HomeMy WebLinkAboutDesignating Tax Abatement - Lock Joint Tube Inc. Large Diameter Tube Mill Project 1215 S. Walnut St. (5 Year Personal Property)RESOLUTION
NO. 2322 -95
Passed by the Common Council of the City of South Bend, Indiana,
December 18,19 ;95
Attest: 4 � /t- City Clerk
President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
December 19, 95
19
City Clerk
Approved and signed by me t�)a c! EAA,6'a— a0 19 'FS'
Mayor
RESOLUTION NO. c 22X -95
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 46619
AN ECONOMIC REVITALIZATION AREA FOR
PURPOSES OF PERSONAL PROPERTY TAX ABATEMENT FOR
LOCK JOINT TUBE INC. LARGE DIAMETER TUBE MILL PROJECT
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 46619 and which
is more particularly described as follows:
Pt. NW 1/4 Sec 14 & NE 1/4 Sec 15 -37 -2E Beg 932.75' South of
SW Corner of Sample and Walnut
and this property has Key Number 18- 8021 - 0845.04, be designated as an Economic
Revitalization Area under the provisions of Indiana Code 6- 1.1- 12.1 -1 et SeMc ., and
South Bend Municipal Code Sections 2 -76 et seq.,
WHEREAS, the Department of Economic Development has concluded an investigation
and prepared a report with information sufficient for the Common Council to
determine that the areas qualifies as an Economic Revitalization Area under Indiana
Code 6 -1.1- 12.1 -1, et SeMc ., 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. The Common Council hereby determines and finds pursuant to Indiana
Code 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 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;
(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 equipment.
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(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 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 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
abetment 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 to be published pursuant to Indiana Code 5 -3 -1,
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.
PRESENTED /2-/9-9S
NOT APPROVED
ADOPTED IZ_ / Z-- 9 S
2
Common Council
Filed inClerk% ofic =-6
IRENEGliL MOM
CINCLEAK,50.800,1K