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HomeMy WebLinkAboutDesignating Tax Abatement - Masterbilt, Inc. 325 S. Walnut (5 Year Personal Property)Attest RESOLUTION NO. 2337 -96 Passed by the Common Council of the City of South Bend, Indiana, February 12, 19 96 Clerk Attest��z President of Common Council. Presented by me to the Mayor of the City of South Bend, Indiana February 13, Jq -96 . City Clerk Approved and signed by me / 19 -. Mayor RESOLUTION NO. O� / / 10 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS 325 S Walnut AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF PERSONAL PROPERTY TAX ABATEMENT FOR Masterbilt, Inc. WHEREAS, a petition for personal property tax abatement consideration has been filed with the Common Council of the City of South Bend, Indiana, requesting that the area commonly known as 325 S. Walnut South Bend, Indiana, and which is more particularly described as follows: (Legal Description) Lot 4l EX SW PT NE COR LOT 42 KNOBLOCKS SUB BOL 84 N OF RR and this property has Key Number 18 3076 3060 be designated as an Economic Revitalizatoin Area under the provisons of Indiana Code 6 -1.1- 12.1 -1 et esMc ., and South Bend Municipal Code Sections 2- 76 et seq., and hasfurther 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 estimateof the cost of the new manufacturing equipment is reasonable for equipment of that type; (b) the estimate of the numberof 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. (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 Committtee's favorable recommendation, that the area herein described as Ecoomic 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 the 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 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. LA Member of a Common Council PRESENTED .2 -/,2 -9(0 NOT APPROVED ADOPTED -/ 2 -91 FEW in JAN *4 0 1996 WYCLEMIC,30.8EK IN.