12-09-02 Council Meeting Minutes

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REGULAR MEETING DECEMBER 9, 2002 E. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation; and F. That the totality of benefits is sufficient to justify the requested deduction, all of which satisfy the requirements of Indiana Code 6 -1.1- 12.1 -3. SECTION III. The Common Council hereby determines and finds that the proposed described redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the Statement of Benefits set forth as Sections I through II of the Petition for Real Property Tax Abatement Consideration and that the Statement of Benefits form prescribed by the State Board of Accounts are sufficient to justify the deduction granted under Indiana Code 6- 1.1- 12.1 -3. SECTION IV. The Common Council hereby accepts the report and recommendation of the Community and Economic Development Committee that the area herein described be designated as an Economic Revitalization Area and hereby adopts a Resolution designating this area as an Economic Revitalization Area for purposes of real property tax abatement. SECTION V. The designation as an Economic Revitalization Area shall be limited to two (2) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION VI. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of three (3) years. SECTION VII. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana Code 5 -3 -1 and Indiana Code 6-1.1-12.1-2.5, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaration. SECTION VIII. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. s/Roland Kelly Member of the Common Council Councilmember King reported that the Community and Economic Development Committee held a Public Hearing this afternoon and voted unanimously to send this Resolution to the Council with a favorable recommendation. Mr. Dan Ceglia, Chief Operating Officer, Advantage Puck Technologies, no address given, made the presentation for this Resolution. Mr. Ceglia advised that Advantage Puck Technologies is a manufacturer of injection molded plastic pieces used to hold various size metal, glass and plastic containers used primarily in the cosmetics industry. The plastic holders are designed to stabilize the containers during labeling, filling, and/or capping processes. Advantage Puck is currently in the process of purchasing the former Canteen Services building located on North Sheridan Avenue. The building will be completely renovated and a ten thousand (10,000) square foot addition will be constructed. The total cost of the building addition is estimated at two hundred seventy thousand ($270,000.00). In addition to the building expansion project, Advantage Puck will expand its production capabilities with the purchase and/or lease of two (2) to three (3) new injection molding machines, new grinders, lathes and mills. The total cost for the new equipment is estimated at two hundred fifty thousand ($250,000.00) which makes the total project cost approximately five hundred twenty thousand ($520,000.00) not including the acquisition or renovation of the existing building. Mr. Ceglia displayed the various sizes of pucks that are utilized in this operation. -17-