HomeMy WebLinkAboutConfirming Tax Abatement - Cobra Development LLC for the Benefit of: Michiana Midget Motors Inc. 3735 William Richardson Dr. (3 Year Real Property)Attest
RESOLUTION
NO. 2804 -99
Passed by the Common Council of the City of South Bend, Indiana
October 25, ,A 99
Presented by me to the Mayor of the City of South Bend, Indiana
October 26, ,9 99
Clerk
of Common Council.
City Clerk
Approved and signed by mew O tobPr9h _ 19 -22_•
Mayor
RESOLUTION NO.
A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY
RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF
SOUTH BEND, INDIANA, COMMONLY KNOWN AS
3735 WILLIAM RICHARDSON DRIVE
TO BE AN ECONOMIC REVITALIZATION AREA FOR
PURPOSES OF A THREE (3) YEAR REAL
PROPERTY TAX ABATEMENT FOR
COBRA DEVELOPMENT, LLC FOR THE BENEFIT OF:
MICHIANA MIDGET MOTORS, INC.
WHEREAS, the Common Council of the City of South Bend, Indiana, has adopted a
Declaratory Resolution, Resolution Number 2590 -98 adopted on March 23, 1998, 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 3735
William Richardson Drive, South Bend, Indiana, and which is more particularly described as
follows:
Lot Numbered Eight A (8A) as shown on the recorded Plat of Toll Road Industrial
Park Second Minor Subdivision, recorded December 1, 1991 as Document 9540654
in the Office of the Recorder of St. Joseph County, Indiana
and which has Key Number 25- 1013- 021112, 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 Real 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 pursuant to Section 2 -84 of the South Bend Municipal
Code finds that three (3) years is a proper designation in light of the following:
1. Michiana Midget Motors needs the reduced taxes in order to ease the financial burdon
associated with moving the company and allow the company to remain competitive in an
industry with increasing foreign competition;
2. The abatement will provide the additional cash flow necessary to develop new products
and to purchase the necessary tooling to have these products made;
3. The abatement will help support the pursuit of expanded domestic sales and increased
foreign sales.
The Common Council hereby determines that the property owner is qualified for and is granted
property tax deduction for a period of three (3) years.
SECTION III. The Common Council hereby determines that the property owner is qualified for
and is granted Real property tax deduction for a period of THREE (3) 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 IV. This Resolution shall be in full force and effect from and after its adoption by the
Common Council and approved by the Mayor.
PRESENTED 10'ZS�y 1
NOT APPROVED - ``
ADOPTED O-'L S ^� 0. G. S T-f�
Member of the Common Council
Filed in Clerk's Office
E r TpS 1999
LORETTA r, DUDA
CITY CLERK, So. BEND. IN.