08/13/07 Council Meeting Minutes

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REGULAR MEETING AUGUST 13, 2007 (d) any other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed new manufacturing equipment; and (e) the totality of benefits is sufficient to justify the deduction requested. 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 the 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 if qualified for and is granted property tax deduction for a period of five (5) years. 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/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 these bills this afternoon and voted to send them to the full Council with a favorable recommendation. Mr. Gerald Lerman, Vice President/Treasurer, Steel Warehouse Company LLC and Affiliates and Equipment Lessors, 2722 Tucker Drive, South Bend, Indiana, made the presentation for these bills. Mt. Lerman advised that Steel Warehouse Company LLC is a steel service center with a primary focus on flat rolled, low carbon steel with operations involving slitting, leveling, pickling, shearing, temper rolling, and cold reducing. The petitioner also supplies profiling parts through its plasma and laser cutting operations. In connection with its operations, the company takes substantial positions in steel and steel products for the future sale and marketing of the same to is customers. The first abatement request for personal property at 2722 W. Tucker involves the acquisition of equipment for manufacturing, servicing, processing and material handling of steel and steel products, having a total cost expected to be from $2,500,000 to $5,000,000. The acquisition will enable the company to add capacity to and to modernize its existing manufacturing equipment and facilities at this location. The second abatement request for personal property at 1400 W. Riverside is for the acquisition of equipment for manufacturing, servicing and processing equipment having a total cost between $1,500,000 and 30