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12-10-12 Common Council Meeting Minutes
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12-10-12 Common Council Meeting Minutes
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REGULAR MEETING DECEMBER 10, 2012 <br /> <br /> <br /> <br /> <br />SECTION I. The Common Council hereby determines and finds pursuant to Indiana Code 6- <br />1.1-12.1-4.5 et seq., that: <br /> <br /> <br />a. The estimate of the cost of the new manufacturing equipment is reasonable for equipment <br />of that type; <br /> <br />b. That the estimate of the number of individuals that will be employed or whose <br />employment will be retained by the Petitioner can reasonably be expected to result from the <br />proposed installation of new manufacturing equipment; <br /> <br />c. That the estimate of the annual salaries of those individuals that will be employed or <br />whose employment will be retained by the Petitioner can be reasonably expected to result from <br />the proposed installation of new manufacturing equipment; <br /> <br />d. Any other benefits about which information was requested are benefits that can be <br />reasonably expected to result from the proposed new manufacturing equipment; and <br /> <br />e. The totality of benefits is sufficient to justify the deduction requested. <br /> <br />SECTION II. The Common Council hereby determines and finds that the proposed new <br />manufacturing equipment can be reasonably expected to yield the benefits identified in the <br />Statement of Benefits as set forth in Sections 1 through 3 of the Petition for Personal Property <br />Tax Abatement Consideration and that Statement of Benefits form completed by the petitioner, <br />said form being prescribed by the State Board of Accounts, are sufficient to justify the deduction <br />granted under Indiana Code 6-1.1-12.1-4.5. <br /> <br />SECTION III. The Common Council hereby accepts the report and recommendation of the <br />Department of Community and Economic Development, and the Community and Economic <br />Development Committee's favorable recommendation, that the area herein described be <br />designated as an Economic Revitalization Area for purposes of personal property tax abatement <br />and hereby makes such a designation. <br /> <br />SECTION IV. The Common Council determines that such designation is for personal property <br />tax abatement only and shall be limited to two (2) calendar years from the date of the adoption of <br />this Resolution by the Common Council. <br /> <br />SECTION V. The Common Council hereby determines that the property owner is qualified for <br />and is granted property tax deduction for a period of five (5) years. <br /> <br />SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption of <br />this Declaratory Resolution for Personal Property Tax Abatement to be published pursuant to <br />Indiana Code 5-3-1, said publication providing notice of the public hearing before the Common <br />Council on the proposed confirming of said declaration. <br /> <br />SECTION VII. This Resolution shall be in full force and effect from and after its adoption by <br />the Common Council and approval by the Mayor. <br /> <br /> s/Derek 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 and <br />voted to send it to the full Council with a favorable recommendation. <br /> <br />Mai Tran, 3702 W. Sample St., Suite 1125, South Bend, Indiana, made the presentation for this <br />bill. <br /> <br />Ms. Tran advised that Triangle Machine Inc. manufactures machined components for a wide <br />variety of industries such as aerospace, automotive, and orthopedic. They intend to replace a <br />17 <br /> <br /> <br />
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