Laserfiche WebLink
REGULAR MEETING <br />SEPTEMBER 11, 2000 <br />b. That 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. That the estimate of the annual salaries of those individuals that will be employed or <br />whose employment will be retained by 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'resuit 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 1II. 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 <br />property tax abatement only and shall be limited to two (2) calendar years from the date of the <br />adoption of 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 <br />by the Common Council and approval by the Mayor. <br />s /Charlotte Pfeifer <br />Member of the Common Council <br />Mr. Dick Monagle, Plant Manager, Federal - Mogul, 3605 West Cleveland Road, South Bend, <br />Indiana, made the presentations for these Resolutions. <br />Mr. Monagle informed the Council that they want to build a forty- thousand (40,000) square foot <br />addition to their current facility. This will result in a sales increase of at least fifteen per cent (15 %) <br />and will add at least sixty -eight (68) jobs to the current four hundred fifty (450). At this time they <br />are going to add new equipment to machine pistons and cast pistons again and also for the first time <br />they are going to begin assembling the connecting rod to the piston. This is an important expansion <br />for the company. <br />A Public Hearing was held on the Resolution at this time. <br />1 <br />U <br />L <br />