HomeMy WebLinkAboutDesignating Tax Abatement - 2629 Foundation Dr. - Value Productions, Inc.RESOLUTION
3659-06
Passed by the Common Council of the City of South Bend, Indiana
November 13,
Attest:
7
City Clerk
v L Lc-
President of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana
November 14, 20 06
Approved and signed by me Movenber 14,, 2006
20 06
City Clerk
RESOLUTION NO. ~ b s9 ` 6
A RESOLUTION OF THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN
THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS
2629 FOUNDATION DRIVE
AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A
(5) FIVE-YEAR PERSONAL PROPERTY TAX ABATEMENT FOR
VALUE PRODUCTION, INC.
WHEREAS, a petition for personal property tax abatement consideration has been filed
with the City Clerk for consideration by the Common Council of the City. of South Bend,
Indiana, requesting that the area commonly known as 2629 Foundation Drive, South Bend,
Indiana, and which is more particularly described as follows:
A parcel of land in the Southwest Quarter of Section 28, Township 38 North,
Range 2 East, St. Joseph County, Indiana
and which has Key Number 25-1010-0400.12 be designated as an Economic Revitalization Area
under the provisions of Indiana Code 6-1.1-12.1 et sec ., and South Bend Municipal Code
Sections 2-76 et se,~c ., and;
WHEREAS, the Department of Community and 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, et sew., and South Bend Municipal Code Sections 2-76, et sue., 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 Community 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 et sec ., that:
a. The estimate of the cost of the new manufacturing equipment is reasonable for
equipment of that type;
b. That the estimate of the number of individuals that will be employed or whose
employment will be retained by the Petitioner can reasonably be expected to
result from the proposed installation of new manufacturing equipment;
c. That the estimate of the annual salaries of those individuals that will be employed
or whose employment will be retained by the Petitioner can be reasonably
expected to result from the proposed installation of new manufacturing
equipment;
d. Any other benefits about which information was requested are benefits that can be
reasonably expected to result from the proposed new manufacturing equipment;
and
e. The totality of benefits is sufficient to justify the deduction requested.
SECTION II. The Common Council hereby determines and finds that the proposed new
manufacturing equipment can be reasonably expected to yield the benefits identified in the
Statement of Benefits as set forth in Sections 1 through 3 of the Petition for Personal Property
Tax Abatement Consideration and that Statement of Benefits form completed by the petitioner,
said form being prescribed by the State Board of Accounts, are sufficient to justify the deduction
granted under Indiana Code 6-1.1-12.1-4.5.
SECTION III. The Common Council hereby accepts the report and recommendation of the
Department of Community and Economic Development, and the Community and Economic
Development Committee's favorable recommendation, that the area herein described be
designated as an Economic Revitalization Area for purposes of personal property tax abatement
and hereby makes such a designation.
SECTION IV. The Common Council determines that such designation is for personal property
tax abatement only and shall be limited to two (2) calendar years from the date of the adoption of
this Resolution by the Common Council.
SECTION V. The Common Council hereby determines that the property owner is qualified for
and is granted property tax deduction for a period of (5) five years.
SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption of
this Declaratory Resolution for Personal Property Tax Abatement to be published pursuant to
Indiana Code 5-3-1, said publication providing notice of the public hearing before the Common
Council on the proposed confirming of said declaration.
2
SECTION VII. This Resolution shall be in full force and effect from and after its adoption by
the Common Council and approval by the Mayor.
Member of the Common ouncil
PRESENTED \ ~~ \3 ~ ~~
File In CI~gE~'~ ~~€i~~
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OCT 1 ° ~-
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CITY CLE.i-;iC, SC• Be+~D, ill.
NOT APPROVED
ADOPTED `~-\ ~
TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND:
Your Committee of the Whole, to whom was referred:
BILL NO.
06-114 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH
BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH
BEND, INDIANA, COMMONLY KNOWN AS 2629 FOUNDATION DRIVE AN
ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A (5) FIVE-
YEAR PERSONAL PROPERTY TAX ABATEMENT FOR VALUE
PRODUCTION, INC.
Respectfully report that they have examined the matter and that in their opinion, this bill
is being recommended to the full Council with a favorable recommendation.
Karen L. White
Chairperson