HomeMy WebLinkAboutDesignating Tax Abatement - Nimet Industries, Inc. 2424 N. Foundation Dr. (5 Year Personal Property)NRE§891 �UTION
O.
Passed by the Common Council of the City of South Bend,
October
8,
90
19
%/ Ca`0, City Clerk
of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
October 9, 90
19
Approved and signed by me_ October 11 1990
Clerk
. 4P Mayor
RESOLUTION NO. I ? (S - rl O
A RESOLUTION OF THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND, INDIANA 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 A FIVE (5) YEAR PERSONAL PROPERTY TAX ABATEMENT
FOR NIMET INDUSTRIES, INC.
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, 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.
be designated as an Economic Revitalization Area under the
provisions of Indiana Code 6 -1.1- 12.1 -1 et sea.; and South Bend
Municipal Code section 2 -76 et sea., 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 sea., and South Bend Municipal
Code section 2 -76, et sea., 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
that the Petition for Personal Property Tax Abatement and
Statement of Benefits form completed by the Petitioner meet the
requirements of I.C. 6 -1.1- 12.1 -1 et sect, and qualifies under
the provisions of South Bend Municipal Code Section 2 -76, et
sea., for tax abatement.
SECTION II. The Common Council hereby determines and finds
the following:
A. That the estimate of the value of the
redevelopment or rehabilitation is reasonable for
projects of this nature;
B. That the estimate of the number of individuals who
will be employed or whose employment will be retained
can reasonably be expected to result from the proposed
described redevelopment or rehabilitation;
C. That 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 redevelopment or rehabilitation;
D. 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;
E. That the totality of benefits is sufficient to
justify the deduction; all of which satisfy the
requirements of I.C. 6 -1.1- 12.1 -3 and which can be
reasonably expected to result from the installation of
the new manufacturing equipment.
SECTION III. 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 sections I through II of
the Petition for Personal 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 Section 6 -1.1- 12.1 -4.5 of the Indiana Code.
SECTION IV. 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 for purposes of
personal property tax abatement and hereby makes such a
designation.
SECTION V. 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 VI. 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 VII. The Common Council directs the City Clerk to
cause notice of the adoption of this Declaratory Resolution for
Personal Property Tax Abatement to be published, said
publication providing notice of the public hearing before the
Common Council on the proposed confirming of said declaration.
SECTION VIII. This Resolution shall be in full force and
effect from and after its adoption by the Common Council and
approval by the Mayor.
Member o e on Council
62530
iRESfMED ��- S�'C(�
NOT APPROVED
ADOPTED / 0 - R - 5d6 -2-