HomeMy WebLinkAboutDesignating Tax Abatement - Eaton Corporation 2930 Foundation Dr. (5 Year Personal Property)RESOLUTION
NO. 1975 -92
Passed by the Common Council of the City of South Bend, Indiana,
Attest:_
October
12, 992
1.
Clerk
Attest: President of Common Council.
Presented by me to the Mayor of the City of South Bend,
October
13,
92
19
Approved and signed by me _ � 19 1
Clerk
Mayor
RESOLUTION NO.-19 75-- 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
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AN ECONOMIC REVITALIZATION AREA FOR
PURPOSES OF PERSONAL PROPERTY TAX ABATEMENT FOR
EATON CORPORATION
TRANSFER OF 2 FORGE PRESSES
(name of 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 2930 Foundation Drive, South Bend, Indiana, and which is more
particularly described as follows:
See Exhibit A
and this property has Key Number 25 - 1010 - 038101 ,
be designated as an Economic Revitalization Area under the provisions of Indiana
Code 6- 1.1- 12.1 -1 et M., and South Bend Municipal Code Sections 2 -76 et seMc.;
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 s�Mc., and South Bend Municipal Code Sections 2-
76 et �{c., 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 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 11. 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 111. 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 1V. 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 V1. 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 1X. This Resolution shall be in full force and effect from and after its
adoption by the Common Council and approval by the Mayor.
PRESENTELI /,�� -/C�)—
NOT APPRQM
ADOPTED le-
er the Common Council
I signod only to provi(e -,u;
opportunity for p:ibliC ''f sr R:;h10R
and Council action on tho
Filed in Clerk's Office
Sv? 2 1 192