HomeMy WebLinkAboutReconfirming Tax Abatement - 2629 Foundation Drive - Value Production Inc. and its AffiliatesRESOLUTION
3770-07
Passed by the Common Council of the City of South Bend, Indiana
August 13,
Attest:
Zo 07
City Clerk
President of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana
August 14, 20 07
Approved and signed by me Attgu s t 1 5 20 07
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City Clerk
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RESOLUTION NO. 3 7 7 0 "~~
A RESOUTION RECONFIRMING THE ADOPTION OF A DECLARATORY
RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF
SOUTH BEND, INDIANA, COMMONLY KNOWN AS
2629 FOUNDATION DRIVE
TO BE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF
EXTENDING THEIR FIVE (5) YEAR PERSONAL PROPERTY TAX
ABATEMENT FOR
VALUE PRODUCTION INC. AND ITS AFFILIATES
WHEREAS, on October 5, 2006, Value Production, Inc .filed a SB-1 Statement
of Benefits in connection with its application for a personal property tax abatement on
proposed new equipment at its industrial location at 2629 Foundation Drive in South
Bend.
WHEREAS, the Common Council of the City of South Bend approved the
Statement of Benefits and designated the areas commonly known as 2629 Foundation
Drive as an Economic Revitalization Area, all in accordance and as more particularly
described in Resolution No.3669-Ob; and
WHEREAS, the Economic Revitalization Areas continue in existence and will be
designated as such under that Resolution until October 18, 2008; and
WHEREAS, Value Production Inc, has met and exceeded the estimates for
employment and wages as set forth in that original Statements of Benefits, and is
interested in making additional investments in new manufacturing equipment, as more
particularly described in the Amended Statement of Benefits which have been filed with
and submitted to the Common Council for .its consideration of a five-year personal
property tax abatement on the new investments described therein.
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the
City of South Bend, Indiana, as follows:
SECTION I. In compliance with IND. CODE §§ 6-1.1-12.1-3(b) and 6-1.1-12.1-4.5(c),
the Common Council hereby finds that:
a. The estimate of the cost of the proposed installation of new manufacturing
equipment is reasonable for property of this type.
b. The estimate of the number of individuals who will be employed or whose
employment will be retained can be reasonably expected ~to result from the proposed
installation of new manufacturing equipment.
c. The estimate of the annual salaries of the individuals who will be
employed or whose employment .will be retained 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 proposed installation of new
manufacturing equipment.
e. The totality of the benefits is sufficient to justify the granting of the
requested deduction.
SECTION II. The Amended Statement of Benefits is hereby approved and the
installation of new manufacturing equipment and redevelopment of real property as
described therein are eligible for deductions from assessed value of the property as per
I.C. § 6-1.1-12.1-1 et seq. for a period of five (5) years.
SECTION III. Except to the extent amended as set forth herein, Resolution 3669-06 shall
continue in full force and effect.
SECTION IV. This Resolution shall be in full force and effect from and
after its adoption by the Common Council and approval by the Mayor.
r
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Member of the C on Council
PRESENTED ~ 0 -l 3'~l
NOT /1PPROVEF~',
ADOPTED ~ - ~ 3 ' ~ 7
Filed In Clerk's Office
JUN 2 8 2007
JOHIJ VOORDE
CITY CLERK, S4.6E~dD, IN.
TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND:
Your Committee of the Whole, to whom was referred:
BILL NO.
07-89 A RESOLUTION RECONFIRMING THE ADOPTION OF A
DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS
WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN
AS 2629 FOUNDATION DRIVE TO BE AN ECONOMIC
REVITALIZATION AREA FOR PURPOSES OF EXTENDING THEIR
FIVE (5) YEAR PERSONAL PROPERTY TAX ABATEMENT FOR
VALUE PRODUCTION INC. AND ITS AFFILIATES
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.
Karen L. White
Chairperson