HomeMy WebLinkAboutDesignating Tax Abatement - Toro South Bend Manufacturing 515 W. Ireland Rd. (5 Year Personal Property)RESOLUTION
NO. 1939 -92
Passed by the Common Council of the City of South Bend, Indiana
April
28,
92
i�
Attest:_ __ __�: � City Clerk
Attest:
Presented by me to the Mayor of the City of South Bend. Indiana
April 29, 92
Approved and signed by me
1 30
of Common Council.
City Clerk
19 92—.
�� Mayor
SUBSTITUTE BILL NO. 92 -27
RESOLUTION NO. (q � 4 -'`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 FIVE (5)
YEAR PERSONAL PROPERTY TAX ABATEMENT FOR
Toro South Bend Manufacturing
WHEREAS, a petition for personal 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 real estate Key Number 23 -1013 -0758, and personal property Key Number
23- 35132 - 56154, 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 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 sea., and has further prepared
maps and plats showing the boundaries and such other information regarding the areas 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 -15, 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
(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) That the totality of benefits is justify the deduction requested.
SECTION II. 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 III of the Petition for
Personal Property Tax Abatement Consideration and that the Statement of Benefits form
completed by the Petitioners, said form 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 M. The Common Council hereby accepts the report and recommendation of the
Human Resources and Economic Development Committees favorable recommendation,
that the area herein described be designated an Economic Revitalization Area for purposes
of personal property tax abatement and hereby makes such a designation.
Toro South Bend Manufacturing
Five Year Personal Property Tax Abatement
Page 2
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 the 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.
NOT APPROVI
ADOPTEQ OF Q� qp �acan�
R ember of the ommon Council
in Clerk's Office
APR 2 7 I992