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REGULAR MEETING JANUARY 24, 2011 <br /> SECTION III. This Resolution shall be in full force and effect from and after its <br /> adoption by the Common Council and approved by the Mayor. <br /> s/Derek D. Dieter <br /> Member of the Common Council <br /> Mr. Ryan Rans, SBG Realty, LLC, 54401 26th Street, South Bend, Indiana, made the <br /> presentation for this bill. <br /> Mr. Rans advised that SBG Realty, LLC intends to construct a 50,000 square foot <br /> manufacturing facility which will be leased to South Bend Gear. South Bend Gear is a <br /> join venture between Schafer Gear Works, Inc. and Somaschini North America, Inc. <br /> formed in order to supply timing gears for Detroit Diesel Corporation which is a <br /> subsidiary of Daimler Corporation. The estimated cost of the building is $2,100,000. <br /> Mr. Rans stated that total taxes to be abated during the term are estimated at $233,063 <br /> and total taxes to be paid during the eight-year term are estimated at $267,464. He noted <br /> that per the petition, it is estimated that the project will create 12 new, permanent full- <br /> time positions in year one growing to an expected 26 positions by year two. The new <br /> annual payroll in year one will be $605,000 growing to an expected payroll of$1,300,000 <br /> by year two. <br /> A Public Hearing was held on the Resolution at this time. <br /> There being no one present wishing to speak to the Council either in favor of or in <br /> opposition to this Resolution, Councilmember White made a motion to adopt this <br /> Resolution. Councilmember Oliver Davis seconded the motion which carried and the <br /> Resolution was adopted by a roll call vote of eight (8) ayes. <br /> BILL NO. 11-04 A RESOLUTION CONFIRMING THE <br /> ADOPTION OF A DECLARATORY <br /> RESOLUTION DESIGNATING <br /> CERTAIN AREAS WITHIN THE CITY <br /> OF SOUTH BEND, INDIANA, <br /> COMMONLY KNOW AS 3425 WEST <br /> LATHROP DRIVE TO BE AN <br /> ECONOMIC REVITALIZATION AREA <br /> FOR PURPOSES OF A FIVE (5) YEAR <br /> PERSONAL PROPERTY TAX <br /> ABATEMENT FOR MCCORMICK& <br /> COMPANY, INC <br /> BILL NO. 11-05 A RESOLUTION CONFIRMING THE <br /> ADOPTION OF A DECLARATORY <br /> RESOLUTION DESIGNATING CERTAIN <br /> AREAS WITHIN THE CITY OF SOUTH <br /> BEND, INDIANA, COMMONLY <br /> KNOWN AS 3425 WEST LATHROP <br /> DRIVE AS AN ECONOMIC <br /> REVITALIZATION AREA FOR <br /> PURPOSES OF AN EIGHT (8) YEAR <br /> REAL PROPERTY TAX ABATEMENT <br /> FOR MCCORMICK AND COMPANY, <br /> INC. <br /> Councilmember Varner made a motion to combine Bill Nos. 11-04 and 11-05 for purpose <br /> of Public Hearing. Councilmember Oliver Davis seconded the motion which carried by <br /> a voice vote of eight (8) ayes. <br /> 12 <br />