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REGULAR MEETING APRIL 23, 2012 <br /> <br /> <br /> <br />E. That the other benefits about which information was requested are benefits <br />that can be reasonably expected to result from the proposed described redevelopment or <br />rehabilitation; and <br /> <br />F. That the totality of benefits is sufficient to justify the requested deduction, <br />all of which satisfy the requirements of Indiana Code § 6-1.1-12.1-3. <br /> <br />SECTION III. The Common Council hereby determines and finds that the proposed <br />described redevelopment or rehabilitation can be reasonably expected to yield benefits <br />identified in the Statement of Benefits, Sections 1 through 3 of the Petition for Real <br />Property Tax Abatement Consideration and the Memorandum of Agreement between the <br />Petitioner and the City of South Bend, and that the Statement of Benefits form completed <br />by the petitioner, said form being prescribed by the State Board of Accounts, are <br />sufficient to justify the deduction granted under Indiana Code § 6-1.1-12.1-3. <br /> <br />SECTION IV. The Common Council hereby accepts the report and recommendation of <br />the Community and Economic Development Committee that the area herein described be <br />designated as an Economic Revitalization Area and hereby adopts a Resolution <br />designating this area as an Economic Revitalization Area for purposes of real property <br />tax abatement. <br /> <br />SECTION V. The designation as an Economic Revitalization Area shall be limited to <br />two (2) calendar years from the date of the adoption of this Resolution by the Common <br />Council. <br /> <br />SECTION VI. The Common Council hereby determines that the property owner is <br />qualified for and is granted property tax deduction for a period of up to five (5) years. <br /> <br />SECTION VII. The Common Council directs the City Clerk to cause notice of the <br />adoption of this Declaratory Resolution for Real Property Tax Abatement to be published <br />pursuant to Indiana Code § 5-3-1 and Indiana Code § 6-1.1-12.1-2.5, said publication <br />providing notice of the public hearing before the Common Council on the proposed <br />confirming of said declaration. <br /> <br />SECTION VIII. This Resolution shall be in full force and effect from and after its <br />adoption by the Common Council and approval by the Mayor. <br /> <br /> s/Derek D. Dieter <br /> Member of the Common Council <br /> <br />Councilmember Gavin Ferlic, Vice-Chairperson, Community & Economic Development <br />Committee, reported that this committee held a Public Hearing on this bill this afternoon <br />and voted to send it to the full Council with a favorable recommendation. <br /> <br />Matt Edmonds, Tire Rack, 7101 Vorden Parkway, South Bend, Indiana, made the <br />presentation for this bill. <br /> <br />Mr. Edmonds advised that Tire Rack, Inc. is a mail order and e-commerce firm engaged <br />in the business of selling performance tires, wheels, and accessories for passenger <br />automobiles and light duty trucks. The petitioner would like to construct a 36,000 square <br />foot office building which will enable the expansion of Technological Resources and <br />assets to further the growth and development of their e-commerce Product Distribution <br />business. The estimated dollar value of the project, excluding land, is $6,500,000. He <br />stated that it is estimated that the total project will create at least thirty (30) new, <br />permanent, full-times jobs in the first year of production representing a new annual <br />payroll of at least $1,600,000. The project will maintain 396 existing, permanent, full- <br />time jobs with a total annual payroll of $26,500,000.00. <br /> <br />A Public Hearing was held on the Resolution at this time. <br /> <br /> 17 <br /> <br />