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WHEREAS, the Department of Economic Development has concluded an investigation <br />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- <br />12.1-1, et seq., and South Bend Municipal Code Sections 2 -76 et seg. and has further <br />prepared maps and plats showing the boundaries and such other information regarding <br />the area in question as required by law; and <br />WHEREAS, the Human Resources and Economic Development Committee of the Common <br />Council has reviewed said report and recommended to the Common Council that the area <br />qualifies as an Economic Revitalization Area. <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, <br />Indiana, as follows: <br />SECTION I. The Common Council hereby determines and finds pursuant to Indiana <br />Code 6 -1.1- 12.1 -4.5, that: <br />(a) the estimate of the cost of the new manufacturing equipment is reasonable <br />for 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 be reasonably expected to <br />result from the proposed installation of new manufacturing equipment; <br />(c) the estimate of the annual salaries of those individuals who will be <br />employed or whose employment will be retained can be reasonably expected to <br />result from the proposed installation of new equipment; <br />(d) any other benefits about which information was requested are benefits that <br />can be reasonably expected to result from the proposed installation of new <br />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 <br />new manufacturing equipment can be reasonably expected to yield the benefits <br />identified in the State of Benefits as set forth in Section 1 through 3 of the <br />Petition for Personal Property Tax Abatement Consideration and that the Statement of <br />Benefits form completed by the Petitioner, said form being prescribed by the State <br />Board of Accounts, are sufficient to justify the deduction granted under Indiana Code <br />6 -1.1- 12.1 -4.5. <br />SECTION III. The Common Council hereby accepts the report and recommendation of <br />the Department of Economic Development, and the Human Resources and Economic <br />Development Committee's favorable recommendation, that the area herein described be <br />designated as Economic Revitalization Area for purposes of personal property tax <br />deduction for a period of five (5) years. <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 <br />date of the adoption of this Resolution by the Common Council. <br />SECTION V. The Common Council hereby determines that the property owner is <br />qualified 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 <br />adoption of this Declaratory Resolution to be published pursuant to Indiana Code 5 -3- <br />1, said publication providing notice of the public hearing before the Common Council <br />on said declaration. <br />SECTION VII. This resolution shall be in full force and effect from and after <br />its adoption by the Common Council and approval by the Mayor. <br />/s/ Eugene Ladewski <br />Member of the Common Council <br />A public hearing was held on the resolution at this time. Council Member Kelly <br />reported that the Community and Economic Development Committee had met on this bill <br />and recommended it to the Council favorable. Gregg Mee, President of Emtech, made <br />the presentation for the resolution. He indicated they planned to purchase equipment <br />at a cost of approximately $315,000, and the total project would be in excess of <br />$550,000. He indicated with this expansion they will be able to increase employment. <br />Council Member Zakrzewski made a motion to adopt this resolution, seconded by Council <br />Member Washington. The resolution was adopted by a roll call vote of nine ayes. <br />RESOLUTION NO. 2270 -95 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND <br />DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, <br />INDIANA, COMMONLY KNOWN AS 1915, 1921, 1933 AND 1939 N. <br />OLIVE STREET A RESIDENTIALLY DISTRESSED AREA FOR PURPOSES OF <br />A FIVE (5) YEAR REAL PROPERTY TAX ABATEMENT FOR GREATER <br />SOUTH BEND DEVELOPMENT COMPANY. <br />WHEREAS, a petition for real property tax abatement has been file with the City Clerk <br />for consideration by the Common Council of the City of South Bend, Indiana requesting <br />that the area commonly known as 1915, 1921, 1933 and 1939 N. Olive Street, South <br />Bend, Indiana, and which is more particularly described as follows: <br />Lot 586 Vernon Heights Addition <br />Lot 587 Vernon Heights Addition <br />Lot 590 Vernon Heights Addition <br />Lot 591 Vernon Heights Addition <br />