HomeMy WebLinkAboutDesignating Tax Abatement - National Composites, Inc. 2629 Foundation Dr. (5 Year Personal Property)RESOLUTION
NO. 1929 -92
Passed by the Common Council of the City of South Bend, Indiana,
April 13, 92 19
Attest: ____Kz Gty Clerk
Attest
Presented by me to the Mayor of the City of South Bend,lndiana
April 14, 92
9
of Common Council.
City Clerk
Approved and signed by me_ April 14 19 92 .
e �� Mayor
RESOLUTION NO. 1929- ?R
A RESOLUTION OF THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND DESIGNATING CERTAIN
AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS
2629 FOUNDATION DRIVE
SOUTH BEND, INDIANA
AN ECONOMIC REVITALIZATION AREA FOR
PURPOSES OF PERSONAL PROPERTY TAX ABATEMENT FOR
NATIONAL COMPOSITES, 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 2629 FOUNDATION DRIVE, South Bend, Indiana, and which is more
particularly described as follows:
Real estate located in St. Joseph County, State of Indiana, more particularly described as
follows:
A parcel of real property in St. Joseph County, Indiana, being 316.80 feet
North and South by 450.00 feet East and West, being a parcel of real property
which is 211.27 feet West and 1,590.40 feet North of the Southeast comer of
the Southwest Quarter of Section 28, Township 38 and Range 2 East.
and this property has Key Number 25- 1010 - 040012, 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
and South Bend Municipal Code Sections 2 -76 et sec ., 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 L 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 VII. This Resolution shall be in full force and effect from and after its adoption
by the Common Council and approval by the Mayor.
>rEO A4 - i 3-9/)-,
NOT APPROVED
2
Member of the Common Council
0 signed only to proviae an
opportunity for public
sAd Council action on the
Office
JAN 3 1 (gg2