HomeMy WebLinkAboutDesignating Tax Abatement - Sealed Power Corporation D/B/A SPX Corporatio 2810 Foundation Dr. (5 Years Personal Property)RESOLUTION
NO. 1606 -88
Passed by the Common Council of the City of South Bend, Indiana
</ City Clerk
President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
/�- ✓ City Clerk
Approved and signed by me May 10, 19--U_.
G< Mayor
SUBSTITUTE
RESOLUTION NO. 88 -25
Resolution No. 1606 -88
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF
SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY
OF SOUTH BEND COMMONLY KNOWN AS 2810 FOUNDATION DRIVE
AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF PERSONAL
PROPERTY TAX ABATEMENT
(SEALED POWER CORPORATION)
(d /b /a SPX Corporation)
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 2810 Foundation Drive, South Bend, Indiana, and which is
more particularly described as follows:
A part of Section 28, Township 38 North, Range 2 East, City
of South Bend, St. Joseph County, Indiana, described as
follows:
Commencing at the northeast corner of the
Southeast Quarter of Section 28; thence South 89
degrees 58156" West a distance of 2294.41 feet
along the north line of said quarter section to
the point of beginning; thence South 0 degrees
00147" West a distance of 247.17 feet; thence
South 89 degrees 58CL56" West a distance of 477.83
feet to the east boundary of Foundation Drive;
thence North 0 degrees 00147" East a distance of
277.17 feet along said east boundary; thence North
44 degrees 59152" East a distance of 14.14 feet to
the South boundary of Boland Drive; thence North
89 degrees 58156" East a distance of 447.83 feet
along said south boundary; thence South 0 degress
00147" West a distance of 40.0 feet along said
south boundary; thence North 89 degrees 58156"
East a distance of 20.0 feet along said south
boundary to the point of beginning, being known as
Lot 4 -4 Airport Industrial Park Phase III.
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 section 2 -76; 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 the Indiana Code 6 -1.1- 12.1 -1., et seq., and South
Bend Municipal Code section 2 -76, 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
Commitee 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 the Statement of Benefits form completed by the
petitioner meet the requirements of I.C. 6 -1.1- 12.1 -1 et
sea., and South Bend Municipal Code Sectin 2 -76.
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 by expected to result from
the proposed described redevelopment of
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.
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 1 through 3
of the Petition for Personal Property Tax Abatement
Consideration and that the statement of benefits is
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. This Resolution shall be in full force
and effect from and after its adoption by the Common Council
and approval by the Mayor.
PRESENTED M ol a) m � C-- L�—(
NOT APPROVED Me er o the Common Council
ADOPTED may