HomeMy WebLinkAboutConfirming Tax Abatement - Lock Joint Tube, Inc./Keycorp Capital Leasing/Steel Warehouse Co. Inc. 1215 S. Walnut St. (5 Year Personal Property)Attest
RESOLUTION
NO. 2797 -99
Passed by the Common Council of the City of South Bend, Indiana
October 11, 10 99
Attest
Presented by me to the Mayor of the City of South Bend, Indiana
October 11, 19 99 .
Clerk
of Common Council.
City Clark
Approved and signed by me Ortn},cr _],._y/ _ I9—Q --
Mayor
RESOLUTION NO. 219 1
A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY
RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF
SOUTH BEND, INDIANA, COMMONLY KNOWN AS
1215 SOUTH WALNUT STREET, SOUTH BEND, INDIANA,
TO BE AN ECONOMIC
REVITALIZATION AREA FOR PURPOSES OF A FIVE (5) YEAR
PERSONAL PROPERTY TAX ABATEMENT FOR
LOCK JOINT TUBE, INC./KEYCORP CAPITAL LEASING/
STEEL WAREHOUSE CO. 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 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 °00'49" 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.
with said real estate having Parcel Key No. 18- 8021 - 084504, 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; and
WHEREAS, the Council has received a completed Form SB -1 Statement of Benefits from Lock
Joint Tube, Inc./KeyCorp Capital Leasing/Steel Warehouse Co. Inc. proposing installation of new
manufacturing equipment; and
WHEREAS, upon review ofthe Petitioner's Form SB -1 Statement ofBenefits, the Council finds that
(i) the estimate of the cost of the new manufacturing equipment is reasonable for equipment of the
type described in the Statement of Benefits; (ii) the estimate of the number of individuals who will
be employed or whose employment will be retained can reasonably be expected to result from the
installation of new manufacturing equipment described in the Statement of Benefits; (iii) the
estimate of annual salaries of those individuals who will be employed or whose employment will
be retained can reasonably be expected to result from the proposed installation ofnew manufacturing
equipment; (iv) other benefits about which information was requested are benefits which can
reasonably be expected to result from the proposed installation of new manufacturing equipment;
and (v) the totality of benefits to be derived from the proposed installation of new manufacturing
equipment is sufficient to justify the deduction sought by the applicant.
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 -12.1 et seq.
SECTION III. This Resolution shall be in full force and effect from and after its adoption by the
Common Council and approval by the Mayor.
Member of the Common Council
SBDS02 PX 185728
PRESENTED l 0 -1 \—� I
NOT APPROVED
ADOPTED L04 - q
Isla
Red M Clerk's Office
SEP 2 0 1999