09-27-99 Council Meeting Minutes

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REGULAR MEETING SEPTEMBER 27, 1999 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 ofbenefits 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 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 and Economic Development Committee met on these Resolutions and sends them to the Council with favorable recommendations. Mr. Philip J. Faccenda, Jr., Barnes & Thornburg, 6001St Source Center, 100 North Michigan Street, South Bend, Indiana, made the presentation for this Resolution on behalf of the Petitioners, Lock Joint Tube, Inc.. Mr. Faccenda informed the Council that Mr. Bob Strzelecki, Controller for Lock Joint Tube was also present. Mr. Faccenda noted that these are personal property and real property tax abatements for the facility located at 1215 South Walnut Street which manufactures commercial steel tubing. This is Phase I of two for the Walnut Street facility. A new building addition will be constructed and new manufacturing equipment will be installed to expand the production line. Mr. Faccenda further noted that Phase II will occur sometime in 2001 which will include an additional expansion at a cost , of four million dollars ($4,000,000.00). A Public Hearing was held on these Resolutions at this time. There was no one present wishing to speak to the Council either in favor of or in opposition to these Resolutions. Councilmember Kelly made a motion to adopt Resolution No. 2791 -99. Councilmember Hosinski seconded the motion which carried and the Resolution was adopted by a roll call vote of nine (9) ayes.