Designating Tax Abatement - 4221 Technology Dr. (10 Year Personal Property)

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RESOLUTION NO. I S S I - g , A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS 4221 Technology Drive AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF PERSONAL PROPERTY TAX ABATEMENT WHEREAS , a petition for personal property tax abatement consideration has been filed with the Common Council of the City of South Bend, requesting that the area commonly known as 4221 Technology Drive, South Bend, Indiana, and which is more particularly described as follows : Lot 10, plat of Landmark Business Park, Section 4-Part 1 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 section 2-76; 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 section 2-76 , 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. That the Common Council hereby determines and finds that the estimate of the number of individuals that will be employed or whose employment will be retained and the estimate of the annual salaries of these individuals and the estimate of the value of the redevelopment or rehabilitation of the other benefits about which the Common Council has obtained information are benefits that can be reasonably expected to result from the installation of the new manufacturing equipment. Section II. That the Common Council hereby determines and finds the following : (A) If the proposed new manufacturing equipment is not installed, the approximate current year tax rate for the City would be $ 15.0781 (B) If the proposed new manufacturing equipment is not installed and no deduction is granted, the approximate current year tax rate for the City would be $ 15.0752 (C) If the proposed new manufacturing equipment is installed, the deduction is granted, and a deduction epercentage of eighty percent (80%) is assumed, the approximate current year tax for the City would be $ 15.0775