Designating Tax Abatement - Toro South Bend Manufacturing 515 W. Ireland Rd. (10 Year Real Property)

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SUBSTITUTE BILL NO. 92 -26 RESOLUTION NO. I R 3% -Q a A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS TORO SOUTH BEND MFG., 515 W. IRELAND ROAD SOUTH BEND, IN 46614 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A TEN YEAR REAL PROPERTY TAX ABATEMENT FOR Toro South Bend Manufacturing WHEREAS, a petition for real property tax abatement has been filed with the City Clerk for consideration by the Common Council of the City of South Bend, Indiana requesting that the area commonly known as 515 W. Ireland Rd., South Bend, Indiana, and which is more particularly described as follows: SE 1/4, NE 1/4 except SE and NE Corners, Section 26- 37 -2E, 26,592 Acres. and which has Key number 23 -1013 -0758. be designated as an Economic Revitalization Areas under the provisions of Indiana Code 6 -1.1- 12.1 -1, et seq., and South Bend Municipal Code Sections 2 -76, et seq., and; WHEREAS, the Human Resources and Economic Development Committee of the Common Council has reviewed said report and recommended to the Common Council that the area qualifies as an Economic Revitalization Area. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby determines and finds that the Petition for Real Property Tax Abatement and the Statement of Benefits form completed by the Petitioner meet the requirements of Indiana Code 6- 1.1- 12.1 -1 et seq., and qualifies under the relevant provisions of South Bend Municipal Code Sections 2 -76 et seq., for tax abatement. SECTION 11. The Common Council hereby determines and finds the following: A. That the description of the proposed redevelopment or rehabilitation meets the applicable standards for such development. B. That the estimate of the value of the redevelopment or rehabilitation is reasonable for projects of this nature•, C. That the estimate of the number of individuals who will be employed or whose employment will be retained by the Petitioner can reasonably be expected to result from the proposed described redevelopment or rehabilitation; D. That the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed redevelopment of rehabilitation; E. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation; and F. That the totality of benefits is sufficient to justify the requested deduction, all of which satisfy the requirements of Indiana Code 6 -1.1- 12.1 -3. SECTION III. The Common Council hereby determines and finds that the proposed described redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the Statement of Benefits set forth as Sections I through II of the Petition for Real Property Tax Abatement Consideration and that the Statement of Benefits form prescribed by the State Board of Accounts are sufficient to justify the deduction granted under Indiana Code 6 -1.1- 12.1 -3.