HomeMy WebLinkAboutDesignating Tax Abatement - Triangle Machine Inc. 3702 W. Sample St. Suite 1125 (5 Year Personal Property)Attest
RESOLUTION
NO. 2572 -98
Passed by the Common Council of the City of South Bend, Indiana,
March
1
I
Clerk
Attest:
Presented by me to the Mayor of the City of South Bend,
March
13, –19-2-8.
of Common Council.
Approved and signed by me
March 16,
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, INDIANA, COMMONLY KNOWN AS
3702 W. Sample Street Suite 1125
AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A
FIVE (5) YEAR PERSONAL PROPERTY TAX ABATEMENT FOR
Triangle Machine, 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 3702 W.
Sample Street, Suite 1125, South Bend, Indiana, and which is more particularly
described as follows:
Parcel of land, North West of North East Section 1637 2E. Containing
5.4021 2E acre or less
and which has Key Number 188112421507, be designated as an Economic
Revitalization Area under the provisions of Indiana Code 6 -1.1 -12.1 et seg., and
South Bend Municipal Code Sections 2 -76 et seg., 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 sec., and South Bend Municipal Code
Sections 2 -76, et seg., 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 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 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.
sp-�Ov� 2-0�-
Member of the Common Council
Filed in Clerk's Office
MAR - 3 1998
LORMAJ. oWA
CRYCLERK, SO. BEND, VL
PRESENTED
2
NOT APPROVED
ADOPTED3 - /) -9t