08-14-06 Council Meeting Minutes

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REGULAR MEETING AUGUST 14, 2006 SECTION III. The Common Council hereby determines that should the Company receive the Enterprise Zone Investment Deduction under I.C. 6-1.1-45 for the same property, this Tax Abatement designation shall become null and void. The Company may not receive an economic revitalization area deduction if it receives an enterprise zone investment deduction under I.C. 6-1.1-45 for the same property. SECTION IV. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approved by the Mayor. s/Timothy A. Rouse Member of the Common Council Mr. Richard Deahl, Attorney at Law, Barnes & Thornburg, LLP, 100 North Michigan Street, Suite 600, South Bend, Indiana, made the presentation for the Petitioner Lock Joint Tube, LLC. 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 costs for the equipment is estimated between $2.2 and $3.2 million. Total taxes abated during he five-year period range from $134,451 to $195,565, depending upon the final amount the company will invest in the new equipment. 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 Dieter 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 nine (9) ayes. RESOLUTION NO. 3622-06 A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS PORTAGE PRAIRIE DEVELOPMENT AS AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A (9) NINE-YEAR REAL PROPERTY TAX ABATEMENT FOR HURON PARTNERS L.P. WHEREAS, the Common Council of the City of South Bend, Indiana, has adopted a Declaratory Resolution designating certain areas within the City as Economic Revitalization Areas for the purpose of tax abatement consideration; and WHEREAS, a Declaratory Resolution designated the area commonly known as 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 HARRSION 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 14