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REGULAR MEETING <br />JUNE 12, 2000 <br />a. the estimate of the cost of the new manufacturing equipment is reasonable for <br />equipment of that type; <br />b. the estimate of the number of individuals that will be employed or whose <br />employment will be retained by the Petitioner can reasonably be expected to result <br />from the proposed installation of new manufacturing equipment; <br />C. the estimate of the annual salaries of those individuals that will be employed or <br />whose employment will be retained by the Petitioner can be reasonably expected to <br />result from the proposed installation of new manufacturing equipment. <br />d. any other benefits about which information was requested are benefits that can be <br />reasonably expected to result from the proposed new manufacturing equipment; and <br />e. the totality of benefits is sufficient to justify the deduction requested. <br />SECTION II. The Common Council hereby determines and finds that the proposed new <br />manufacturing equipment can be reasonably expected to yield the benefits identified in the Statement <br />of Benefits as set forth in Section 1 through 3 of the Petition for Personal Property Tax Abatement <br />Consideration and that the Statement of Benefits form completed by the petitioner, said form being <br />prescribed by the State Board of Accounts, are sufficient to justify the deduction granted under <br />Indiana Code 6 -1.1- 12.1 -4.5. <br />SECTION III. The Common Council hereby accepts the report and recommendation of the <br />Department of Community and Economic Development, and the Community and Economic <br />Development Committee's favorable recommendation, that the area herein described be designated <br />as an Economic Revitalization Area for purposes of personal property tax abatement and hereby <br />makes such a designation. <br />SECTION IV. The Common Council determines that such designation is for personal property <br />tax abatement only and shall be limited to two (2) calendar years from the date of the adoption of <br />this Resolution by the Common Council. <br />SECTION V. The Common Council hereby determines that the property owner is qualified <br />for and is granted property tax deduction for a period of five (5) years. <br />SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption <br />of this Declaratory Resolution for Personal Property Tax Abatement to be published pursuant to <br />Indiana Code 5 -3 -1, said publication providing notice of the public hearing before the Common <br />Council on the proposed confirming of said declaration. <br />SECTION VII. This Resolution shall be in full force and effect from and after its adoption by <br />the Common Council and approval by the Mayor. <br />s /Charlotte Pfeifer <br />Member of the Common Council <br />Councilmember Kelly reported that the Community and Economic Development Committee met <br />on these bills and recommends these Resolutions to the Council favorably. <br />Mr. Gerald Lerman, President, Steel Warehouse, 1121 East Woodside, South Bend, Indiana, made <br />the presentation for these Resolutions. <br />Mr. Lerman indicated that the project for which they are proposing tax abatement is a project <br />estimated between $3.5 and $5 million dollars. It involves a building addition of approximately <br />sixty thousand (60,000) to one hundred thousand (100,000) square feet that will be used for <br />products and they hope to increase the productivity of some of their lines. The biggest part of the <br />