HomeMy WebLinkAboutDesignating Tax Abatement - Ricasso Inc. 2603 Foundation Dr. (5 Year Personal Property)RESOLUTION
NO. 1953 -92
Passed by the Common Council of the City of South Bend, Indiana,
June 8, 19 92
Attest: _ ! /-�✓
Clerk
President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
June 9,
Approved and signed by me
92
19
June 10
1992
Clerk
Mayor
RESOLUTION NO. /933- Sa
A RESOLUTION OF THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND DESIGNATING CERTAIN
AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS
2603 FOUNDATION DRIVE, AIRPORT INDUSTRIAL PARK
SOUTH BEND, INDIANA
AN ECONOMIC REVITALIZATION AREA FOR
PURPOSES OF PERSONAL PROPERTY TAX ABATEMENT FOR
RICASSO, 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 2603 Foundation Drive, Airport Industrial Park, South Bend, Indiana, and which
is more particularly described as follows:
A tract of land in Section 28, Township 38 North, Range 2 East, German
Township, St. Joseph County, Indiana, described as:
Beginning at the Southeast corner of said Section 28, thence North 89 degrees
59'57" West on and along the South line of said Section 28, said line also
being the centerline of Lathrop Street, a distance of 1982.03 feet; thence
North 90 degrees 00'00" West on and along said South line a distance of
660.68 feet; thence South 89 degrees 59'3" West on and along said South line
a distance of 661.27 feet; thence North 0 degrees 00'18" East a distance of
40.00 feet to the North line of Lathrop Street and the Southwest corner of
Block 3 of Airport Industrial Park, Phase III; thence North 0 degrees 00'18"
East on and along the West line of said Block 3 a distance of 1260.19 feet to
the true place of beginning; thence continuing North 0 degrees 00'18" East on
and along said West line a distance of 290.40 feet; thence South 89 degrees
59'42" East a distance of 450.00 feet to the West line of Foundation Drive;
thence South 0 degrees 00'18" West on and along the West line of Foundation
Drive a distance of 290.40 feet to the centerline of Foundation Court
extended; thence North 89 degrees 59'42" West a distance of 450.00 feet to
the true point of beginning, such tract containing 3.00 acres, more or less, and
being Lot 3 -5 of the Airport Industrial Park, Phase III.
and this property has Key Number 25- 1010040002, 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 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:
-1-
(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 VII. This Resolution shall be in full force and effect from and after its adoption
by the Common Council and approval by the Mayor.
Member of the Common Council
I 819ned only to provide an
opportunity for public c'.is�-, ;;ic.
and COUnoll action on the is&uo.
EJS01005
-2- Filed in Clerk's Office
MAY 8 ?
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