09-10-01 Council Meeting Minutes

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REGULAR MEETING SEPTEMBER 10, 2001 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 (insert number) 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 /Charlotte Pfeifer Member of the Common Council Councilmember Coleman made a motion to combine Bill Nos. 01 -73 and 01 -74 for purposes of Public Hearing. Councilmember Varner seconded the motion which carried by a voice vote of six (6) ayes. Councilmember Kelly reported that the Community and Economic Development Committee met on these bills and recommends these Resolutions to the Council favorably. Mr. Gerald F. Lerman, Vice President, Steel Warehouse Company, 1121 East Woodside, South Bend, Indiana, made the presentation for these Resolutions. Mr. Lerman stated that these tax abatements are requested for a project to enlarge their existing operation by adding new equipment which will be housed in a building that will be approximately forty thousand (40,000) square feet at a cost of $1.1 million dollars. The equipment acquisition would range between $2.2 million dollars and $4.4 million dollars and would add a minimum of ten (10) new jobs and one (1) shift of operations. It is believed that this project will solidify their existing operation in a period of economic downturn in their industry. They also believe that to maintain their own strength they need to enlarge their product line and go out and reach their customers with products that they are not now able to service them with and thereby utilize existing equipment they have in addition to the new equipment they will be acquiring in this project. Mr. Lerman also noted that their annual contribution to the Urban Enterprise Zone is approximately two 24 J