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HomeMy WebLinkAboutDesignating Tax Abatement - MAS Technology Corp. Expansion Project 110 S. Hill St. (6 Year Real Property)Attest: RESOLUTION NO. 1981 -92 Passed by the Common Council of the City of South Bend, Indiana October 26, 19 92 Clerk Attest:— L/r-c °—tom President of Common Council. Presented by me to the Mayor of the City of South Bend, Indiana October 28, 92 19 Approved and signed by me ____ 19 City Clerk Mayor RESOLUTION NO. /9,? /- 9 a A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 110 SOUTH HILL STREET AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A 6 YEAR REAL PROPERTY TAX ABATEMENT FOR MAS Technology Corporation Expansion Project WHEREAS, a petition for real property tax abatement has been filed with the City Clerk for consideration by the Common Council of the City of South Bend, Indiana requesting that the area commonly known as 110 South Hill Street and 4 adjacent lots in South Bend, Indiana, and which is more particularly described as follows: Key Number Legal Description 18-50110307 W 1/2 Lot 171 Cottrells 1st to Lowell 18- 50110308 40 ft End 821/2 ft E End Lot 171 Cottrells 1 st to Lowell 18- 50110309 42 1/2 ft E End Lot 171 Cottrells 1st to Lowell 18-50110310 Lot 172 Cottrells 1 st to Lowell 18- 50110321 49 1/2 ft West End Lots 177 & 178 EX South 12 ft Cotrelis 1 st Addition to Lowell 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. 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 se q., and qualifies under the relevant provisions of South Bend Municipal Code Section 2 -76 et seq.. for tax abatement. SECTION II. 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 value of the redevelopment or rehabilitation is reasonable for projects of this nature; C. That the estimate of the number of individuals who will be employed or whose employment will be retained by the Petitioner can reasonably be 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 of 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 III. The common Council hereby determines and finds that the proposed described redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the Statement of Benefits set forth as Section I through 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. Pursuant to Section 2 -84 of the Municipal Code of the City of South Bend, the common Council hereby accepts the recommendations of the Council's Human Resources and Economic Development Committee represented in this Resolution. The Common Council hereby makes the following specific findings which support its conclusion that the the Petitioner, Charles N. Spiher, qualifies for a six (6) year abatement: (1) Petitioners's tenant, MAS Technology Corporation ( "MAS ") is engaged in laboratory analyses and testing of public drinking water and other substances, which generates revenue substantially from outside the immediate South Bend area, (including other states),into the South Bend economy, and such revenue generation will have a positive impact on the local economy. (2) The nature and location of MAS' business creates traffic flow into the East Bank Development area, and will generate increased visibility and patronage of this area as an Economic Development Target Area and Neighborhood Revitalization Area. (3) MAS employs a relatively young, (avg. age 32 years) educated work force, which will continue to expand with this project to number approximately 58, an increase of 20 over its present employment level. The expansion equates to an increased payroll of over $475,000 annually. (4) MAS has made an investment of over $500,000 in equipment, office furnishings and instruments, and in conjunction with the expansion will invest another estimated $750,000 to $1,000,000 in these types of assets. Personal property taxes have been and will continue to be paid on these assets. (5) Increased cost of construction, limited available parking for customers and employees, zoning requirements and property taxes, have added to the cost of doing business, strained the company's financial resources, and has caused MAS to consider relocating outside the South Bend area. MAS has proceeded to continue with its expansion project and remain in its location at 110 S. Hill Street in South Bend. SECTION V. The designation as an Economic Revitalization Area shall be limited to six (6) 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 6 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 of the proposed confirming of 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. AESENTE15 is - a d- 9a NOT APPROVED ADOPTED /D ` cZ.Ip— J � �7Member of the Common Council Filed in Clerk's Office OCT 26i92.