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REGULAR MEETING MAY 29, 2012 <br /> <br /> <br /> <br />WHEREAS, notice of the adoption of a Declaratory Resolution and the public <br />hearing before the Council has been published pursuant to Indiana Code 6-1.1-12.1-2.5; <br />and <br /> <br />WHEREAS, the Council held a public hearing for the purposes of hearing all <br />remonstrance’s and objections from interested persons; and <br /> <br />WHEREAS, the Council has determined that the qualifications for an economic <br />revitalization area have been met. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of <br />South Bend, Indiana, as follows: <br /> <br /> <br /> <br />SECTION I. The Common Council hereby confirms its Declaratory Resolution <br />designating the area described herein as an Economic Revitalization Area for the <br />purposes of tax abatement. Such designation is for Personal property tax abatement only <br />and is limited to two (2) calendar years from the date of adoption of the Declaratory <br />Resolution by the Common Council. <br /> <br />SECTION II. The Common Council hereby determines that the property owner is <br />qualified for and is granted Personal property tax deduction for a period of five (5) years, <br />and further determines that the petition, the Memorandum of Agreement between the <br />Petitioner and the City of South Bend, and the Statement of Benefits comply with <br />Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code <br />6-1.1-12 et seq. <br /> <br />SECTION III. This Resolution shall be in full force and effect from and after its <br />adoption by the Common Council and approved by the Mayor. <br /> <br /> <br /> s/Derek D. Dieter <br /> Member of the Common Council <br /> <br />Mr. Jeff McGowan, CPA, 210 S. Michigan Street, Suite 200, South Bend, Indiana, made <br />the presentation for this bill. <br /> <br />Mr. McGowan advised that R2 Diagnostics, Inc. manufactures and sells clot based <br />diagnostic kits that test for bleeding and clotting disorders. R2D uses proteins from <br />Enzyme Research Laboratories (ERL) to ensure the highest quality final products with no <br />lot-to-lot variation. ERL is the primary supplier of coagulation and fibrinolytic proteins <br />for the research community. The Company’s products are distributed worldwide to <br />researchers and pharmaceutical companies to aid in the development of novel therapeutic <br />compounds and assays to diagnose and treat coagulation/hemostatis disorders. R2D <br />intends to purchase equipment in the amount of $459,500 to complement current <br />equipment in order to support client demands and higher volume. Total Taxes to be paid <br />are estimated at $29,068. Per the petition, it is estimated that the total project will create <br />at least two (2) new, permanent full-time jobs in the first year of production with an <br />annual payroll of at least $65,000. The project will maintain fifteen (15) existing, <br />permanent, full-time jobs and one (1) part-time job with a total annual payroll of <br />$800,000. <br /> <br />A Public Hearing was held on the Resolution at this time. <br /> <br />Councilmember Henry Davis, Jr., asked Mr. McGowan if the tax abatement process was <br />a long arduous process. <br /> <br />Mr. McGowan stated no, he did not think of it that way. He stated that it’s much simpler <br />than the one to fill out for a building; the building is much more complex. He stated that <br /> 17 <br /> <br />