08/13/07 Council Meeting Minutes

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REGULAR MEETING AUGUST 13, 2007 b. The estimate of the number of individuals who will be employed or whose employment will be retained can be reasonably expected to result from the proposed installation of new manufacturing equipment. c. The estimate of the annual salaries of the individuals who will be employed or whose employment will be retained can be reasonably expected to result from the proposed installation of new manufacturing equipment. d. Any other benefits about which information was requested are benefits that can be reasonably expected to result from proposed installation of new manufacturing equipment. e. The totality of the benefits is sufficient to justify the granting of the requested deduction. SECTION II. The Amended Statement of Benefits is hereby approved and the installation of new manufacturing equipment and redevelopment of real property as described therein are eligible for deductions from assessed value of the property as per LC. § 6-1.1-12.1-1 et seq. for a period of five (5) years. SECTION III. Except to the extent amended as set forth herein, Resolution 3669- 06 shall continue in full force and effect. SECTION IV. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. s/Timothy A. Rouse Member of the Common Council Councilmember Dieter, Chairperson, Community and Economic Development Committee, reported that this committee held a Public Hearing on this bill this afternoon and voted to send it to the full Council with a favorable recommendation. Mr. Nevin J. Siqueira, President, Value Production, Inc., 2629 Foundation Drive, South Bend, Indiana, made the presentation for this bill. Mr. Siqueira advised that Value Production is a modern production machining facility. They provide one-stop shopping for design, prototypes, and production, and is an ISO 9001:2000 certified company. Value Production was established in October of 2000. The company manufactures tooling for use in the aerospace, automotive, medical, and commercial markets. The company will purchase a new, high-end mill and lathe for their custom aerospace manufacturing needs. The project will invest $500,000 in this new equipment. A Public Hearing was held on the Resolution at this time. There being no one present wishing to speak to the Council either in favor of or in opposition to this Resolution, Councilmember Dieter made a motion to adopt this Resolution. Councilmember Varner seconded the motion which carried and the Resolution was adopted by a roll call vote of nine (9) ayes. BILL NO. 07-99 A RESOLUTION WAIVING CONDITIONS PRECEDENT TO THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING 10