HomeMy WebLinkAboutDesignating Tax Abatement - Lock Joint Tube, Inc./Keycorp Capital Leasing/Steel Warehouse Co. Inc. 1215 S. Walnuut St. (5 Year Personal Property)RESOLUTION
NO. 2791 -99
Passed by the Common Council of the City of South Bend, Indiana
September 27, 19 99
A44 -i Pro<
Presented by me to the Mayor of the City of South Bend, Indiana
September 27, 19 99
Clerk
of Common Council.
Approved and signed by me September 29,
9 99
City Clerk
Mayor
RESOLUTION NO.
A RESOLUTION OF THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND DESIGNATING CERTAIN
AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS
1215 SOUTH WALNUT STREET
SOUTH BEND, INDIANA
AN ECONOMIC REVITALIZATION AREA FOR
PURPOSES OF PERSONAL PROPERTY TAX ABATEMENT FOR
LOCK JOINT TUBE, INC./KEYCORP CAPITAL LEASING/
STEEL WAREHOUSE CO. INC.
WHEREAS, a petition for personal property tax abatement consideration has been filed with the
Common Council of the City of South Bend, requesting that the area commonly known as 1215
South Walnut Street, South Bend, Indiana, and which is more particularly described as follows:
A tract of land in the City of South Bend, County of St. Joseph, and State of Indiana, situated in the
Northwest 1/4 of Section 14, and the Northeast 1/4 of Section 15, Township 37 North, Range 2 East,
bounded by the following described line: Beginning at a point in the West line of Walnut Street,
682.75 feet south of the South line of Sample Street, which point is 31 feet South of the South line
of the Sanders and Egbert Tract, as conveyed by deeds recorded in Deed Record 118, Page 428 and
Deed record 121, Page 320; thence on an assumed bearing of South 0 000'49" East along said West
line of Walnut Street, 556.95 feet; thence South 89 °55'05 "' West, 1200 feet; thence North 0 °00'49"
West parallel with said West line of Walnut Street, 589.19 feet to a point 651.75 feet south of the
south line of Sample Street or the produced South line of the tract conveyed to F. C. Raff, recorded
in Deed Record 172 Page 641; thence South 89 °57'10" East along the South line above described
tract produced East, 295 feet; thence South 0 °00'49" East parallel with the West line of Walnut
Street, 31 feet; thence North 89 °57'16" East, 905 feet to the place of beginning.
and this property has Key Number 18- 8021 - 084504, be designated as an Economic Revitalization
Area under the provisions of Indiana Code Section 6- 1.1- 12.1 -1 et sue., and South Bend Municipal
Code Sections 2 -76 et SeMc .; and
WHEREAS, the Common Council has received a completed Form SB -1 Statement ofBenefits from
Lock Joint Tube, Inc./KeyCorp Capital Leasing/Steel Warehouse Co. Inc. proposing installation of
the new manufacturing equipment; and
WHEREAS, the Department ofEconomic 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 Section 6- 1.1- 12.1 -1, et seq., and South Bend
Municipal Code Sections 2 -76 et seq., 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 Human Resources 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. Upon review of the aforementioned Form SB -1 Statement of Benefits, the Common
Council hereby determines and finds pursuant to Indiana Code Section 6 -1.1- 12.1 -4.5, that:
(a) the estimate of the cost of the new manufacturing equipment is reasonable for
equipment of that type;
(b) the estimate of the number of individuals who 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;
(c) the estimate of the annual salaries of those individuals who will be employed or
whose employment will be retained 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 installation of new manufacturing
equipment; and
(e) the totality of benefits to be derived from the proposed installation of new
manufacturing equipment 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 Section 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 Section 6- 1.1- 12.1 -4.5.
SECTION III. The Common Council hereby accepts the report and recommendation of the
Department of Economic Development, and the Human Resources and Economic Development
Committee's favorable recommendation, that the area herein described be designated as 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.
-2-
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 to be published pursuant to Indiana Code 5 -3 -1 and Indiana Code Section
6 -1.1- 12.1 -2.5, said publication providing notice of the public hearing before the Common Council
on 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.
SBDS02 PX 185727
PRESENTED :�( —Lm 9
NOT APPROVED
ADOPTED
-3-
G.M `.�yLrLL
Member of the Common Council
Filed 12 Clerk's Office
SEP 2,0 1999
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