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HomeMy WebLinkAboutDesignating Tax Abatement - Boliden Metech Inc. 445 N. Sheridan Ave. (5 Year Personal Property)RESOLUTION NO. 2041 -93 Passed by the Common Council of the City of South Bend, Indiana Attest: April 26, 93 19 Clerk of Common Council. Presented by me to the Mayor of the City of South Band. Indiana April 27, 93 J City Clerk Approved and signed by me April 27 19 93 Mayor RESOLUTION NO. o2,, ,W4-9 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS 445 NORTH SHERIDAN AVENUE SOUTH BEND, INDIANA AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A FIVE (5) YEAR PERSONAL PROPERTY TAX ABATEMENT FOR BOLIDEN METECH, 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 445 North Sheridan Avenue, South Bend, Indiana, and which is more particularly described as follows: A tract of land in the Southwest 1/4 of Section 4, Township 37 North, Range 2 East located in Portage Township, City of South Bend, St. Joseph County, Indiana, described as follows: Beginning at a point on the West line of Sheridan Avenue (80 foot right -of- way) 420.19 feet North (assumed bearing) of the North line of Linden Avenue (80 foot right -of -way) which point is also 207 feet West and 460.19 feet North of the Southeast corner of said Southwest 1/4 of Section 4; thence Northerly along said West line of Sheridan Avenue 673.22 feet to the Southerly right -of- way line of the Consolidated Rail Corporation (formerly the New York Central Railroad); then North 79 °18'30" West along said Southerly right -of- way line of the Consolidated Rail Corporation 429.83 feet; then south 00 008'15" West 749.04 feet to a point 418.30 feet North 00 003'15" East of the North line of Linden Avenue; thence East perpendicular to the West line of Sheridan Avenue 370.56 feet to the point of beginning, containing 6.268 acres, more or less. and which has Key No. 182193725701. be designated as an Economic Revitalization Area under the provisions of Indiana Code 6- 1.1- 12.1 -1 et sec ., and South Bend Municipal Code Sections 2 -76 et sec .; 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 mq., 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 fords 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; (Rmixd W26196) 1 (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 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 NOT APPROVED ADOPTED EJS01881 -91-- 2 G - 99 (Rwiwd 11/26/90) 2 Member of the Common Council � si,rtad or,l.p t;o 's:r-o�ide an opPortur,i� ,' - Publla <9ts�nlssioa and Council ecl;ion on the issu ©. Filed in Clerk's Office APR IRENE GAMON CITY CLERK, SO. BEND, IN.