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HomeMy WebLinkAboutDesignating Tax Abatement - Photochrome, Inc. 511 Lincoln Way West (5 Year Personal Property)Attest RESOLUTION NO. 2554 -98 Passed by the Common Council of the City of South Bend. Indiana, February 9, _ 98 Clerk Attest: ac � President of Common Council. Presented by me to the Mayor of the City of South Bend.lndiana February 10, IQ 98 Approved and signed by me Fahrnarm I In City Clerk Mayor RESOLUTION NO. c255L - _/ D 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 511 LINCOLN WAY WEST AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A FIVE (5) YEAR PERSONAL PROPERTY TAX ABATEMENT FOR PHOTOCHROME, INC. 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 511 Lincoln Way West, South Bend, Indiana, and which is more particularly described as follows: W 141A OF LOT 21 EX 40' N END OF 22 & S 22' OF 23 HENDRICK & GRANTS and which has Key Number 18- 1027 -0893, be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1.1 -12.1 et sea., and South Bend Municipal Code Sections 2 -76 et sea., 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 seMc., 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 sea., 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 the 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 III. 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. PRESENTED � ,9, 9 S NOT APPROVED ADOPTED �2— 9 -9 9 H:\ W P \TAXABATE\ABATES 98 \PHOTO1. BES Member of the Common Council FEB - 3 1 00 8 ? 2 ci Yci. say, IN.