HomeMy WebLinkAboutReconfirming Area Deductions Steel Warehouse Co Inc.RESOLUTION
3482 -05
Passed by the Common Council of the City of South Bend, Indiana
June 27,
Attest:
05
20_.
Presented by me to the Mayor of the City of South Bend, Indiana
June 28,
05
Approved and signed by me June 29
City Clerk
President of Common Council
20—L5
City Clerk
RESOLUTION NO. 3i F -05
A RESOLUTION OF THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND RECONFIRMING
ECONOMIC REVITALIZATION AREA DEDUCTIONS OF
STEEL WAREHOUSE CO. INC. AND ITS AFFILIATES
WHEREAS, on August 31, 2004, Steel Warehouse Co. Inc. filed three (3) Forms SB -1
Statements of Benefits in connection with its applications for real and personal property tax
abatement on proposed new investments in a building addition and new manufacturing
equipment at its industrial location at 2722 West Tucker Drive in South Bend, and in connection
with its investment in new manufacturing equipment at its manufacturing facility at 1400
Riverside Drive in South Bend; and
WHEREAS, the Common Council of the City of South Bend approved those Statements
of Benefits and designated the areas commonly known as 2722 Tucker Drive and 1400 Riverside
Drive as Economic Revitalization Areas, all in accordance and as more particularly described in
Resolution Nos. 3380 -04, 3381 -04 and 3382 -04; and
WHEREAS, the Economic Revitalization Areas continue in existence and will be
designated as such under those Resolutions until September 13, 2006; and
WHEREAS, Steel Warehouse Co. Inc. and its affiliates have met and exceeded the
estimates for employment and wages as set forth in those original Statements of Benefits, and is
interested in making additional investments in new manufacturing equipment and real property
structures, as more particularly described in the three (3) Amended Statements of Benefits which
have been filed with and submitted to the Common Council for its consideration of five -year real
property tax abatement and 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. The Common Council hereby finds that:
a. The estimate of the cost of the redevelopment of real property and 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 redevelopment of real
property and proposed installation of new manufacturing equipment.
C. The estimate of the annual salaries of the individuals who will be employed or
whose employment will be retained can be reasonably expected to result from the redevelopment
of real property and 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 redevelopment of real property and proposed installation
of new manufacturing equipment.
e. The totality of the benefits is sufficient to justify the granting of the requested
deductions.
SECTION II. The Amended Statements of Benefits are hereby approved and the
installation of new manufacturing equipment and redevelopment of real property as described therein
are eligible for deductions from assessed value of the property as per I.C. 6- 1.1- 12.1 -1 et seq. for a
period of five (5) years.
SECTION III. Except to the extent amended as set forth herein, Resolutions 3380 -04,
3381 -04 and 3382 -04 shall continue in full force and effect.
SECTION IV. This Resolution shall be in full force and effect from and after its
adoption by the Common Council and approval by the Mayor.
SBDS02 TDH 320170A
PRESENTED
F10T APPROVED
ADOPTED / �0- 1 -'
e\
Member of the Common Co it
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Filed in Clerk'
. ps�f}iCe
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Jat8in
TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND:
Your Committee of the Whole, to whom was referred:
BILL NO.
05 -76 A RESOLUTION RECONFIRMING THE ADOPTION OF
A DECLARATORY RESOLUTION DESIGNATING CERTAIN
AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA,
COMMONLY KNOWN AS 2722 W. TUCKER DRIVE TO BE AN
ECONOMIC REVITALIZATION AREA FOR PURPOSES OF
INCREASING THE SIZE OF THE PROJECT FOR THEIR
FIVE (5) YEAR REAL PROPERTY TAX ABATEMENT
FOR STEEL WAREHOUSE COMPANY, INC., A & F
REALTY, NATHAN LERMAN TRUST, ALLAN AND
FRANCES LERMAN, JH JONES LLC
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 as
substituted by a new resolution incorporating 3 separate tax abatements and a new title
as follows:
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND
RECONFIRMING ECONOMIC REVITALIZATION AREA DEDUCTIONS OF STEEL
WAREHOUSE CO. INC. AND ITS AFFILIATES
Roland Kelly
Chairman