HomeMy WebLinkAboutDesignating Tax Abatement - 445 North Sheridan - Treadstone, LLCRESOLUTION
3960-09
Passed by the Common Council of the City of South Bend, Indiana
March 23, 20 09
Attest:
City Clerk
President of Common Councii
Presented by me to the Mayor of the City of South Bend, Indiana
March 24, 20 09
Approved and signed by me March 2 7 , 20 02 ,
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City Clerk
RESOLUTION NO. 3 ~ ~~' O~
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
445 North Sheridan Street
AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A
(5) FIVE-YEAR PERSONAL PROPERTY TAX ABATEMENT FOR
Treadstone, LLC
WHEREAS, a petition for personal property tax abatement consideration 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 445 North Sheridan Street, South Bend,
Indiana, and which is more particularly described as follows:
371.5 Ft on Linden Ave, Beginning 277 Ft West and 60 Ft North Southeast
Corner of Southwest Section 4-37-2E
and which has Tax Key Number 18-2193-725701 presently, be designated as an Economic
Revitalization Area under the provisions of Indiana Code 6-1.1-12.1 et sec ., and South Bend
Municipal Code Sections 2-76 et sec ., and;
WHEREAS, the Department of Community and 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, et seq., and South Bend Municipal Code Sections 2-76, et sue., 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 Community 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-
1.1-12.1-4.5 et sue., that:
a. The estimate of the cost of the new manufacturing equipment is reasonable for
equipment of that type;
b. That the estimate of the number of individuals that will be employed or whose
employment will be retained by the Petitioner can reasonably be expected to
result from the proposed installation of new manufacturing equipment;
c. That the estimate of the annual salaries of those 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;
d. Any other benefits about which information was requested are benefits that can be
reasonably expected to result from the proposed 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 Sections 1 through 3 of the Petition for Personal Property
Tax Abatement Consideration and that Statement of Benefits form completed by the petitioner,
said form being prescribed by the State Board of Accounts, aze sufficient to justify the deduction
granted under Indiana Code 6-1.1-12.1-4.5.
SECTION III. The Common Council hereby accepts the report and recommendation of the
Department of Community and Economic Development, and the Community and. Economic
Development Committee's favorable recommendation, that the area herein described be
designated as an 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 (2) calendaz yeazs 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 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 for Personal Property Tax Abatement to be published pursuant to
Indiana Code 5-3-1, said publication providing notice of the public hearing before the Common
Council on the proposed confirming of said declazation.
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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.
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NOT /;PPROY:EII
Member of the Common Council
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Pr'AR - t~ Zuu9
JOHN v~or,DE
CITY CLERY, 5D. BEND,IN.
TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND:
Your Committee of the Whole, to whom was referred:
BILL NO.
09-27 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 445 NORTH SHERIDAN
STREET AN ECONOMIC REVITALIZATION AREA FOR
PURPOSES OF A (5) FIVE-YEAR PERSONAL PROPERTY
TAX ABATEMENT FOR TREADSTONE, LLC
Respectfully report that they have examined the matter and that in their opinion,
this bill is being recommended to the full Council with a favorable
recommendation.
Ann Puzzello
Chairperson, Committee of the Whole