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REGULAR MEETING MAY 9, 2011 <br /> <br /> <br /> <br />WHEREAS, a petition for personal property tax abatement consideration has been <br />filed with the City Clerk for consideration by the Common Council of the City of South <br />Bend, Indiana, requesting that the area commonly known as 1710 North Sheridan Street, <br />South Bend, Indiana, and which is more particularly described as follows: <br /> <br />Parcel of land beginning approximately 889.84 feet south and 40 feet east <br />of NW ¼ SE ¼ and known as Gibbs Wire and Steel Company, Inc. minor <br />sub section 33-38-2E cont appx AC <br /> <br />and which has Tax Key Numbers 18-2184-693803 (Real Property) and 018-07522-00 <br />(Personal Property) presently, be designated as an Economic Revitalization Area under <br />the provisions of Indiana Code 6-1.1-12.1 et seq., and South Bend Municipal Code <br />Sections 2-76 et seq., and; <br /> <br />WHEREAS, the Department of Community and Economic Development has <br />concluded an investigation and prepared a report with information sufficient for the <br />Common Council to determine that the area qualifies as an Economic Revitalization Area <br />under Indiana Code 6-1.1-12.1, et seq., and South Bend Municipal Code Sections 2-76, et <br />seq., and has further prepared maps and plats showing the boundaries and such other <br />information regarding the area in question as required by law; and <br /> <br />WHEREAS, the Community and Economic Development Committee of the <br />Common Council has reviewed said report and recommended to the Common Council <br />that the area qualifies as an Economic Revitalization Area. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of <br />South Bend, Indiana, as follows: <br /> <br />SECTION I. The Common Council hereby determines and finds pursuant to Indiana <br />Code 6-1.1-12.1-4.5 et seq., that: <br /> <br />a. The estimate of the cost of the new manufacturing equipment is <br />reasonable for equipment of that type; <br /> <br />b. That the estimate of the number of individuals that will be employed or <br />whose employment will be retained by the Petitioner can reasonably be <br />expected to result from the proposed installation of new manufacturing <br />equipment; <br /> <br /> <br />c. That the estimate of the annual salaries of those individuals that will be <br />employed or whose employment will be retained by the Petitioner can be <br />reasonably expected to result from the proposed installation of new <br />manufacturing equipment; <br /> <br />d. Any other benefits about which information was requested are benefits <br />that can be reasonably expected to result from the proposed new <br />manufacturing equipment; and <br /> <br />e. The totality of benefits is sufficient to justify the deduction requested. <br /> <br />SECTION II. The Common Council hereby determines and finds that the proposed new <br />manufacturing equipment can be reasonably expected to yield the benefits identified in <br />the Statement of Benefits as set forth in Sections 1 through 3 of the Petition for Personal <br />Property Tax Abatement Consideration and that the Statement of Benefits form <br />completed by the petitioner, said form being prescribed by the State Board of Accounts, <br />are sufficient to justify the deduction granted under Indiana Code 6-1.1-12.1-4.5. <br /> <br />SECTION III. The Common Council hereby accepts the report and recommendation of <br />the Department of Community and Economic Development, and the Community and <br />Economic Development Committee's favorable recommendation, that the area herein <br /> 10 <br /> <br />