02-14-05 Council Meeting Minutes

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REGULAR MEETING JANUARY 24,2005 WHEREAS, a Declaratory Resolution designated the area commonly known as 4050 Ralph Jones Drive, South Bend, Indiana, and which is more particularly described as follows: Lots Numbered Sixteen (16) and Seventeen (17) as shown on the recorded Plat of Toll Road Industrial Park Section 6, recorded April 7, 1989 as Document Number 8908570 in the Office of the Recorder of St. Joseph County, Indiana and which has Key Numbers 25-1013-021107 and 25-1013-021201, 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 remonstrances 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 Personal 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 Personal property tax deduction for a period of five (5) years, and further determines that the petition complies with Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code 6-1.1-12 etseq . 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/Charlotte D. Pfeifer Member of the Common Council Mr. Richard Deal, Attorney, Barnes & Thornburg, 100 N. Michigan Street, South Bend, Indiana made the presentation on behalf of the petitioner Mr. John D. Razzano, President, Fulton Industries. Mr. Deal advised that Fulton Industries is a precision machine shop which manufactures components for engines, power-trains and other products. The new equipment includes CNC Machining Centers, Computer Controlled Measuring and Manufacturing Equipment and Ropotic Equipment. It is estimated that the total cost of the new equipment will be between $5.2 and $8.2 million. The project will create 14-18 new, permanent jobs within the first year, representing a new annual payroll of $630,000 to $810,000. A Public Hearing was held on the Resolution at this time. Sharon Kendall, Executive Director, Community & Economic Development, 1200 County-City Building, South Bend, Indiana, spoke in favor of this bill. Ms. Kendall advised that this project is a valuable asset to the City of South Bend, Indiana. 20