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REGULAR MEETING JULY 12, 2004 <br /> d. Any other benefits about which information was requested are benefits <br /> that can be reasonably expected to result from the proposed new manufacturing <br /> equipment; and <br /> e. The totality of benefits is sufficient to justify the deduction requested. <br /> SECTION II. The Common Council hereby determines and finds that the <br /> proposed new manufacturing equipment can be reasonably expected to yield the benefits <br /> identified in the Statement of Benefits as set forth in Sections 1 through 3 of the Petition <br /> for Personal Property Tax Abatement Consideration, the Memorandum of Agreement <br /> between the Petitioner and the City of South Bend and that the Statement of Benefit form <br /> completed by the petitioner, said form being prescribed by the State Board of Accounts, <br /> are sufficient to justify the deduction granted under Indiana Code 6-1. 1-12. 1-4.5. <br /> SECTION III. The Common Council hereby accepts the report and <br /> recommendation of the Department of Community and Economic Development, and the <br /> Community and Economic Development Committee's favorable recommendation, that <br /> the area herein described be designated as an Economic Revitalization Area for purposes <br /> of personal property tax abatement and hereby makes such a designation. <br /> SECTION IV. The Common Council determines that such designation is for <br /> personal property tax abatement only and shall be limited to two (2) calendar years from <br /> the date of the adoption of this Resolution by the Common Council. <br /> SECTION V. The Common Council hereby determines that the property owner <br /> is qualified for and is granted property tax deduction for a period of five (5) years. <br /> SECTION VI. The Common Council directs the City Clerk to cause notice of the <br /> adoption of this Declaratory Resolution for Personal Property Tax Abatement to be <br /> published pursuant to Indiana Code 5-3-1, said publication providing notice of the public <br /> hearing before the Common Council on the proposed confirming of said declaration. <br /> SECTION VII. This Resolution shall be in full force and effect from and after its <br /> adoption by the Common Council and approval by the Mayor. <br /> s/Karen L. White <br /> Member of the Common Council <br /> Councilmember Kelly, Chairperson, Community and Economic Development <br /> Committee, reported that this committee held a Public Hearing on this bill this afternoon <br /> and voted to send it to the full Council with a favorable recommendation. <br /> Mr. Gunther Jordan, 1137 S. Lafayette Blvd., South Bend, Indiana, made the presentation <br /> for this bill. <br /> Mr. Jordan thanked the Council for this Resolution designating a five (5) year tax <br /> abatement for Exacto Inc. of South Bend. Mr. Jordan advised that they propose to <br /> purchase manufacturing equipment to increase production capacity to meet increased <br /> customer demand. The total cost is estimated to be$600,000. The project will create 8 <br /> new, permanent jobs within the first year, representing a new annual payroll of$183,040 <br /> and will help maintain 78 existing permanent full-time jobs representing an annual <br /> payroll of$1,898,000. Mr. Jordan also stated that Exacto currently has 80 employees, <br /> which include 44 minority individuals, 5 Afro-American, 13 Asian, 26 Hispanic. He also <br /> stated that among the current 80 employees 9 are zone residents. <br /> A Public Hearing was held on the Resolution at this time. <br /> There being no one present wishing to speak to the Council either in favor of or in <br /> opposition to this Resolution, Councilmember Coleman made a motion to adopt this <br /> 19 <br />