Designating Tax Abatement - Crowe, Chizek & Company LLP 330 E. Jefferson Blvd. (10 Year Real Property)

Home Browse Search

SECTION IV. The Common Council hereby accepts the report and recommendation of the Community and Economic Development Committee that the area herein described be designated as an Economic Revitalization Area and hereby adopts a Resolution designating this area as an Economic Revitalization Area for purposes of real property tax abatement. SECTION V. The designation as an Economic Revitalization Area shall be limited to two (2) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION VI. The Common Council pursuant to Section 2 -84 of the South Bend Municipal Code finds the ten (10) years is the appropriate and rational time period for this tax abatement in light of the following: 1. The petitioner is a long time South Bend based business and is the headquarters for its worldwide operations. 2. The petitioner currently employs over 430 people in the South Bend office and has an annual payroll of over $28 million. The petitioner also projects to add 150 new people to its payroll over the next six years. 3. The petitioner wants to expand its capabilities in the training and seminar areas, which will result in thousands of new visitors to our community annually. 4. The petitioner cites the enormous costs associated with this project, with construction costs of nearly $7.8 million and total project costs of over $10 million. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of ten (10) years. SECTION VII. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana Code 5 -3 -1 and Indiana Code 6 -1.1- 12.1 -2.5, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaration. SECTION VIII. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. Member of the Common Co4cil PRESENTED - )- )-3'0\ NOT APPROVED ADOPTED ?_z3 -O� Filed In Clerk's Office J !i i. ti ;� 2001 LORETTAI DUD& CITY CLERK, S6. BEND, IN.