5147-25 Modifying and Reconfirming Resolution - Personal Property Tax Abatement for Verbio North America LLC at 3201 West Calvert Street

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BILL NO. 25-42 RESOLUTION NO. 5147-25 A RESOLUTION MODIFYING AND RECONFIRMING THE ADOPTION OF DECLARATORY RESOLUTION NO. 5018-23 DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 3201 W. Calvert Street, South Bend, Indiana 46613 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A FIVE-YEAR (5) PERSONAL PROPERTY TAX ABATEMENT FOR Verbio North America LLC WHEREAS, the Common Council of the City of South Bend, Indiana, has adopted a Declaratory Resolution designating certain areas within the City as an Economic Revitalization Area for the purpose of tax abatement consideration; and WHEREAS, Declaratory Resolution No. 5018-23 designated the area commonly known as 3201 W. Calvert Street, South Bend, Indiana 46613, and which is more particularly described as: Business Personal Property and which has Key Numbers to be assigned,an Economic Revitalization Area under the provisions of Indiana Code 6-1.1-12.1 et seq., and South Bend Municipal Code Sections 2-76 et seq.; and WHEREAS, upon proper notice, a public hearing was held, after which the Common Council issued Confirming Resolution No. 5025-23 on June 12, 2023, confirming the adoption of Declaratory Resolution No. 5018-23; and WHEREAS, Verbio North America LLC, a Foreign Limited Liability Company, was granted a designation period which expires on December 31, 2026, in Confirming Resolution No. 5025-23; and WHEREAS, Verbio North America LLC has begun a project to modernize the facility and operations located at the area designated, through the adoption of Declaratory Resolution No. 5018-23 and confirmed through the adoption of Confirming Resolution No. 5025-23, as an Economic Revitalization Area for the purpose of tax abatement consideration; and WHEREAS, the modernization project, upon completion, will employ proprietary technology and processes that will be eligible for federal tax credits that incentivize the development and implementation of technologies for renewable energy; and WHEREAS, Verbio North America LLC's advanced technology processes require approval from the federal Department of Energy; and WHEREAS, the Department of Energy's approval depends on guidelines to be issued by the Internal Revenue Service at a date expected to be no sooner than May 2026; and WHEREAS, following the publication of guidelines by the Internal Revenue Service, the Department of Energy's approval for Verbio North America LLC would be issued approximately one year later; and WHEREAS, because of delays in the issuance of guidelines by the Internal Revenue Service, Verbio North America LLC's project has been delayed, and installation of new industrial and manufacturing equipment cannot begin until Verbio North America LLC has received the necessary federal approvals; and