousand dollars ($300,000.00). In conclusion, Mr. Snyder asked that this tax abatement be approved. A Public Hearing was held on the Resolution at this time.