10-25-99 Council Meeting Minutes

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REGULAR MEETING OCTOBER 25. 1999 WHEREAS, the Common Council of the City of South Bend, Indiana, has adopted a Declaratory Resolution, Resolution Number 2590 -98 adopted on March 23, 1998, designating certain areas within the City as Economic Revitalization Areas for the purpose of tax abatement consideration; and WHEREAS, a Declaratory Resolution designated the area commonly known as 3735 William Richardson Drive, South Bend, Indiana, and which is more particularly described as follows: Lot Numbered Eight A (8A) as shown on the recorded Plat of Toll Road Industrial Park Second Minor Subdivision, recorded December 1, 1991 as Document 9540654 in the Office of the Recorder of St. Joseph County, Indiana and which has Key Number 25- 1013 - 021112, as an Economic Revitalization Area; and WHEREAS, notice of the adoption of a Declaratory Resolution and the public hearing before the Council has been published pursuant to Indiana Code 6 -1.1- 12.1 -2.5; and WHEREAS, the Council held a public hearing for the purposes of hearing all remonstrances and objections from interested persons; and WHEREAS, the Council has determined that the qualifications for an economic revitalization area have been met. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION 1. The Common Council hereby confirms its Declaratory Resolution designating the area described herein as an Economic Revitalization Area for the purposes of tax abatement. Such designation is for Real property tax abatement only and is limited to two (2) calendar years from the date of adoption of the Declaratory Resolution by the Common Council. SECTION II. The Common Council pursuant to Section 2 -84 of the South Bend Municipal Code finds that three (3) years is a proper designation in light of the following: 1. Michiana Midget Motors needs the reduced taxes in order to ease the financial burden associated with moving the company and allow the company to remain competitive in an industry with increasing foreign competition; 2. The abatement will provide the additional cash flow necessary to develop new products and to purchase the necessary tooling to have these products made; 3. The abatement will help support the pursuit of expanded domestic sales and increased foreign sales. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of three (3) years. SECTION III. The Common Council hereby determines that the property owner is qualified for and is granted Real property tax deduction for a period of three (3) years, and further determines that the petition complies with Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code 6- 1.1 -12 et sea. SECTION IV. This Resolution shall be in full force and effect from and after its adopted by the Common Council and approved by the Mayor. s /Sean Coleman Member of the Common Council