07-24-06 Council Meeting Minutes

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REGULAR MEETING JULY 24, 2006 Mr. Richard Deahl, Attorney at Law, Barnes & Thornburg, LLP, 100 North Michigan Street, Suite 600, South Bend, Indiana, made the presentation for this bill. Mr. Deahl advised that the project consists of the acquisition and installation of new machinery and equipment including, without limitation, milling and fabricating equipment for use in Lock Joint Tube’s Walnut Street facility. The equipment will increase the efficiency and accuracy of precision milling and fabrication, as well as reduce scrap steel in the company’s operation. Investment in this new equipment will support the company’s ability to cut and fabricate heavier gauge steel with more precision, thereby enhancing the company’s position with a competitive market. The projected cost for the equipment is estimated between $2.2 and $3.2 million. Total taxes abated during the five –year abatement period range from $134,451 to $195,565, depending upon the final amount the company will invest in the new equipment. Additionally, Lock Joint Tube is undecided, at this point in time, as to whether or not they will file using the Urban Enterprise Zone designation, which carried an abatement period of (10) ten years.Should the company elect to pursue the UEZ designation, the Tax Abatement designation will become null and void. A Public Hearing was held on the Resolution at this time. There being no one present wishing to speak to the Council either in favor of or in opposition to this Resolution, Councilmember Kelly made a motion to adopt this Resolution. Councilmember Varner seconded the motion which carried and the Resolution was adopted by a roll call vote of eight (8) ayes. RESOLUTION NO. 3617-06 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 PORTAGE PRAIRIE DEVELOPMENT AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF AN (9) YEAR REAL PROPERTY TAX ABATEMENT FOR HURON PARTNERS, L.P. WHEREAS, a petition for real property tax abatement 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 Portage Prairie Development South Bend, Indiana, and which is more particularly described as follows: COMMENCING AT THE NORTHWEST CORNER OF SAID NORTHWEST QUARTER, SAID CORNER BEING MARKED BY A HARRISON MONUMENT; THENCE SOUTH 0° 12 MINUTES 46 SECONDS EAST, ALONG THE WEST LINE OF SAID NORTHWEST QUARTER, A DISTANCE OF 1517.36 FEET; THENCE NORTH 89° 44 MINUTES 25 SECONDS EAST, A DISTANCE OF 500.96 FEET TO THE POINT OF BEGINNING; THENCE CONTINUING NORTH 89° 44 MINUTES 25 SECONDS EAST, A DISTANCE OF 502 FEET; THENCE SOUTH 0° 15 MINUTES 35 SECONDS EAST, A DISTANCE OF 1150 FEET TO THE SOUTH LINE OF SAID NORTHWEST QUARTER; THENCE NORTH 89° 57 MINUTES 13 SECONDS WEST ALONG THE SOUTH LINE OF SAID NORTHWEST QUARTER, A DISTANCE OF 502.01 FEET; THENCE NORTH 0° DEGREES 15 MINUTES 35 SECONDS WEST A DISTANCE OF 1147.32 FEET TO THE POINT OF BEGINNING; SAID DESCRIBED TRACT CONTAINING 13.238 ACRES, MORE OR LESS. and which has no Key Number at this point and time, be designated as an Economic Revitalization Area under the provisions of Indiana Code § 6-1.1-12.1 et seq., and South Bend Municipal Code Sections 2-76 et seq., and; WHEREAS, the Department of Community and Economic Development has concluded an investigation and prepared a report with information sufficient for the Common 13