HomeMy WebLinkAboutDesignating Tax Abatement - Toro South Bend Manufacturing 515 W. Ireland Rd. (10 Year Real Property)RESOLUTION
NO. 1938 -92
Passed by the Common Council of the City of South Bend, Indiana,
28, 92 19
4'., City Clerk
Attest: �(�- President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
April
Approved and signed by me
29, 92
19
April 30 19 92
City Clerk
Mayor
SUBSTITUTE BILL NO. 92 -26
RESOLUTION NO. I R 3% -Q 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 TORO SOUTH BEND MFG., 515 W. IRELAND ROAD
SOUTH BEND, IN 46614
AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A
TEN YEAR REAL PROPERTY TAX ABATEMENT FOR
Toro South Bend Manufacturing
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 515 W. Ireland Rd., South Bend, Indiana, and which is
more particularly described as follows:
SE 1/4, NE 1/4 except SE and NE Corners, Section 26- 37 -2E, 26,592 Acres.
and which has Key number 23 -1013 -0758. be designated as an Economic Revitalization
Areas 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 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 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 seq., and qualifies under the
relevant provisions of South Bend Municipal Code Sections 2 -76 et seq., for tax
abatement.
SECTION 11. 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 Sections 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.
Toro South Bend Manufacturing
Ten Year Real Property Tax Abatement
Page 2
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 Substitute
Resolution. The Common Council hereby makes the following specific findings which
support its conclusion that the Petitioner, Toro South Bend Manufacturing, qualifies for a
ten (10) year abatement and that the area described herein should be declared an economic
revitalization area:
(1) The Petitioner has met the economic obsolescence factor requirements for
land and building due to previously declining production, as evidenced by the written
report of the St. Joseph County Assessor.
(2) The Petitioner was under study for a plant closing due to declining
production since 1989. The Petitioner committed to keep the South Bend facility open, to
reinvest in this location, their employees agreed to have their wages frozen for two (2)
years, and that the Mississippi plant would be closed instead.
(3) The Petitioners 221, 355 square foot facility and 1,000 square foot addition
will create thirty -one (31) new permanent full -time jobs with an annual payroll of
$425,197, plus maintain two hundred and seventy -five (275) existing permanent full -time
jobs with an annual payroll of $4,723,127.
(4) The Petitioner plans to produce Lawn Boy, Toro, and Ford lawn and
garden equipment, and plans to utilize local inventory sources then export to other states; all
of which will have a positive impact on the economy.
SECTION V The Common Council hereby accepts the report and recommendation of the
Human Resources and Economic Development Committee that the area herein described be
designated an Economic Revitalization Area and hereby adopts a Resolution designating
this area as an Economic Revitalization Area for purposes of real property tax abatement.
SECTION VI. The designation as an Economic Revitalization Area shall be limited to two
(2) calendar years from the date of the adoption of the Resolution by the Common Council.
SECTION VII. The Common Council hereby determines that the property owner is
qualified for and is granted property tax deduction for a period of Ten (10) years.
SECTION VIII. 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 on the proposed
confirming of said declaration.
SECTION IX. 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 Ood=on Council
►RESMTED
NOT APPRQYM
ADOPTED � Y':, 0 P - 9