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REGULAR MEETING JULY, 10, 2006 <br />WHEREAS, notice of the adoption of a Declaratory Resolution and the public <br />hearing before the Council has been published pursuant to Indiana Code 6-1.1-12.1-2.5; <br />and <br />WHEREAS, the Council held a public hearing for the purposes of hearing all <br />remonstrance’s and objections from interested persons; and <br />WHEREAS, the Council has determined that the qualifications for an economic <br />revitalization area have been met. <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of <br />South Bend, Indiana, as follows: <br />SECTION I. The Common Council hereby confirms its Declaratory Resolution <br />designating the area described herein as an Economic Revitalization Area for the <br />purposes of tax abatement. Such designation is for Real property tax abatement only and <br />is limited to two (2) calendar years from the date of adoption of the Declaratory <br />Resolution by the Common Council. <br />SECTION II. The Common Council hereby determines that the property owner is <br />qualified for and is granted Real property tax deduction for a period of eight (8) years, <br />and further determines that the petition, the Memorandum of Agreement between the <br />Petitioner and the City of South Bend, and the Statement of Benefits comply with <br />Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code <br />6-1.1-12 et seq. <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/Timothy A. Rouse <br /> Member of the Common Council <br />Mr. Marcell Levin, Attorney at Law, May, Oberfell, Lorber, 300 N. Michigan Street, <br />South Bend, Indiana, made the presentation for the bill. <br />Mr. Levin advised that Tuliptree Associates, LLC/PEI-Genesis, Inc., core business is the <br />manufacture, assembly, and distribution of electronic components, primarily electronic <br />connectors. The company also designs and manufactures electronic systems, cable <br />assemblies, and specialized connectors and components. The addition will allow PEI- <br />Genesis to consolidate its North American manufacturing operations. The estimated cost <br />of the addition is $7,250,000. As a result of the expansion, the company will increase its <br />full-time workforce by (12) twelve people. It is estimated that the total project will <br />generate (12) twelve new, permanent, full-time jobs representing a new annual payroll of <br />$340,000. The project will also maintain 140 existing, permanent, full-time jobs and (4) <br />four existing, part-time, jobs representing an annual payroll of $3,700,000. <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 Varner made a motion to adopt this <br />Resolution. Councilmember Kuspa seconded the motion which carried and the <br />Resolution was adopted by a roll call vote of nine (9) ayes. <br />Councilmember Pfeifer asked Mr. Levin if he know if his company would be interested <br />in partnering in a venture with the City? <br />Mr. Levin stated that he was not able to answer the question at this time. He would need <br />to consult with the company. <br />41 <br /> <br />