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REGULAR MEETINGNOVEMBER 27, 2006 <br /> BEND, INDIANA, COMMONLY KNOWN AS <br /> 2629 FOUNDATION DRIVE TO BE AN <br /> ECONOMIC REVITALIZATION AREA FOR <br /> PURPOSES OF A FIVE (5) YEAR PERSONAL <br /> PROPERTY TAX ABATEMENT FOR VALUE <br /> PRODUCTION, INC. <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 />2629 Foundation Drive, South Bend, Indiana, and which is more particularly described as <br />follows: <br />A parcel of land in the Southwest Quarter of Section 28, Township 38 <br />North, Range 2 East, St. Joseph County, Indiana <br />and which has Key Number 25-1010-0400.12, as an Economic Revitalization Area; and <br />WHEREAS, notice of the adoption of a Declaratory Resolution and the public <br />hearing before the Council has been published pursuant to Indiana Code 6-1.1-12.1-2.5; <br />and <br />WHEREAS, the Council held a public hearing for the purposes of hearing all <br />remonstrance’s and objections from interested persons; and <br />WHEREAS, the Council has determined that the qualifications for an economic <br />revitalization area have been met. <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of <br />South Bend, Indiana, as follows: <br />SECTION I. The Common Council hereby confirms its Declaratory Resolution <br />designating the area described herein as an Economic Revitalization Area for the <br />purposes of tax abatement. Such designation is for Personal property tax abatement only <br />and is limited to two (2) calendar years from the date of adoption of the Declaratory <br />Resolution by the Common Council. <br />SECTION II. The Common Council hereby determines that the property owner is <br />qualified for and is granted Personal property tax deduction for a period of (5) five years, <br />and further determines that the petition complies with Chapter 2, Article 6, of the <br />Municipal Code of the City of South Bend and Indiana Code 6-1.1-12 et seq. <br />SECTION III. 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. Nevin Siqueira, 2629 Foundation Drive, South Bend, Indiana, made the presentation <br />for this bill. <br />Mr. Siqueira advised that Value Production is a modern production machining facility. <br />They provide one-stop shopping for design, prototypes, and productions, and is an ISO <br />9001:2000 certified company. Value Production was established in October of 2000. <br />The company manufactures tooling for use in the aerospace, automotive, medical, and <br />commercial markets. The company will purchase a new, high-end mill and lathe for their <br />custom aerospace manufacturing needs. The project will invest $500,000 in this new <br />equipment. <br />27 <br /> <br />