09-09-96 Council Meeting Minutes

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REGULAR MEETING SEPTEMBER 9, 1996 Commencing at the southeast corner of said section; thence north 90 degrees 00 minutes 00 seconds west 540.00 feet along the south line of said section; thence north 00 degrees 00 minutes 00 seconds west 40.00 feet to the point of beginning of this description; thence north 00 degrees 00 minutes 00 seconds west 750.03 feet; thence north 90 degrees 00 minutes 00 seconds east 44.905 feet; thence easterly 25.96 feet along an arc to the right having a radius of 506.47 feet and subtended by a long chard having a bearing of south 88 degrees 31 minutes 54 seconds east and a length of 25.96 feet; thence south 00 degrees 00 minutes 00 seconds west 749.36 feet; thence north 90 degrees 00 minutes 00 seconds west 70.00 feet to the point of beginning. and this property has Key Number 25 1010 0409, be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1,1- 12.1 -1 et sea., and South Bend Municipal Code Section 2 -76 et seq.; and WHEREAS, the Department of Economic Development has concluded an investigation and prepared a report with information sufficient for the Common Council to determine that the area qualifies as an Economic Revitalization Area under Indiana Code 6 -1.1- 12.1 -1, et seg., and South Bend Municipal Code Sections 2- 76 et sea. and has further prepared maps and plats showing the boundaries and such other information regarding the area in question as required by law; and WHEREAS, the Human Resources and Economic Development Committee of the Common Council has reviewed said report and recommended to the Common Council that the area qualifies as an Economic Revitalization Area. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby determines and finds pursuant to Indiana Code 6 -1.1- 12.1 -4.5, that: (a) the estimate of the cost of the new manufacturing equipment is reasonable for equipment of that type; (b) the estimate of the number of individuals that will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed installation of new manufacturing equipment; (c) the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained can be reasonably expected to result from the proposed installation of new equipment; (d) any other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed installation of new manufacturing equipment; and (e) the totality of benefits is sufficient to justify the deduction requested. SECTION II. The Common Council hereby determines and finds that the proposed new manufacturing equipment can be reasonably expected to yield the benefits identified in the State of Benefits as set forth in Section 1 through 3 of the Petition for Personal Property Tax Abatement Consideration and that the Statement of Benefits form completed by the Petitioner, said form