07-12-04 Council Meeting Minutes

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REGULAR MEETING JULY 12, 2004 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, the Memorandum of Agreement between the Petitioner and the City of South Bend, 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 is 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/Karen L. White Member of the Common Council Councilmember Kelly, 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. John Heckaman, 1520 E. LaSalle Avenue, South Bend, Indiana, made the 1j presentation for this bill. Mr. Heckaman advised that Curtis Products provides fabricated tube assemblies for original equipment manufacturers engaged primarily in agricultural and automotive industries throughout the United States. The new equipment will allow the company to meet new production requirements necessary to fill recent contracts with John Deere and Meyer Stamping. Mr. Heckaman stated that the estimated total cost of the new equipment will be $350,000.00. The project will create 5-6 new, permanent jobs with the first year, representing a new annual payroll of$150,000-$180,000 and will maintain 99 existing permanent full-time and 30 existing part-time jobs representing an annual payroll of$3,662,920. 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 Kelly made a motion to adopt this 17