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REGULAR MEETINGJUNE 27, 2005 <br /> A FIVE (5) YEAR PERSONAL PROPERTY TAX <br /> ABATEMENT FOR TRIANGLE MACHINES, <br /> INC. <br />WHEREAS, a petition for personal property tax abatement consideration has been filed <br />with the City Clerk for consideration by the Common Council of the City of South Bend, <br />, <br />Indiana, requesting that the area commonly known as 2702 W. Sample St., Suite 1125 <br />South Bend, Indiana, and which is more particularly described as follows: <br />Parcel of land, North West of North East Section 1637 2E. Containing 5.4021 2E acres or <br />less. <br />and which has Key Numbers 18-8112-421507, be designated as an Economic <br />Revitalization Area under the provisions of Indiana Code 6-1.1-12.1 etseq., and South <br />Bend Municipal Code Sections 2-76 etseq., and; <br />WHEREAS, the Department of Community and Economic Development has concluded <br />an investigation and prepared a report with information sufficient for the Common <br />Council to determine that the area qualifies as an Economic Revitalization Area under <br />Indiana Code 6-1.1-12.1, et seq., and South Bend Municipal Code Sections 2-76, etseq., <br />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 />WHEREAS, the Community and Economic Development Committee of the Common <br />Council has reviewed said report and recommended to the Common Council that the area <br />qualifies as an Economic Revitalization Area. <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South <br />Bend, Indiana, as follows: <br />SECTION I. The Common Council hereby determines and finds pursuant to Indiana <br />Code 6-1.1-12.1-4.5 etseq., that: <br />a. the estimate of the cost of the new manufacturing equipment is reasonable for <br />equipment of that type; <br />b. That the estimate of the number of individuals that will be employed or whose <br />employment will be retained by the Petitioner can reasonably be expected to result from <br />the proposed installation of new manufacturing equipment; <br />c. That the estimate of the annual salaries of those individuals that will be employed <br />or whose employment will be retained by the Petitioner can be reasonably expected to <br />result from the proposed installation of new manufacturing equipment; <br />d. any other benefits about which information was requested are benefits that can be <br />reasonably expected to result from the proposed new manufacturing equipment; and <br />e. the totality of benefits is sufficient to justify the deduction requested. <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 Statement of Benefits form completed by <br />the petitioner, said form being prescribed by the State Board of Accounts, are sufficient <br />to justify the deduction granted under Indiana Code 6-1.1-12.1-4.5. <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 />described be designated as an Economic Revitalization Area for purposes of personal <br />property tax abatement and hereby makes such a designation. <br />19 <br /> <br />