01-23-89 Council Meeting Minutes

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REGULAR MEETING JANUARY 23 1989 stated that they are proposing to double their wire drawing capacity by purchasing 4 new machines, and need to add 10 lines to their patenting process and 1 breakdown machine. He indicated that they will add innerspring machines and 1 flatting mill to produce wire for those innerspring machine. He stated that they will add 23 additional employees and the total cost of the project will be $3,000,000.00. Kevin Hughes, Project Future, spoke in favor of the resolution. Council Member Coleman made a motion to adopt this resolution, seconded by Council Member Zakrzewski. The resolution was adopted by a roll call vote of nine ayes. RESOLUTION NO. 1695 -89 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS LOT 5.3B, POINT VERIDIAN TECHNOLOGY CAMPUS AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A SIX (6) YEAR REAL PROPERTY TAX ABATEMENT FOR COMMUNICATIONS TEST DESIGN INC. WHEREAS, a petition for real property tax abatement has filed with the City Clerk for consideration by the Common Council of the City of South Bend, Indiana, requesting that the area commonly known as Lot 5.3B Point Veridian Technology Campus, South Bend, Indiana, and which is more particularly described as follows: A part of the Southeast Quarter of Section 28, Township 38 North, Range 2 East of the second Principal Meridian, City of South Bend, St. Joseph County, Indiana and described as follows: Commencing at the Northeast corner of the Southeast Quarter of said Section 28, said point being at the intersection of Bendix and Boland Drives; thence South 89059156" West (bearing assumed) along the Southerly right -of -way line of Boland Drive 1502.51 feet; thence South OOo2l'33" West, 293.00 feet to the point of Beginning; thence North 89058156" East, 520.01 feet, thence South OOo21'33" West, 293.00 feet; thence South 89058156" West, 520.01 feet; thence North OOo21133" East 293.00 feet to the Point of Beginning and containing 3.5 acres, more or less; and is subject to easement restrictions and or covenants of record. be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1.1- 12.1 -1 et seq. 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 seq. and South Bend Municipal Code section 2 -76, et seq., and has further prepared maps and plat 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 recommend 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 that the Petition for Real Property Tax Abatement and the Statement of Benefits form completed by the Petitioner meet the requirements of I.C. 6 -1.1- 12.1 -1 et seq, and qualifies under the provisions of South Bend Municipal Code Section 2 -76 et seq., for tax abatement. SECTION II. The Common Council hereby determines and finds the following: A. That the estimate of the value of the redevelopment or rehabilitation is reasonable for projects of this nature; B. That the estimate of the number of individuals who will be employed or whose employment will be retained can reasonably be expected to result from the proposed described redevelopment or rehabilitation; C. That 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 redevelopment or rehabilitation; D. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation, and E. That the totality of benefits is sufficient to justify the deduction, all of which satisfy the requirements of I.C. 6- 1.1- 12.1 -3. SECTION III. The Common Council hereby determines and finds that the proposed described redevelopment or rehabilitation can be reasonably expected to yield the benefits identified in the Statement of Benefits set forth as Sections I through II of the Petition for Real Property Tax Abatement Consideration and that the Statement of Benefits form prescribed by the State Board of Accounts are sufficient to justify the deduction granted under Section 6 -1.1- 12.1 -3 of the Indiana Code. SECTION IV. The Common Council hereby accepts the report and recommendation of the Human Resources and Economic Development Committee that the area herein described be designated an Economic Revitalization Area and hereby adopts a resolution