08-28-06 Council Meeting Minutes

Home Browse Search

REGULAR MEETING AUGUST 28, 2006 F. That the totality of benefits is sufficient to justify the requested deduction, all of which satisfy the requirements of Indiana Code § 6-1.1-12.1-3. SECTION III. The Common Council hereby determines and finds that the proposed described redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the Statement of Benefits as set forth in Sections 1 through 3 of the Petition for Real Property Tax Abatement Consideration, the Memorandum of Agreement between the Petitioner and the City of South Bend, and that the Statement of Benefits form completed by the petitioner, said form being prescribed by the State Board of Accounts, are sufficient to justify the deduction granted under Indiana Code § 6-1.1-12.1- 3. SECTION IV. The Common Council hereby accepts the report and recommendation of the Community and Economic Development Committee that the area herein described be designated as an Economic Revitalization Area and hereby adopts a Resolution designating this area as an Economic Revitalization Area for purposes of real property tax abatement. SECTION V. The designation as an Economic Revitalization Area shall be limited to two (2) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION VI. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period (3) three years. SECTION VII. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana Code § 5-3-1 and Indiana Code § 6-1.1-12.1-2.5, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaration. SECTION VIII. 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 IX. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. s/Timothy A. Rouse Member of the Common Council Councilmember Kelly made a motion to hear the substitute version of this bill. Councilmember White seconded the motion which carried by a voice vote of nine (9) ayes. Councilmember Kelly, Chairperson, Community and Economic Development Committee, reported that this committee held a Public Hearing on this bill this afternoon and voted to send it to the full Council with a favorable recommendation. Mr. William L. Jagger, Vice President, Old Fort Building Supply, Inc., 1401 S. Michigan Street, South Bend, Indiana, made the presentation for this bill. Mr. Jagger advised that Old Fort Building Supply is a major supplier of construction materials to the Michiana area. The main product lines are brick, architectural block, stone, landscaping pavers, drywall, acoustical ceilings and related products. The company plans to renovate a city-owned, vacant lot into a paved and fenced outdoor storage yard for masonry products. The additional storage is Phase I of a four-phase expansion plan at Old Fort. The estimated cost of the addition is $200,000. The project 13