04-23-12 Common Council Meeting Minutes

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REGULAR MEETING APRIL 23, 2012 SECTION II. The Common Council hereby determines and finds that the proposed new manufacturing equipment can be reasonably expected to yield the benefits identified in the Statement of Benefits as set forth in Sections 1 through 3 of the Petition for Personal Property Tax Abatement Consideration and that Statement of Benefits form completed by the petitioner, said form being prescribed by the State Board of Accounts, are sufficient to justify the deduction granted under Indiana Code 6-1.1-12.1-4.5. SECTION III. The Common Council hereby accepts the report and recommendation of the Department of Community and Economic Development, and the Community and Economic Development Committee's favorable recommendation, that the area herein described be designated as an Economic Revitalization Area for purposes of personal property tax abatement and hereby makes such a designation. SECTION IV. The Common Council determines that such designation is for personal property tax abatement only and shall be limited to two (2) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION V. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of up to five (5) years; provided however, the Petitioner may not receive an economic revitalization area deduction if it receives an enterprise zone investment deduction under I.C. 6-1.1-45 for the same property. SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Personal Property Tax Abatement to be published pursuant to Indiana Code 5-3-1, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaration. SECTION VII. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. s/Derek D. Dieter Member of the Common Council Councilmember Gavin Ferlic, Vice-Chairperson, Community & Economic Development Committee, reported that this committee held a Public Hearing on these bills this afternoon and voted to send them to the full Council with favorable recommendations. st Mr. Richard J. Deahl, Attorney, Barnes & Thornburg, LLP, 600 1 Source Bank Center, 100 North Michigan, South Bend, Indiana, Robert Strzelecki, Controller, Lock Joint, Tube, LLC., made the presentation for these Resolutions. Mr. Deahl advised that the company will invest between $8.0 and $9.0 million in the purchase and installation of new manufacturing, information technology, and logistical distribution equipment to expand its production capabilities at its Walnut Street facility. This equipment will increase the length, wall thickness, and width of steel tubing that can be manufactured as well as enhance the coating, weld, capabilities, and overall quality control standards for production of finished goods. These increased capabilities will expand the types of products the Petitioner can manufacture and will expand its existing markets, plus open new markets such as automotive axles, roll-over production systems and other heavy structural applications. A Public Hearing was held on these Resolutions at this time. There was no one present wishing to speak to the Council either in favor of or in opposition to these Resolutions. Councilmember Oliver Davis made a motion to adopt Bill No. 12-31. Councilmember Varner seconded the motion which carried and the Resolution was adopted by a roll call vote of nine (9) ayes. 15