Reconfirming Tax Abatement - 2629 Foundation Drive - Value Production Inc. and its Affiliates

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RESOLUTION NO. 3 7 7 0 "~~ A RESOUTION RECONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 2629 FOUNDATION DRIVE TO BE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF EXTENDING THEIR FIVE (5) YEAR PERSONAL PROPERTY TAX ABATEMENT FOR VALUE PRODUCTION INC. AND ITS AFFILIATES WHEREAS, on October 5, 2006, Value Production, Inc .filed a SB-1 Statement of Benefits in connection with its application for a personal property tax abatement on proposed new equipment at its industrial location at 2629 Foundation Drive in South Bend. WHEREAS, the Common Council of the City of South Bend approved the Statement of Benefits and designated the areas commonly known as 2629 Foundation Drive as an Economic Revitalization Area, all in accordance and as more particularly described in Resolution No.3669-Ob; and WHEREAS, the Economic Revitalization Areas continue in existence and will be designated as such under that Resolution until October 18, 2008; and WHEREAS, Value Production Inc, has met and exceeded the estimates for employment and wages as set forth in that original Statements of Benefits, and is interested in making additional investments in new manufacturing equipment, as more particularly described in the Amended Statement of Benefits which have been filed with and submitted to the Common Council for .its consideration of a five-year personal property tax abatement on the new investments described therein. NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. In compliance with IND. CODE §§ 6-1.1-12.1-3(b) and 6-1.1-12.1-4.5(c), the Common Council hereby finds that: a. The estimate of the cost of the proposed installation of new manufacturing equipment is reasonable for property of this type. b. The estimate of the number of individuals who will be employed or whose employment will be retained can be reasonably expected ~to result from the proposed installation of new manufacturing equipment.