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10-25-99 Council Meeting Minutes
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10-25-99 Council Meeting Minutes
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City Council - City Clerk
City Council - Document Type
Council Mtg Minutes
City Counci - Date
10/25/1999
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REGULAR MEETING <br />OCTOBER 25, 1999 <br />Council has reviewed said report and recommended to the Common Council that the area <br />qualifies as an Economic Revitalization Area. <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South <br />Bend, Indiana, as follows: <br />SECTION I. The Common Council hereby determines and finds pursuant to Indiana <br />Code 6 -1.1- 12.1 -4.5 et. seq., that: <br />a. The estimate of the cost of the new manufacturing equipment is reasonable for <br />equipment of that type; <br />b. That the estimate of the number of individuals that will be employed or whose <br />employment will be retained by the Petitioner can reasonably be expected to result <br />from the proposed installation of new manufacturing equipment; <br />C. That the estimate of the annual salaries of those individuals that will be employed or <br />whose employment will be retained by the Petitioner can be reasonably expected to <br />result from the proposed installation of new manufacturing equipment. <br />d. Any other benefits about which information was requested are benefits that can be <br />reasonably expected to result from the proposed new manufacturing equipment; and <br />e. The totality of benefits is sufficient to justify the deduction requested. <br />SECTION II. The Common Council hereby determines and finds that the proposed new <br />manufacturing equipment can be reasonably expected to yield the benefits identified in the <br />Statement of Benefits as set forth in Section 1 through 3 of the Petition for Personal Property Tax <br />Abatement Consideration and that the Statement of Benefits form completed by the petitioner, <br />said form being prescribed by the State Board of Accounts, are sufficient to justify the deduction <br />granted under Indiana Code 6- 1.1- 12.1 -4.5. <br />SECTION III. The Common Council hereby accepts the report and recommendation of <br />the Department of Community and Economic Development, and the Community and Economic <br />Development Committee's favorable recommendation, that the area herein described be <br />designated as an Economic Revitalization Area for purposes of personal property tax abatement <br />and hereby makes such a designation. <br />SECTION IV. The Common Council determines that such designation is for personal <br />property tax abatement only and shall be limited to two (2) calendar years from the date of the <br />adoption of this Resolution by the Common Council. <br />SECTION V. The Common Council hereby determines that the property owner is <br />qualified for and is granted property tax deduction for a period of five (5) years. <br />SECTION VI. The Common Council directs the City Clerk to cause notice of the <br />adoption of this Declaratory Resolution for Personal Property Tax Abatement to be published <br />pursuant to Indiana Code 5 -3 -1, said publication providing notice of the public hearing before the <br />Common Council on the proposed confirming of said declaration. <br />SECTION VII. This Resolution shall be in full force and effect from and after its <br />adoption by the Common Council and approval by the Mayor. <br />s /Sean Coleman <br />Member of the Common Council <br />Councilmember Kelly reported that the Community & Economic Development Committee met <br />
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