HomeMy WebLinkAboutDesignating Tax Abatement - Interplastic Corp Molding Products Division 1545 S. Olive (5 Year Real Property)RESOLUTION
NO. 2292 -95
Passed by the Common Council of the City of South Bend, Indiana
Attest
October 23, 95
io
Presented by me to the Mayor of the City of South Bend,
October 24, 95
ma
Clerk
of Common Council.
City Clerk
Approved and signed by mo nA0 ICC4& a'5— 19! J_.
Mayor
RESOLUTION NO.
A DECLARATORY RESOLUTION OF THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND DESIGNATING CERTAIN
AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS
1545 South Olive
South Bend, Indiana
AN ECONOMIC REVITALIZATION AREA FOR
PURPOSES OF A FIVE -YEAR PERSONAL PROPERTY TAX ABATEMENT FOR
Interplastic Corporation
Molding Products Division
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
1545 South Olive, South Bend, Indiana, and which is more particularly described as follows:
A part of the Southeast Quarter of the Northwest Quarter and a part of
the Northeast Quarter of the Southwest Quarter all in Section 15,
Township 37 North, Range 2 East, City of South Bend, St. Joseph
County, Indiana more particularly described as follows: Commencing
at the center of said Section 15, thence South along the North -South
centerline of said Section 15, 85.69 feet; thence South 89 °52'00"
West, 30.00 feet to the West line of Olive Street, said point being the
true place of beginning; thence continuing South 89 °52'00" West,
370.00 feet; thence North 00 °00'00" East, 77.56 feet to a point which
is 25 feet Southeasterly, by radial measurement from the centerline of
the New Jersey, Indiana & Illinois Railroad Company's "Studebaker
Spur" and known also as ICC Tract No. 77; thence Northeasterly on a
curve to the left having a radius of 844.02 feet and parallel to and
25 feet Southeasterly by radial measurement from the centerline of said
track, through a central angle of 17 °21'00 ", a chord distance of 254.61
feet which bears North 64 °20'57" East, an arc distance of 255.58 feet
to the point of said curve; thence North 56 °45'48" East, parallel and
25 feet South of the centerline of said ICC Track No. 77, 41.66 feet;
thence North 89 °52'00" East, 105.64 feet to a point on the West line of
Olive Street; thence South 00 °00'00" West along said West line,
210.00 feet to the place of beginning.
and this property has Key Number 18 -552- 46644, be designated as an Economic Revitalization Area
under the provisions of Indiana Code § 6 -1.1- 12.1 -1 et seq., and South Bend Municipal Code §§ 2 -76
et seq.; and
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 area
qualifies as an Economic Revitalization Area under Indiana Code § 6 -1.1- 12.1 -1, et seq., and
South Bend Municipal Code §§ 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
1
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 the 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 §§ 1 -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 HI. 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 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 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 � 5
NOT APPROVED
ADOPTED 14-23—
F OCT 13 1995 �
L,--Member of the Common Council