HomeMy WebLinkAboutNo. 1457 approving an application for personal property tax deduction (Nimet Industries, Inc., 2424 N. Foundation Dr.)RESOLUTION NO. 1457
A RESOLUTION APPROVING AN APPLICATION FOR
PERSONAL PROPERTY TAX DEDUCTION
WHEREAS, I. C. 6 -1.1- 12.1 -2(1) provides that an application for property tax
deduction may not be approved when the property is located in an allocation area as defined in
I.C. 36- 7- 14 -39, unless the Redevelopment Commission which designated that allocation area
adopts a resolution approving that application; and
WHEREAS, the South Bend Common Council has received a petition for five years of
personal property tax abatement consideration from Nimet Industries, Inc. for personal
property located at 2424 North Foundation Drive in the Airport Economic Development
Area, the legal description of which is attached hereto, marked Exhibit "A" and incorporated
herein; and
WHEREAS, this Commission declared the Airport Economic Development Area by
Resolution No. 919, adopted February 23, 1990, and in the same resolution declared the
Airport Economic Development Allocation Area, Allocation Area No. 1; and
WHEREAS, the property located at 2424 North Foundation Drive is located within
the Airport Economic Development Allocation Area, Allocation Area No. 1.
NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission as
follows:
1) The Commission finds that the application from Nimet Industries, Inc. for five
years of personal property tax abatement consideration for property located at 2424 North
Foundation Drive in the Airport Economic Development Allocation Area, Allocation Area
No. 1, should be and is hereby approved.
2) That a copy of this resolution be forwarded to the South Bend Common Council
to indicate the Commission's approval of the petition for personal property tax abatement for
Nimet Industries, Inc.
Approved this 6th day of September 1996, at the regularly scheduled meeting of the
South Bend Redevelopment Commission.
ATTEST:
William P. Hoj ecretary
vb:resl457
SOU H BEND REDEVELOPMENT COMMISSION
7, N
Paula N. Auburn, President
L\,
EXHIBIT A
A parcel of land in part of the South Half of Section 28,
Township 38 North, Range 2 East, German Township, St.
Joseph County, Indiana, described as follows:
Commencing at the southeast corner of said Section;
thence North 90 degrees 00 minutes 00 second's West
2642.71 feet to the southeast ,corner of the Southwest
Quarter of said Section; thence South 89 degrees 57
minutes 33 seconds West 171.27 feet; thence North 0
degrees 00 minutes 47 seconds East 528.56 feet; thence
South 89 degrees 59 minutes 13 seconds East 40 feet to
the point of beginning of this description: thence North
0 degrees 00 minutes 47 seconds East 375.00 feet; thence
South 89 degrees 59 minutes 13 seconds East 450.00 feet;
thence South 0 degrees 00 minutes 47 seconds West 375.00
feet; thence North 89 degrees 59 minutes 13 seconds West
450.00 feet to the point of beginning and containing
3.874 acres, more or less.
The bearing of the South line of the Southeast Quarter of
Section 28 is assumed North 90 degrees 00 minutes oo
seconds West.
EA01080 v
Tax Abatement Schedule prepared for:
NIMET INDUSTRIES, INC.
5 Year Personal Property Abatement Schedule*
Total estimated Equipment Cost:
Assume constant tax rate of
Tax
(combined rate factoring in SRTC)
Value
TTV
Year TTV%
(Year 5 -8)
1 40
$300,000
2 56
420,000
3 42
315,000
4 32
240,000
5 24
180,000
$750,000
14.0121
27- Aug -96
Assessed
100% Tax
Tax
Tax
Value
Rate
Abated
Paid
$100,000
$14,012
$14,012
$0
140,000
19,617
18,636
981
105,000
14,713
11,770
2,943
80,000
11,210
7,287
3,924
60,000
8,407
4,204
4,204
$67,959
$55,909
$12,050
Without Abatement: $67,959
With Abatement: 12,050
Amount Abated: 55,909
* - This schedule is for estimation purposes only and may not reflect the true tax
values, which will be determined by the actual assessed valuation.