HomeMy WebLinkAboutDesignating Tax Abatement - Exacto Inc. 1137 S. Lafayette Blvd. (5 Year Personal Property)RESOLUTION NO.
A RESOLUTION OF THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND DESIGNATING CERTAIN
AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS
1137 S. LAFAYETTE BLVD.
AN ECONOMIC REVITALIZATION AREA FOR
PURPOSES OF PERSONAL PROPERTY TAX ABATEMENT FOR
EXACTO, INC. OF SOUTH BEND
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 1137 S. Lafayette Blvd., South Bend, Indiana, and which is
more particularly described as follows:
Beginning at the SW corner of Lot 7, Stull's
Second Edition; Thence, N along the E right -of -way
of an alley a distance of 336.06 feet + or - to a
point; said point being the NW corner of the S 1/2
of Lot 64, South Bend City Edition; Thence, E
along the northern boundary of said 1/2 of Lot 64
which is on the western right -of -way of Lafayette
Blvd.; Thence, S a distance of 275 feet + or - to
the SE corner of Lot 6, Stull's Second Edition;
Thence W a distance of 125 feet to a point;
thence, S 66 feet to a point; Thence, W 40 feet to
a point of beginning. All being within the City
of South Bend, County of St. Joseph, State of
Indiana.
and this property has Key Numbers 18 8006 0288, 18 8002 0115,
18 8006 0282, 18 8006 028201, 18 8006 0285, 18 8006 028501,
18 8002 0116, be designated as an Economic Revitalization
Area under the provisions of Indiana Code 6 -1.1- 12.1 -1
et seo., and South Bend Municipal Code Section 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 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
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 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 IX. This Resolution shall be in full force and
effect from and after its adoption by the Common Council and
approval by the Mayor.
Mem�d� th�om�a�n Council
7 918nod only to provide an
opportu:ilty for public; d5cus3lor
W couuall aotiou on the issue.
Filed in Clerk's Offices
PRESENTED 3 -9.3
JUL 2 i i :;:
NOT APPROVE$
A IRENE GAMMON
ADOPTED
8 3 _Q3 CITY CLERK, SD. BEND,