02-23-04 Council Meeting Minutes

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REGULAR MEETING FEBRUARY 23 2004 RESOLUTION NO. 3305-04 A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 2629 FOUNDATION DRIVE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A FIVE (5) YEAR PERSONAL PROPERTY TAX ABATEMENT FOR VALUE PRODUCTION, INC. WHEREAS,a petition for personal property tax abatement consideration has been filed with the City Clerk for consideration by the Common Council of the City of South Bend, Indiana, requesting that the area commonly known as 2629 Foundation Drive, South Bend, Indiana, and which is more particularly described as follows: 316.80'N & S x 450' E &W Beg 211.27' W & 1590.40 N SE Cor SW Sec 28-38-2E 3.27 Ac and which has Key Number 25-1010-010012 as an Economic Revitalization Area; and WHEREAS, notice of the adoption of a Declaratory Resolution and the public hearing before the Council has been published pursuant to Indiana Code 6-1.1-12.1-2.5; and WHEREAS, the Council held a public hearing for the purposes of hearing all remonstrances and objections from interested persons; and WHEREAS, the Council has determined that the qualifications for an economic revitalization area have been met. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby confirms its Declaratory Resolution designating the area described herein as an Economic Revitalization Area for the purposes of tax abatement. Such designation is for Personal property tax abatement only and is limited to two (2) calendar years from the date of adoption of the Declaratory Resolution by the Common Council. SECTION II. The Common Council hereby determines that the property owner is qualified for and is granted Personal property tax deduction for a period of five (5) years, and further determines that the petition complies with Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code 6-1.1-12 et seq. SECTION III. 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 Mr. Nevin J. Siqueira,President, Value Production, Inc., 2129 Rockne Drive, South Bend, Indiana, made the presentation for this bill. Mr. Siqueira advised that this petition is for a personal property tax abatement for Value Production, Inc., which manufactures tooling for use in the aerospace, automotive,medical and commercial markets. Mr. Siqueira also noted that their products are used all over the world. This project calls for the purchase of new equipment that include two (2) mills, one (1) lathe and -7-