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HomeMy WebLinkAboutDesignating Tax Abatement - Nimet industries, Inc. 2424 N. Foundation Dr. (5 Year Personal Property)Attest: RESOLUTION NO. 1936 -92 Passed by the Common Council of the City of South Bend, Indiana, April 28, 92 19 Clerk Attest: Gtr President of Common Council. Presented by me to the Mayor of the City of South Bend, April 29, 92 9 Approved and signed by me_ _.April 30 _ 19 92 . Clerk Mayor RESOLUTION NO. lQ 36 -qa A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS 2424 NORTH FOUNDATION DRIVE SOUTH BEND, INDIANA AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF PERSONAL PROPERTY TAX ABATEMENT FOR NIMET INDUSTRIES, 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 2424 North Foundation Drive, South Bend, Indiana, and which is more particularly described as follows: A parcel of land in part of the South Half of Section 28, Township 38 North, Range 2 East, German Township, St. Joseph County, Indiana, described as follows: Commencing at the southeast corner of said Section; thence North 90 degrees 00 minutes 00 seconds West 2642.71 feet to the southeast corner of the Southwest Quarter of said Section; thence South 89 degrees 57 minutes 33 seconds West 171.27 feet; thence North 0 degrees 00 minutes 47 seconds East 528.56 feet; thence South 89 degrees 59 minutes 13 seconds East 40 feet to the point of beginning of this description: thence North 0 degrees 00 minutes 47 seconds East 375.00 feet; thence South 89 degrees 59 minutes 13 seconds East 450.00 feet; thence South 0 degrees 00 minutes 47 seconds West 375.00 feet; thence North 89 degrees 59 minutes 13 seconds West 450.00 feet to the point of beginning and containing 3.874 acres, more or less. The bearing of the South line of the Southeast Quarter of Section 28 is assumed North 90 degrees 00 minutes 00 seconds West. and this property has Key Number 25 -1010- 040015, 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 se ., 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: (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 H. 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. -2- X&VM '-<1-,2J - 9 a NOT APPROVEQ O ADOPTED Member of the Common Council 126 signed only'to provide an opportunity for p:bJJ.ic. isr.ii sion _and Council action on tho iasae.: Filed in Clerk's Office MAR 51,.,? 0gEN GAMMON CRY CLER SO. BEND, IN.