HomeMy WebLinkAboutConfirming Tax Abatement - GTA Containers, Inc. 4201 Linden Ave. (5 Year Personal Property)Attest:
RESOLUTION
3009 -01
Passed by the Common Council of the City of South Bend,
May 14,
01
20_.
Presented by me to the Mayor of the City of South Bend, Indiana
May 15, 20 01
Approved and signed by me
May 16,
City Clerk
President of Common Council
20 01 .
City Clerk
RESOLUTION NO.
A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY
RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF
SOUTH BEND, INDIANA, COMMONLY KNOWN AS
4201 LINDEN AVENUE
TO BE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A
FIVE (5) YEAR PERSONAL PROPERTY TAX ABATEMENT FOR
GTA CONTAINERS, INC.
WHEREAS, the Common Council of the City of South Bend, Indiana, has adopted a
Declaratory Resolution designating certain areas within the City as Economic Revitalization
Areas for the purpose of tax abatement consideration; and
WHEREAS, a Declaratory Resolution designated the area commonly known as 4201
Linden Avenue, South Bend, Indiana, and which is more particularly described as follows:
A PART OF THE EAST HALF OF THE SOUTHWEST QUARTER OF SECTION 4,
TOWNSHIP 37 NORTH, RANGE 2 EAST, SOUTH BEND, INDIANA.
and which has Key Number 18- 21937257, as an Economic Revitalization Area; and
WHEREAS, notice of the adoption of a Declaratory Resolution and the public hearing
before the Council has been published pursuant to Indiana Code 6- 1.1- 12.1 -2.5; and
WHEREAS, the Council held a public hearing for the purposes of hearing all
remonstrances and objections from interested persons; and
WHEREAS, the Council has determined that the qualifications for an economic
revitalization area have been met.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
South Bend, Indiana, as follows:
SECTION I. The Common Council hereby confirms its Declaratory Resolution designating
the area described herein as an Economic Revitalization Area for the purposes of tax
abatement. Such designation is for Personal property tax abatement only and is limited to two
(2) calendar years from the date of adoption of the Declaratory Resolution by the Common
Council.
SECTION II. The Common Council hereby determines that the property owner is qualified
for and is granted Personal property tax deduction for a period of five (5) years, and further
determines that the petition complies with Chapter 2, Article 6, of the Municipal Code of the
City of South Bend and Indiana Code 6- 1.1 -12 et sea.
SECTION III. This Resolution shall be in full force and effect from and after its adoption by
the Common Council and approved by the Mayor.
PRESENTED S-\y-6�
NOT APPROVED
ADOPTED
Member of the Common CWncil
Filed in Clerk's Office
APR 1 � 2fl09
LORKITAJ. DUDA
CITY CLERK, E0. BEND, K
Tax Abatement Schedule prepared for: 17- Apr -01
GTA CONTAINERS, INC.
South Bend Portage 5 Year Personal Property Abatement Schedule*
Total estimated Equipment Cost: $300,000
Assume constant tax rate of: 18.8638
Assume constant SRTC rate of: 15.1622
Total Taxes Due During Abatement: $31,047
Total Taxes Abated During Abatement: $20,421
Total Taxes Paid During Abatement: $10,626
* - This schedule is for estimation purposes only and assumes constant tax rates.
The true tax values will ulimately be determined by the actual
assessed valuation and the then current tax rates.
Filed in Clerk's Office
LORB'tU J. Ot➢09,
WY CLEM B0. BLEND,. IN
TTV
Assessed
Gross
Less
Net
Percent
Tax
Tax
Year
TTV%
(Year 1 -5)
Value
Tax
SRTC
Tax
Abated
Abated
Paid
1
40%
$120,000
$40,000
$7,546
$1,144
$6,402
100%
$6,402
$0
2
56%
168,000
56,000
10,564
1,602
8,962
80%
7,170
1,792
3
42%
126,000
42,000
7,923
1,201
6,722
60%
4,033
2,689
4
32%
96,000
32,000
6,036
915
5,121
40%
2,048
3,072
5
24%
72,000
24,000
4,527
686
3,841
20%
768
3,072
$36,596
$5,549
$31,047
$20,421
$10,626
Total Taxes Due During Abatement: $31,047
Total Taxes Abated During Abatement: $20,421
Total Taxes Paid During Abatement: $10,626
* - This schedule is for estimation purposes only and assumes constant tax rates.
The true tax values will ulimately be determined by the actual
assessed valuation and the then current tax rates.
Filed in Clerk's Office
LORB'tU J. Ot➢09,
WY CLEM B0. BLEND,. IN