Loading...
HomeMy WebLinkAboutDesignating Tax Abatement - Lock Joint Tube Inc. 1400 Riverside Dr. (5 Year Personal Property)RESOLUTION NO. 2201 -94 Passed by the Common Council of the City of South Bend, Indiana, Attest December 19, io 94\ Clerk Presented by me to the Mayor of the City of South Bend, Indiana December Approved and signed by me 20, 94 9 of Common Council. /a -a/ 199T City Clerk Mayor RESOLUTION NO.O�" 9y A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS 1400 RIVERSIDE DRIVE, SOUTH BEND, INDIANA, TO BE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF PERSONAL PROPERTY TAX ABATEMENT FOR LOCK JOINT TUBE INC. EQUIPMENT MODERNIZATION 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 1400 Riverside Drive, South Bend, Indiana, and which is more particularly described as follows: Beginning at the Southeast corner of the Southwest 1/4 of said Section 35; thence South 89 49'52" West (bearing assumed) along the South line of said Section, 308.97 feet; thence North 89 55'00" West, 116.24 feet; thence North 00 00'27" West, 12.00 feet to the North line of a 12 foot alley; thence North 89 55'00" West along said North line of alley, 236.61 feet to a point 120.00 feet South 89 55'00" East of the East line of Kessler Boulevard, 128.00 feet to a point on the South line of King Street, 180.00 feet South 89 55'18" East of the Northeast corner of Lot 10 as shown on the Second Plat of Northwest Addition to the city of South Bend recorded April 6, 1906 in Plat Book 0, pages 30 and 31; thence South 89 55'18" East along the South line of King Street, 352.84 feet; thence North 00 00'27" West, 194.85 feet to a point on the centerline of the East and West 14 foot alley between King Street and McCartney Street produced East; thence North 00 06'09" East, 128.81 feet; thence North 89 46'49" East 287.05 feet to the Westerly line of Riverside Drive; thence South 16 37'15" West along a chord subtending said Westerly line of Riverside Drive, 455.43 feet to the South line of Said Section 35; thence North 90 00'00" West along said South line, 156.71 feet to the point of beginning. Commencing at the Southeast corner of the 1/4 of said Section 35; thence North 00 00'30" West (bearing assumed) along the East line of said Southwest 1/4 a distance of 463.14 feet to the Point of Beginning for the following described tract; thence continuing North 00 00'30" West along said East line 336.00 feet to the South line of Queen Street; thence South 89 56'09" West along said South line of Queen Street 176.60 feet; thence North 00 02'36" East 195.00 feet to the centerline of the East and West 14 foot alley between Kinyon Street and Queen Street; thence South 89 56'09" West along said centerline of alley, 131.27 feet; thence South 00 06'09" West along the East line of Lot 145 in the Third Plat of Northwest Addition recorded March 7, 1907 in Plat Book 9, page 60 in the Office of the St. Joseph County Recorder and its Northerly and Southerly extensions, 195.00 feet to the south line of Queen Street; thence South 89 56'09" West along said South line of Queen Street, 12.93 feet to the East line of Allen Street; thence South 00 05'51" West along said east line of Allen Street, 329.87 feet to the South line of McCartney Street; thence South 89 58'27" East along said South line of McCartney Street, 12.91 feet; thence South 00 06'09" West 6.11 feet; thence North 89 56'09" East 308.71 feet to the Point of Beginning. and this property has Key Numbers 18- 2110 -4067 and 18- 2110 -4065, 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 Sections 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 Sections 2 -76 et seMt., 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, as follows: SECTION 1. 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 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 abatement and hereby make 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 -31, 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. of the PRESENTM, NOT APPROVED ADOPTED 12,19 -9 Y FDEC - 5 1994 CITY CLERK, Su. 8-0.1% IN.