08-11-08 Common Council Minutes - Laserfiche WebLink

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REGULAR MEETINGAUGUST 11, 2008 WHEREAS, notice of the adoption of a Declaratory Resolution and the public hearing before the Council has been published pursuant to Indiana Code 6-1.1-12.1-2.5; and WHEREAS, the Council held a public hearing for the purposes of hearing all remonstrance’s and objections from interested persons; and WHEREAS, the Council has determined that the qualifications for an economic revitalization area have been met. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby confirms its Declaratory Resolution designating the area described herein as an Economic Revitalization Area for the purposes of tax abatement. Such designation is for Personal property tax abatement only and is limited to two (2) calendar years from the date of adoption of the Declaratory Resolution by the Common Council. SECTION II. The Common Council hereby determines that the property owner is qualified for and is granted Personal property tax deduction for a period of five (5) years, and further determines that the petition complies with Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code 6-1.1-12 et seq.; provided however, the Petitioner may not receive an economic revitalization area deduction if it receives an enterprise zone investment deduction under I.C. 6-1.1-45 for the same property. SECTION III. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approved by the Mayor. s/Timothy A. Rouse Member of the Common Council st Mr. Richard Deahl, Barnes & Thornburg, 600 1 Source Center, 100 N. Michigan Street, South Bend, Indiana, made the presentation for these bills. Mr. Deahl advised that Foxtrot Realty Corporation/GTA Containers, Inc. are proposing to construct and equip a 90,000 square foot building on an undeveloped portion of a 21 acre site that they already own. The building will be owned by Foxtrot Realty and leased to GTA Containers. The project will enable GTA to more than double its current manufacturing capacity, allowing the company to bid on large, multi-year contracts with the U.S. Department of Defense and also have the capacity for non-military contracts. GTA Containers manufactures collapsible pillow tanks for fuel or water storage. The containers range in size from 3,000 to 210,000 gallons. The estimate cost of the building is $2,200,000 - $2,800. GTA Containers will own the equipment placed on the site. The new equipment to be installed on the site has a total estimated cost of $250,000 to $400,000. It includes, without limitation, automated fabric cutting equipment and various machines for fabric seam sealing using hot air and Radio Frequency (RF) technologies used in the manufacturing operation. Equipment will also be purchased to transfer and handle raw materials and finished goods inventories. GTA was recently offered two five-year contracts from the U.S. Army. They had been expecting only one. With either one of the contracts they could have handled production in their current facility, but both contracts together generate the need for additional space. One contract was executed on July 11, 2008. The second contract arrived on July 14 and was executed on July 15, 2008. Due to testing requirements contained in the second contract, time is of the essence in completing construction of the new building and installation of necessary equipment. A Public Hearing was held on these Resolutions at this time. 11