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HomeMy WebLinkAboutDesignating Tax Abatement - Interplastic Corp Molding Products Division 1545 S. Olive (10 Year Real Property)Attest: RESOLUTION NO. 2293 -95 Passed by the Common Council of the City of South Bend, Indiana October 23 Clerk Attest: President of Common Council. Presented by me to the Mayor of the City of South Bend, Indiana e Approved and signed by me 19 9� Clerk '- Mayor RESOLUTION NO. �, J - 6 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 TEN -YEAR REAL PROPERTY TAX ABATEMENT FOR Interplastic Corporation Molding Products Division 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, 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- 8075- 285101, 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 1 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 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 that the Petition for Real Property Tax Abatement and the Statement of Benefits form completed by the Petitioner meet the requirements of Indiana Code §6 -1.1- 12.1 -1 et seq., and qualifies under the relevant provisions of South Bend Municipal Code §§ 2 -76 et seq., for tax abatement. SECTION H. The Common Council hereby determines and finds the following: A. That the description of the proposed redevelopment or rehabilitation meets the applicable standards for such development; B. That the estimate of the cost of the redevelopment or rehabilitation is reasonable for projects of this nature; C. That 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 described redevelopment or rehabilitation; D. That the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed redevelopment or rehabilitation; E. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation; and F. That the totality of benefits is sufficient to justify the requested deduction, all of which satisfy the requirements of Indiana Code § 6- 1.1- 12.1 -3.. SECTION HI. The Common Council hereby determines and finds that the proposed described redevelopment or rehabilitation can be reasonably expected to yield the benefits identified in the Statement of Benefits as set forth in §§ I - II of the Petition for Real Property Tax Abatement Consideration and that the Statement of Benefits form prescribed by the State Board of Accounts are sufficient to justify the deduction granted under Indiana Code § 6 -1.1- 12.1 -3. SECTION IV. The Common Council hereby accepts the report and recommendation of the Human Resources and Economic Development Committee that the area herein described be designated an Economic Revitalization Area and hereby adopts a Resolution designating this area an Economic Revitalization Area for purposes of personal property tax abatement. 2 SECTION V. The designation as an Economic Revitalization Area shall be limited to two (2) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION VI. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of ten (10) years. SECTION VII. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana Code § 5- 3-1 and Indiana Code § 6 -1.1- 12.1 -2.5, said publication providing notice of the public hearing before the Common Council on said declaration. SECTION VIII. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. PRESENTED NOT APPROVED ADOPTED /0 -23 -96 Member of the Common Conn!