HomeMy WebLinkAboutDesignating Tax Abatement - Gibbs Wire & Steel Company, Inc. 3751 Olice Rd. (5 Year Personal Property)Attes
RESOLUTION
3187 -03
Passed by the Common Council of the City of South Bend,
May 12,
20 03
Presented by me to the Mayor of the City of South Bend, Indiana
May 13 20 03.
City Clerk
dent of Common Council
Approved and signed by me
May 13,
03
20— .
City Clerk
RESOLUTION NO. 31 ?? -03
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
3751 OLIVE ROAD
AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A
FIVE (5) YEAR PERSONAL PROPERTY TAX ABATEMENT FOR
GIBBS WIRE AND STEEL COMPANY, 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 3751 Olive Road, South Bend, Indiana, and which is
more particularly described as follows:
Lot numbered one (1) as shown on the recorded plat of Gibbs' Olive Road Minor Subdivision
recorded June 2, 2000 as document number 0026450 in the office of the Recorder of St. Joseph
County, Indiana
and this property has Key Number 25- 1011 - 018602, be designated as an Economic Revitalization
Area under the provisions of Indiana Code 6 -1.1 -12.1 et sea., and South Bend Municipal Code
Sections 2 -76 et sea., 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 SeMc .,
and South Bend Municipal Code Sections 2 -76, et sea., 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-
12.1-4.5g tsea.,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 the 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 five (5) 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.
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.
PRESENTED S -�L -rS3
NOT APPROVED
ADOPTED S-11--o
Member of the
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Piled In Clerk's Office
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TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND:
Your Committee of the Whole, to whom was referred:
BILL NO.
03 -41 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 3751 OLIVE
ROAD AN ECONOMIC REVITALIZATION AREA FOR PURPOSES
OF A FIVE (5) YEAR PERSONAL PROPERTY TAX ABATEMENT
FOR GIBBS WIRE AND STEEL COMPANY. 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.
Karl King
Chairman