Designating Tax Abatement - Schafer Gear Works, Inc. 814 S. Main St. (5 Year Personal Property)

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PARCEL VI: All of Lots Numbered Two Hundred Eighteen (218), Two Hundred Nineteen (219), and Two Hundred Twenty (220), and the West 15 feet of Lot Numbered Two Hundred Seventeen (217) all as shown on the recorded Plat of Daniel Garst's 1st addition to South Bend City, now within and a part of the City of South Bend, excepting therefrom the South 24.5 feet thereof. and this property has Key Number 18 3042 1621, be designated as an Economic Revitalization Area 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 seq., and has further prepared maps and plats showing the boundaries and such other information regarding the area 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 -4.5, 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 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 equipment; (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) the totality of benefits is sufficient to justify the deduction requested. SECTION II. The Commo that the proposed new expected to yield the Benefits as set forth for Personal Property Statement of Benefits form being prescribed sufficient to justify 6- 1.1- 12.1 -4.5. n council hereby determines and finds manufacturing equipment can be reasonably benefits identified in the Statement of in Section 1 through 3 of the Petition Tax Abatement Consideration and that the Form completed by the Petitioner, said by the State Board of Accounts, are the deduction granted under Indiana Code (2)