HomeMy WebLinkAboutDesignating Tax Abatement - O-T-D Corporation 3722 Foundation Ct. (5 Year Personal Property)RESOLUTION
NO. 2614 -98
Passed by the Common Council of the City of South Bend, Indiana
April 27, 1998
1
Attest: ozz � (f- C..c�1/✓
Clerk
President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
April
al
Approved and signed by me April 29, 19 98
Clerk
Mayor
RESOLUTION NO. Z —99
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
3722 Foundation Court
South Bend, Indiana 46628
AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A
FIVE (5) YEAR PERSONAL PROPERTY TAX ABATEMENT FOR
O -T -D Corporation
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 3722 Foundation Court, South Bend, Indiana, and which is more particularly described
as follows:
LOT NUMBERED TWO (2) AS SHOWN ON THE RECORDED PLAT OF METRO - ALEDO
MINOR SUBDIVISION, RECORDED OCTOBER 31, 1994 IN THE OFFICE OF THE RECORDER OF ST,
JOSEPH COUNTY, INDIANA, AS INSTRUMENT NO. 9440809, SITUATED IN ST. JOSEPH COUNTY,
STATE OF INDIANA.
and which has Key Number 25 -1010- 040018, be designated as an Economic Revitalization Area under the
provisions of Indiana Code 6 -1.1 -12.1 et se ., and South Bend Municipal Code Sections 2 -76 et se g., 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 se ., 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 -4.5 et
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 tile 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 I 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 I1I. 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.
2e-�
Member of the Common Council
PRESENTED i _ J o -q y
NOT. APPROVED 111 D
ADOPTED q- Z� -fig