06-12-00 Council Meeting Minutes

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REGULAR MEETING JUNE 12.2000 BEGINNING AT THE SW CORNER OF LOT 7, STULL'S EDITION; THENCE, N ALONG THE E RIGHT -OF -WAY OF AN ALLEY A DISTANCE OF 336.06 FEET + OR - TO A POINT; SAID POINT BEING THE NW CORNER OF THE S V2 OF LOT 64, SOUTH BEND CITY EDITION; THENCE, E ALONG THE NORTHERN BOUNDARY OF SAID %2 OF LOT 64 WHICH IS ON THE WESTERN RIGHT -OF -WAY OF LAFAYETTE BLVD.; TH4ENCE, S A DISTANCE OF 275 FEET + OR - TO THE SE CORNER OF LOT 6, STULL'S SECOND EDITION; THENCE, W A DISTANCE OF 125 FEET TO A POINT; THENCE, S 66 FEET TO A POINT; THENCE, W 40 FEET TO A POINT OF BEGINNING. ALL BEING WITHIN THE CITY OF SOUTH BEND, COUNTY OF ST. JOSEPH, STATE OF INDIANA SOUTH %2 125 FT EAST END LOT 7 SAMUEL C. STULLS 2"D and which has Key Numbers 18- 8006 -0288, 18- 8002 -0115, 18- 8006 -0282, 18- 8006 - 028201, 18- 8006 -0285, 18- 8006 - 028501, 18- 8002 -0116, 18- 8006 - 028801, 18- 8006 - 028802, as an Economic Revitalization Area; and 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 Real 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 Real property tax deduction for a period of ten (10) 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. se g. 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 /Charlotte Pfeifer Member of the Common Council Mr. Gunther W. Jordan, President and owner of Exacto, Inc., 1137 South Lafayette Boulevard, South Bend, Indiana, made the presentation for this Resolution. Mr. Jordan introduced his wife Barbara who was also present for the presentation. Mr. Jordan advised that he and his wife are the owners of Exacto, Inc., which is in a UEZ area and the Sample/Ewing Street Development Area. They are a precision machine shop manufacturing parts and components for diesel engines, fuel injector systems, turbo chargers and air compressors for trucks. The tax abatement is needed for additional space for manufacturing. In 1997 G & B Realty, LLC, which is under a common ownership with Exacto, bought the real estate of Exacto and is leasing it to Exacto. They have invested in employee training and retain a full time trainer. Mr. Jordan further noted that they have $5 million dollars per year in sales and employ forty -four (44)