Designating Tax Abatement - Toro South Bend Manufacturing 515 W. Ireland Rd. (5 Year Personal Property)

Home Browse Search

SUBSTITUTE BILL NO. 92 -27 RESOLUTION NO. (q � 4 -'`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 FIVE (5) YEAR PERSONAL PROPERTY TAX ABATEMENT FOR Toro South Bend Manufacturing WHEREAS, a petition for personal 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 real estate Key Number 23 -1013 -0758, and personal property Key Number 23- 35132 - 56154, 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 Department of Economic Development has concluded an investigation and prepared a report with information sufficient for the Common Council to determine that the area qualifies as an Economic Revitalization Area under Indiana Code 6 -1.1- 12.1 -1, et seq., and South Bend Municipal Code Sections 2 -76 et sea., and has further prepared maps and plats showing the boundaries and such other information regarding the areas in question as required by law; 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 pursuant to Indiana Code 6- 1.1- 12.1 -15, that: (a) the estimate of the cost of the new manufacturing equipment is reasonable for equipment of that type; (b) the estimate of the number of individuals that will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed installation of new manufacturing equipment; (c) the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained can be reasonably expected to result from the proposed installation of new (d) any other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed installation of new manufacturing equipment; and (e) That the totality of benefits is justify the deduction requested. SECTION II. 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 III of the Petition for Personal Property Tax Abatement Consideration and that the Statement of Benefits form completed by the Petitioners, said form prescribed by the State Board of Accounts are sufficient to justify the deduction granted under Indiana Code 6- 1.1- 12.1 -4.5. SECTION M. The Common Council hereby accepts the report and recommendation of the Human Resources and Economic Development Committees favorable recommendation, that the area herein described be designated an Economic Revitalization Area for purposes of personal property tax abatement and hereby makes such a designation.