07-12-99 Council Meeting Minutes

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REGULAR MEETING JULY 12, 1999 the Statement of Benefits set forth as Sections I through II of the Petitioner 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 ten (10) 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 /Sean Coleman Member of the Common Council Councilmember Kelly reported that the Community & Economic Development Committee met on this Resolution and sends it to the Council with a favorable recommendation. Mr. David R. Yarborough, Vice - President, Dynamic Industries, Inc., 3611 Woodburn Avenue, Cincinnati, Ohio, made the presentation for these Resolutions. Mr. Yarborogh stated that Dynamic Industries provides contract machining services for a variety of capital goods industries. They have outgrown their existing facility and propose to build a new fifty thousand (50,000) square foot facility on seven (7) acres in the US31 Industrial Park. They also propose to spend $1.5 million dollars for new equipment that will not fit in the existing building. A Public Hearing was held on the Resolution at this time. There was no one present wishing to address the Council either in favor of or in opposition to this Resolution. Councilmember Hosinski informed members that he will recuse himself from voting on these two (2) Resolutions. Therefore, Councilmember Aranowski made a motion to adopt Resolution No. 2765 -99. Councilmember Sniadecki seconded the motion which carried and the Resolution was adopted by a roll call vote of eight (8) ayes with Councilmember Hosinski recusing himself. Additionally, Councilmember Aranowski made a motion to adopt Resolution No. 2766 -99. Councilmember Sniadecki seconded the motion which carried and the Resolution was adopted by a roll call vote of eight (8) ayes with Councilmember Hosinski recusing himself.