03-08-99 Council Meeting Minutes

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REGULAR MEETING MARCH 8, 1999 Abatement Consideration 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 Economic Development, and the Human Resources and Economic Development Committee's favorable recommendation, that the area herein described be designated as Economic Revitalization Area for purposes of personal property tax deduction for a period of five (5) years. 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 to be published pursuant to Indiana Code 5 -3 -1, said publication providing notice of the public hearing before the Common Council on 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/ Sean Coleman Member of the Common Council A public hearing was held on the resolution at this time. Council Member Kelly reported that the Community and Economic Development Committee had met on this bill and recommended it to the Council favorable. Gerald Lerman, 1121 E. Woodside, made the presentation for the resolution. He reported they are requesting this abatement in order to expand their facility on Riverside. He advised that this could cost between one and two million dollars. He informed the Council that the project would involve hiring at least seven full -time employees Council Member Kelly made a motion to adopt this resolution, seconded by Council Member Varner. The resolution was adopted by a roll call vote of nine ayes. RESOLUTION NO. 2710-99 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROVING THE FINDING OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION WITH RESPECT TO THE ISSUANCE OF NEW MONEY REVENUE BONDS IN THE AMOUNT NOT TO EXCEED TWENTY MILLION AND 00 /100 DOLLARS ($20,000,000.00) FOR THE FINANCING OF CERTAIN ECONOMIC DEVELOPMENT FACILITIES TO BE UNDERTAKEN BY SOUTHFIELD VILLAGE, INC., AND AUTHORIZING AND COMMITTING THE CITY OF SOUTH BEND, INDIANA, TO PROCEED WITH SUCH PROJECT, SUBJECT TO FINAL ACTION BY THIS COMMON COUNCIL WITH RESPECT TO THE TERMS AND CONDITIONS OF SUCH FINANCING Whereas, the City of South Bend, Indiana (the "City ") is authorized by 136-7-11.9 and 12 (the "Act ") to issue revenue bonds for the financing of economic development facilities, the funds from said financing to be used for the acquisition, construction, installation and equipping 8