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HomeMy WebLinkAboutDesignating Tax Abatement - Boliden Metech Inc. 445 N. Sheridan Ave. (5 Year Personal Property)RESOLUTION NO. 1611 -88 Passed by the Common Council of the City of South Bend, Indiana, City Clerk Attest: resident of Common Council. Presented by me to the Mayor of the City of South Bend, Indiana Approved and signed by me 24 C. 24, ig 88 City Clerk Mayor RESOLUTION NO. 1611 =88 SUBSTITUTE RESOLUTION NO. 88 -31 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS 445 NORTH SHERIDAN AVENUE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF PERSONAL PROPERTY TAX ABATEMENT (BOLIDEN METECH, INC.) 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 445 North Sheridan Avenue, South Bend, Indiana, and which is more particularly described as follows: A tract of land in the Southwes 1/4 of Section 4, Township 37 North, Range 2 East located in Portage Township, City of South Bend, St. Joseph County, Indiana, described as follows: Beginning at a point on the West line of Sheridan Avenue (80 foot right -of -way) 420.19 feet North (assumed bearing) of the North line of Linden Avenue (80 foot right -of -way) which point is also 207 feet West and 460.19 feet North of the Southeast corner of said Southwest 1/4 of Section 4; thence Northerly along said West line of Sheridan Avenue 673.22 feet to the Southerly right -of -way line of the Consolidated Rail Corporation (formerly the New York Central Railroad); thence North 79018130" West along said Southerly right - of -way line of the Consolidated Rail Corporation 429.83 feet; thence South 00008115" West 749.04 feet to a point 418.30 feet North 0003115" East of the North line of Linden Avenue; thence East perpendicular to the West line of Sheridan Avenue 370.56 feet to the point of beginning, containing 6.268 acres, more or less. 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; 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 sec., 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 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 State of Benefits form completed by the Petitioner meet the requirements of I.C. 6 -1.1- 12.1 -1 et sea., and qualifies under the provisions of South Bend Municipal Code Section 2 -76 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 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 set forth as Sections I through III of the Petition for Personal Property Tax Abatement and that the completed 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 for the area 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 Resolution to be published, said publication providing notice of the public hearing before the Common Council on 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. C,-� Jv- �Ij pEFS£N�Ea di 3 -� ember of the Common Council " -.07 APPROVEC _. �Y,D 5 -a3 -a" in Veik's Office ,Do, MAY 131988 IRENE GAMMON 2 !-ITV CLERK so, EEL ", . '..,.