HomeMy WebLinkAboutDesignating Tax Abatement - STI-K Polymers America, Inc. 700 W. Chippewa (5 Year Personal Property)RESOLUTION
NO. 2254 -95
Passed by the Common Council of the City of South Bend, Indiana
June 12, Iq 95
Attest: `C k —" "" City Clerk
Attest
Presented by me to the Mayor of the City of South Bend, Indiana
June 13, 95
19
of Common Council.
City Clerk
Approved and signed by me Iq•
Mayor
RESOLUTION NO. rM � l�
A RESOLUTION OF THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND DESIGNATING CERTAIN
AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS
700 W. CHIPPEWA
AN ECONOMIC REVITALIZATION AREA FOR
PURPOSES OF PERSONAL PROPERTY TAX ABATEMENT FOR
STI -K POLYMERS AMERICA, INC.
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 700 W.
Chippewa, South Bend, Indiana, and which is more particularly described as follows:
SE PT NW NE SO &EOFRR
EX 1.59 AC OFF NW OF NE
4.91 AC SEC 26 37 2E
and this property has Key Number 23 1013 0755, be designated as an Economic Revitalization
Area under the provisions of Indiana Code 6-1.1- 12.1 -1 et sea., and South Bend Municipal Code
Sections 2 -76 etseg.; 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 sec., and South Bend
Municipal Code Sections 2 -76 et sec., 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;
(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 Ill. 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 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. �0 / \
PRESENTED
NOT APPRO /VED
ADOPTED (o -
Common Council
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