05-24-04 Council Meetng Minutes - Laserfiche WebLink

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REGULAR MEETING MAY 24,200 b. That the estimate of the number of individuals that will be employed or whose employment will be retained by the Petitioner can reasonable be expected to result from the proposed installation of new manufacturing equipment; That the estimate of the annual salaries of those individuals that will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed installation of new manufacturing equipment; 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 Commission, 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. J. Cower, Vice President Hubbell Incorporated (Delaware), 3902 W. Sample Street, South Bend, Indiana, made the presentation for this bill. Mr. Cower stated that Hubbell Electrical Products, is requesting a five (5) year personal property tax abatement and proposes to purchase manufacturing equipment to relocate a steel box cover line from Arden, North Carolina. The total cost is estimated to be $5,000,000. This project will not create any new permanent jobs, however, the project 13