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REGULAR MEETINGJUNE 27, 2005 <br />WHEREAS, the Common Council of the City of South Bend approved those <br />Statements of Benefits and designated the areas commonly known as 2722 Tucker Drive <br />and 1400 Riverside Drive as Economic Revitalization Areas, all in accordance and as <br />more particularly described in Resolution Nos. 3380-04, 3381-04 and 3382-04; and <br />WHEREAS, the Economic Revitalization Areas continue in existence and will be <br />designated as such under those Resolutions until September 13, 2006; and <br />, <br />WHEREAS Steel Warehouse Co. Inc. and its affiliates have met and exceeded <br />the estimates for employment and wages as set forth in those original Statements of <br />Benefits, and is interested in making additional investments in new manufacturing <br />equipment and real property structures, as more particularly described in the three (3) <br />Amended Statements of Benefits which have been filed with and submitted to the <br />Common Council for its consideration of five-year real property tax abatement and five- <br />year personal property tax abatement on the new investments described therein. <br />, <br />NOW, THEREFORE, BE IT RESOLVEDby the Common Council of the City <br />: <br />of South Bend, Indiana, as follows <br />SECTION I. In compliance with IND. CODE §§ 6-1.1-12.1-3(b) and 6-1.1-12.1-4.5(c), <br />the Common Council hereby finds that: <br /> a. The estimate of the cost of the redevelopment of real property and <br />proposed installation of new manufacturing equipment is reasonable for property of this <br />type. <br /> b. The estimate of the number of individuals who will be employed or whose <br />employment will be retained can be reasonably expected to result from the <br />redevelopment of real property and proposed installation of new manufacturing <br />equipment. <br /> c. The estimate of the annual salaries of the individuals who will be <br />employed or whose employment will be retained can be reasonably expected to result <br />from the redevelopment of real property and proposed installation of new manufacturing <br />equipment. <br />d. Any other benefits about which information was requested are benefits <br />that can be reasonably expected to result from the redevelopment of real property and <br />proposed installation of new manufacturing equipment. <br />e. The totality of the benefits is sufficient to justify the granting of the <br />requested deductions. <br />SECTION II. The Amended Statements of Benefits are hereby approved and the <br />installation of new manufacturing equipment and redevelopment of real property as <br />described therein are eligible for deductions from assessed value of the property as per <br />I.C. § 6-1.1-12.1-1 et seq. for a period of five (5) years. <br />SECTION III. Except to the extent amended as set forth herein, Resolutions 3380-04, <br />3381-04 and 3382-04 shall continue in full force and effect. <br />SECTION IV. This Resolution shall be in full force and effect from and <br />after its adoption by the Common Council and approval by the Mayor. <br /> s/Charlotte D. Pfeifer <br />Member of the Common Council <br />Councilmember White made a motion to consider the substitute version of this bill. <br />Councilmember Puzzello, seconded the motion which carried by a voice vote of nine (9) <br />ayes. <br />16 <br /> <br />