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08-14-06 Council Meeting Minutes
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08-14-06 Council Meeting Minutes
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City Council - City Clerk
City Counci - Date
8/14/2006
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REGULAR MEETING AUGUST 14, 2006 <br />SECTION III. The Common Council hereby determines that should the Company <br />receive the Enterprise Zone Investment Deduction under I.C. 6-1.1-45 for the same <br />property, this Tax Abatement designation shall become null and void. The Company <br />may not receive an economic revitalization area deduction if it receives an enterprise <br />zone investment deduction under I.C. 6-1.1-45 for the same property. <br />SECTION IV. 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. Richard Deahl, Attorney at Law, Barnes & Thornburg, LLP, 100 North Michigan <br />Street, Suite 600, South Bend, Indiana, made the presentation for the Petitioner Lock <br />Joint Tube, LLC. <br />Mr. Deahl advised that the project consists of the acquisition and installation of new <br />machinery and equipment including, without limitation, milling and fabricating <br />equipment for use in Lock Joint Tube’s Walnut Street facility. The equipment will <br />increase the efficiency and accuracy of precision milling and fabrication, as well as <br />reduce scrap steel in the company’s operation. Investment in this new equipment will <br />support the company’s ability to cut and fabricate heavier gauge steel with more <br />precision, thereby enhancing the company’s position with a competitive market. The <br />projected costs for the equipment is estimated between $2.2 and $3.2 million. Total taxes <br />abated during he five-year period range from $134,451 to $195,565, depending upon the <br />final amount the company will invest in the new equipment. <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 Dieter made a motion to adopt this <br />Resolution. Councilmember Varner seconded the motion which carried and the <br />Resolution was adopted by a roll call vote of nine (9) ayes. <br />RESOLUTION NO. 3622-06 A RESOLUTION CONFIRMING THE <br /> ADOPTION OF A DECLARATORY <br /> RESOLUTION DESIGNATING CERTAIN <br /> AREAS WITHIN THE CITY OF SOUTH BEND, <br /> INDIANA, COMMONLY KNOWN AS <br /> PORTAGE PRAIRIE DEVELOPMENT AS AN <br /> ECONOMIC REVITALIZATION AREA FOR <br /> PURPOSES OF A (9) NINE-YEAR REAL <br /> PROPERTY TAX ABATEMENT FOR HURON <br /> PARTNERS L.P. <br />WHEREAS, the Common Council of the City of South Bend, Indiana, has <br />adopted a Declaratory Resolution designating certain areas within the City as Economic <br />Revitalization Areas for the purpose of tax abatement consideration; and <br />WHEREAS, a Declaratory Resolution designated the area commonly known as <br />Portage Prairie Development, South Bend, Indiana, and which is more particularly <br />described as follows: <br />COMMENCING AT THE NORTHWEST CORNER OF SAID <br />NORTHWEST QUARTER, SAID CORNER BEING MARKED BY A <br />HARRSION MONUMENT; THENCE SOUTH 0° 12 MINUTES 46 <br />SECONDS EAST, ALONG THE WEST LINE OF SAID NORTHWEST <br />QUARTER, A DISTANCE OF 1517.36 FEET; THENCE NORTH 89° 44 <br />MINUTES 25 SECONDS EAST, A DISTANCE OF 500.96 FEET TO <br />THE POINT OF BEGINNING; THENCE CONTINUING NORTH 89° 44 <br />14 <br /> <br />
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