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REGULAR MEETING MARCH 9, 2009 <br /> <br /> <br /> <br />thence East on a line parallel with the North lines of Lots 29 and 30 a <br />distance of 105.00 feet; thence South on a line parallel to the West lot line <br />of Lot 29 a distance of 10.00 feet to a point on the North line of Lot 29, <br />said point being 37.00 feet East of the Northwest corner of Lot 29; thence <br />West on and along the North line of Lot 29, extended across vacated <br />Johnson Street, and the North line of Lot 30, a distance of 105.00 feet to <br />the point of beginning. <br /> <br />and which has Tax Key Number 18-2003-0032 presently, as an Economic Revitalization <br />Area; and <br /> <br />WHEREAS, notice of the adoption of a Declaratory Resolution and the public <br />hearing before the Council has been published pursuant to Indiana Code 6-1.1-12.1-2.5; <br />and <br /> <br />WHEREAS, the Council held a public hearing for the purposes of hearing all <br />remonstrance’s and objections from interested persons; and <br /> <br />WHEREAS, the Council has determined that the qualifications for an economic <br />revitalization area have been met. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of <br />South Bend, Indiana, as follows: <br /> <br />SECTION I. The Common Council hereby confirms its Declaratory Resolution <br />designating the area described herein as an Economic Revitalization Area for the <br />purposes of tax abatement. Such designation is for Personal property tax abatement only <br />and is limited to two (2) calendar years from the date of adoption of the Declaratory <br />Resolution by the Common Council. <br /> <br />SECTION II. The Common Council hereby determines that the property owner is <br />qualified for and is granted Personal Property tax deduction for a period of five (5) years, <br />and further determines that the petition complies with Chapter 2, Article 6, of the <br />Municipal Code of the City of South Bend and Indiana Code 6-1.1-12 et seq. <br /> <br />SECTION III. This Resolution shall be in full force and effect from and after its <br />adoption by the Common Council and approved by the Mayor. <br /> <br /> <br /> s/Derek D. Dieter <br /> Member of the Common Council <br /> <br />Mr. Gary Stenke, CFO, Royal Holdings, Inc., 2001 W. Washington Street, South Bend, <br />Indiana, made the presentation for these bills. <br /> <br />Mr. Stenke stated that Royal Holdings is petition for real and personal property tax <br />abatements for their location at 2001 W. Washington Street. He stated that Royal <br />Adhesives is a maker of specialty adhesives for use in industrial and commercial settings. <br />The Petitioner is proposing to (a) demolish an old O’Brien Paint building and replace it <br />with an 8,294 square foot factory building; (b) equip the new building for a state of the <br />art specialty adhesive mixing operation; and (c) add a 22,525 square foot warehouse to <br />support the operation. The total cost of the construction portion of the project is <br />estimated at $1,127,543. He stated that the equipment to be purchased includes mixers, <br />raw material storage tanks, various pilot mixers for development work and testing <br />equipment associated with the production and testing of specialty adhesives. Some <br />equipment may be used; however, all used equipment would be acquired from outside the <br />State of Indiana. The equipment to be installed on the site has a total estimated cost of <br />$3,168,075. He noted that per the petition, it is estimated that the project will create <br />twenty-eight (28) new, permanent full-time positions with an annual payroll of <br />$1,390,806. The project will also maintain one hundred sixteen (116) existing permanent <br />full-time positions, including 25 existing permanent full-time minority employees, with a <br /> 13 <br /> <br />