05-28-14 Council Agenda & Packet

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RESOLUTION NO. A RESOLUTION WAIVING THE REQUIRED FILING DATE OF MAY 10, 2013 AND ACCEPTANCE OF THE DEDUCTION APPLICATION OF THE LATE FILING OF DEDUCTION APPLICATION FOR THE NEW MANUFACTURING EQUIPMENT LOCATED IN AN ECONOMIC REVITALIZATION AREA FILED UNDER RESOLUTION 4198 -12 FOR THE TIRE RACK LOCATED AT 7101 VORDEN PARKWAY Whereas, The State of Indiana, County of St. Joseph, Adopted by the Common Council of the City of South Bend, Indiana commonly known as 7101 Vorden Parkway, South Bend, Indiana had adopted RESOLUTION 4198 -12, pursuant to Indiana Code 6 -1.1- 12. Ito be an economic revitalization area for purposes of a five (5) year real tax abatement for the Tire Rack. Whereas, Resolution 4198 -12 was presented and adopted by the Common Council on August 13, 2012. Whereas, Mr. Joseph lams states that the Application for Deduction from Assessed Valuation for New Manufacturing Equipment in Economic Revitalization area ( Form 322) was not filed by the Company by the due date. Whereas, the Auditor's Office states that it has never received the required Form 322. Whereas, the tax bill which was to have been abated results in a tax being due of $95,333.24. With the abatement, the tax bill would be $5,583.03. Now, therefore be it resolved by the Common Council of the City of South Bend, Indiana as follows: SECTION 1. The petitioner has presented testimonial evidence of the following facts in support of this resolution: A.The petitioner states that they were unaware that the Form 322 needed to be filed with the Auditors Office. B. The stated property cannot afford this large tax bill at the present time. C. The Tire Rack has met the project cost goal stated in their original petition for a tax abatement. The initial cost of the project was estimated to be 54,700,000 and the actual cost was 55,459,792. Thirty new positions have been created with a payroll of $1,755,220. The new payroll goal was S1 ,600,000. E. The project is an outstanding asset to this community.