Designating Tax Abatement - Honeywell, Inc. Aircraft Landing Systems 3520 Westmoor St. (10 Year Real Property)

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SECTION VI. The petitioner acknowledges that due to an inadvertent oversight, it did not file a real property tax abatement request simultaneously with its personal property request which was applied for on May 5, 1997 and approved as Resolution No. 2449 -97. The Common Council pursuant to Section 2 -84 of the South Bend Municipal Code finds that ten (10) years is the appropriate and rational time period for this tax abatement in light of the following: A. The company is a long time South Bend business, currently employing 798 people in its Aircraft Landing Systems division with an annual payroll in excess of $50,000,000. B. The company has invested over $7.5 million for the new building addition and has or will be investing another $49 million in equipment. C. The company has already seen employment growth of 18 new positions resulting from the building addition and new equipment purchases. D. The company is an anchor company in the 2 °" Councilmanic district, and is a leading corporation in the aircraft industry in the nation. 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 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 VIII. 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 IX. The petitioner and Common Council agree that prior to the hearing of the Confirmatory Resolution, that the petitioner and the Common Council will enter into a Memorandum of Agreement that will specifically identify the terms and conditions of this abatement. SECTION X. 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.