08-14-06 Council Meeting Minutes

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REGULAR MEETING AUGUST 14, 2006 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, as an Economic Revitalization Area; and WHEREAS, notice of the adoption of a Declaratory Resolution and the public hearing before the Council has been published pursuant to Indiana Code 6-1.1-12.1-2.5; and WHEREAS, the Council held a public hearing for the purposes of hearing all remonstrance’s and objections from interested persons; and WHEREAS, the Council has determined that the qualifications for an economic revitalization area have been met. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby confirms its Declaratory Resolution designating the area described herein as an Economic Revitalization Area for the purposes of tax abatement. Such designation is for Real property tax abatement only and is limited to two (2) calendar years from the date of adoption of the Declaratory Resolution by the Common Council. SECTION II. The Common Council hereby determines that the property owner is qualified for and is granted Real property tax deduction for a period of nine (9) years, and further determines that the petition, the Memorandum of Agreement between the Petitioner and the City of South Bend, and the Statement of Benefits comply with Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code 6-1.1-12 et seq. SECTION III. 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 Councilmember White made a motion to amend this bill, by correcting Section II. to delete three (3) years and insert nine (9) years. Councilmember Kuspa seconded the motion which carried by a voice vote of nine (9) ayes. Mr. Frank Perri, 227 South Main Street, South Bend, Indiana, made the presentation for this bill. Mr. Perri advised that Huron Partners will be constructing a $5,000,000 development known as the “Huron.” It is a speculative, 150,000 square-foot, light-industrial building tat will house multiple tenants performing a variety of business functions, such as a medical supply company, data storage facility, or printing company. The building will be constructed using pre-cast concrete panels. The building will be the first improvement of the Portage Prairie project, which expects to produce over $350 million in private investment. It is extremely important that the first building be successful, as it will provide momentum for the Portage Prairie project, which has an expected build out of 12 to 15 years. Total taxes abated during the (9) nine-year period is $847,679. 15