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

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Toro South Bend Manufacturing Ten Year Real Property Tax Abatement Page 2 SECTION IV. Pursuant to Section 2 -84 of the Municipal Code of the City of South Bend, the Common Council hereby accepts the recommendations of the Council's Human Resources and Economic Development Committee represented in this Substitute Resolution. The Common Council hereby makes the following specific findings which support its conclusion that the Petitioner, Toro South Bend Manufacturing, qualifies for a ten (10) year abatement and that the area described herein should be declared an economic revitalization area: (1) The Petitioner has met the economic obsolescence factor requirements for land and building due to previously declining production, as evidenced by the written report of the St. Joseph County Assessor. (2) The Petitioner was under study for a plant closing due to declining production since 1989. The Petitioner committed to keep the South Bend facility open, to reinvest in this location, their employees agreed to have their wages frozen for two (2) years, and that the Mississippi plant would be closed instead. (3) The Petitioners 221, 355 square foot facility and 1,000 square foot addition will create thirty -one (31) new permanent full -time jobs with an annual payroll of $425,197, plus maintain two hundred and seventy -five (275) existing permanent full -time jobs with an annual payroll of $4,723,127. (4) The Petitioner plans to produce Lawn Boy, Toro, and Ford lawn and garden equipment, and plans to utilize local inventory sources then export to other states; all of which will have a positive impact on the economy. SECTION V The Common Council hereby accepts the report and recommendation of the Human Resources and Economic Development Committee that the area herein described be designated 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 VI. The designation as an Economic Revitalization Area shall be limited to two (2) calendar years from the date of the adoption of the Resolution by the Common Council. SECTION VII. 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 VIII. 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 IX. 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 Ood=on Council ►RESMTED NOT APPRQYM ADOPTED � Y':, 0 P - 9