HomeMy WebLinkAboutDesignating Tax Abatement - Lock Joint Tube Inc. 1400 Riverside Dr. (5 Year Personal Property)Attest:
NRESOLUTION
Passed by the Common Council of the City of South Bend, Indiana
Attest:
December 9,
91
19
Presented by me to the Mayor of the City of South Bend, Indiana
December
Approved and signed by me
/r
10,
December 10
Cam.
91
Clerk
of Common Council.
19 91
City Clerk
Mayor
RESOLUTION NO. 71
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH
BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND
COMMONLY KNOWN AS 1400 RIVERSIDE DRIVE, SOUTH BEND, INDIANA,
TO BE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF
PERSONAL PROPERTY TAX ABATEMENT FOR LOCK JOINT TUBE INC.
EQUIPMENT MODERNIZATION PROJECT.
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 1400
Riverside Drive, South Bend, Indiana, and which is more
particularly described as follows:
Beginning at the Southeast corner of the Southwest 1/4
of said Section 35; thence South 89 49152" West (bearing
assumed) along the South line of said Section, 308.97 feet;
thence North 89 55100" West, 116.24 feet; thence North 00
00127" West, 12.00 feet to the North line of a 12 foot alley;
thence North 89 55100" West along said North line of alley,
236.61 feet to a point 120.00 feet South 89 55100" East of
the East line of Kessler Boulevard, 128.00 feet to a point on
the South line of Ming Street, 180.00 feet South 89 55118"
East of the Northeast corner of Lot 10 as shown on the Second
Plat of Northwest Addition to the city of South Bend recorded
April 6, 1906 in Plat Book. 0, pages 30 and 31; thence South
89 55118" East along the South line of hang Street, 352.84
feet; thence North 00 00127" West, 194.85 feet to a point on
the centerline of the East and West 14 foot alley between
King Street and McCartney Street produced East; thence North
00 06109" East, 128.81 feet; thence North 89 46149" East
287.05 feet to the Westerly line of Riverside Drive; thence
South 16 37115" West along a chord subtending said Westerly
line of Riverside Drive, 455.43 feet to the South line of
Said Section 35; thence North 90 00' 00" West along said
South line, 156.71 feet to the point of beginning.
Commencing at the Southeast corner of the 1/4 of said
Section 35; thence North 00 00130" West (bearing assumed)
along the East line of said Southwest 1/4 a distance of
463.14 feet to the Point of Beginning for the following
described tract; thence continuing North 00 00130" West along
said East line 336.00 feet to the South line of Queen Street;
thence South 89 56109" West along said South line of Queen
Street 176.60 feet; thence North 00 02136" East 195.00 feet
to the centerline of the East and West 14 foot alley between
Kinyon Street and Queen Street; thence South 89 56109" West
along said cernterline of alley, 131.27 feet; thence South 00
06109" West along the East line of Lot 145 in the Third Plat
of Northwest Addition recorded March 7, 1907 in Plat Book 9,
page 60 in the Office of the St. Joseph County Recorder and
its Northerly and Southerly extensions, 195.00 feet to the
south line of Queen Street; thence South B9 56,0S'/ West along
said South line of Queen Street, 12.93 feet to the East line
of Allen Street; thence South 00 05151^ West along said east
line of Allen Street, 329"87 feet to the South line of
McCartney Street; thence South 89 58127» East along said
South line of McCartney Street, 12"91 feet; thence South 00
06v09" West 6"11 feet; thence North 89 56109" East 308^71
feet to the Point of Beginning.
and this property has Key Number 18 2110 4067' be designated as an
Economic Revitalization Area under the provisions of Indiana Code
6-1^1-12"1-1 et seg., and South Bend Municipal Code Sections 2-76
et seg.; 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
seg., and South Bend Municipal Code Sections 2^76 et seg., 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' as follows:
SECTION 1. The Common Council hereby determines and finds
pursuant to Indiana Code 6-1.1-12"1-4"5v 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 he 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 Tar: 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 ,_ender 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 (') 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 qualifired 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 -31, said publication
providing notice of the public hearing before the Common Council
on 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.
Membe t 4Co�m�m:-_m Council
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