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REGULAR MEETING <br />OCTOBER 23, 2000 <br />RESOLUTION NO. 2942 -00 A RESOLUTION OF THE COMMON COUNCIL OF THE <br />CITY OF SOUTH BEND DESIGNATING CERTAIN <br />AREAS WITHIN THE CITY OF SOUTH BEND, <br />INDIANA, COMMONLY KNOWN AS 2629 <br />FOUNDATION DRIVE AN ECONOMIC <br />REVITALIZATION AREA FOR PURPOSES OF A FIVE <br />(5) YEAR PERSONAL PROPERTY TAX ABATEMENT <br />FOR VALUE TOOL & ENGINEERING, INC. <br />WHEREAS, a'petition for personal property tax abatement consideration has been filed with <br />the City Clerk for consideration by the Common Council of the City of South Bend, Indiana, <br />requesting that the area commonly known as 2629 Foundation Drive, South Bend, Indiana, and <br />which is more particularly described as follows: <br />A parcel of land in the Southwest Quarter of Section 28, Township 38 North, Range <br />2 East, St. Joseph County, Indiana <br />and which has Key Number 25- 1010 - 040012, be designated as an Economic Revitalization Area <br />under the provisions of Indiana Code 6 -1.1 -12.1 et sea., and South Bend Municipal Code Sections <br />2 -76 et seg., and; <br />WHEREAS, the Department of Community and Economic Development has concluded an <br />investigation and prepared a report with information sufficient for the Common Council to determine <br />that the area qualifies as an Economic Revitalization Area under Indiana Code 6 -1.1 -12.1, et seg., <br />and South Bend Municipal Code Sections 2 -76, et seq., and has further prepared maps and plats <br />showing the boundaries and such other information regarding the area in question as required by law; <br />and <br />WHEREAS, the Community and Economic Development Committee of the Common <br />Council has reviewed said report and recommended to the Common Council that the area qualifies <br />as an Economic Revitalization Area. <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South <br />Bend, Indiana, as follows: <br />SECTION I. The Common Council hereby determines and finds pursuant to Indiana Code <br />6 -1.1- 12.1 -4.5 et. se that: <br />a. The estimate of the cost of the new manufacturing equipment is reasonable for <br />equipment of that type; <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 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 dete`r'mines 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 />1 <br />1 <br />1 <br />