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REGULAR MEETING MARCH 12,1998 <br />CERTAIN AREAS WITHIN THE CITY OF SOUTH <br />BEND, INDIANA, COMMONLY KNOWN AS 3702 W. <br />SAMPLE STREET, SUITE 1125, AN ECONOMIC <br />REVITALIZATION AREA FOR PURPOSES OF A <br />FIVE (5) YEAR PERSONAL PROPERTY TAX <br />ABATEMENT FOR TRIANGLE MACHINE, INC. <br />WHEREAS, a petition for personal property tax abatement <br />consideration has been filed with'the Common Council of the City <br />of South Bend, requesting that the area commonly known as 1137 S. <br />Lafayette Blvd., South Bend, India*�a, and which is more <br />particularly described as follows;'` <br />Parcel of land, North West of North East Section 1637 2E. <br />Containing 5.4021 2E acre or les <br />and this property has Key Numbers 18 8112 421507, be designated <br />as an Economic Revitalization Area under the provisions of <br />Indiana Code 6 -1,1- 12.1 -1 et sea., and South Bend Municipal Code <br />Section 2 -76 et sea.: and' <br />WHEREAS, the Department of Economic Development has <br />concluded an investigation and pre^ared a report with information <br />sufficient for the Common'Council to determine that the area <br />qualifies as an Economic Revitalization Area under Indiana Code <br />6 -1.1- 12.1 -1, et segz and South Fiend Municipal Code Sections 2- <br />76 et sea. and has further prepared maps and plats showing the <br />boundaries and such other information regarding the area in <br />question as required by law; and <br />WHEREAS, the Human Resources lLnd Economic Development <br />Committee of the Common Council ha.s reviewed said report and <br />recommended to the Common Council that the area qualifies as an <br />Economic Revitalization Area. <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the <br />City of South Fiend, Indiana, as follows: <br />SECTION I. The Common hereby determines and finds <br />pursuant to Indiana Code 6- 1.1- 12.3 -4.5, that: <br />(a) the estimate of the cost of the new manufacturing <br />equipment is reasonable -for equipment of that type; <br />(b) the estimate of the number of individuals that will be <br />employed or whose employment will be retained by the <br />Petitioner can be reasonably expected to result from <br />the proposed installation of new manufacturing <br />equipment; <br />(c) the estimate of the annual salaries of those <br />individuals who will be` employed or whose employment <br />will be retained can be reasonably expected to result <br />from the proposed installation of new equipment; <br />(d) any other benefits about which information was <br />requested are benefits that can be reasonably expected <br />to result from the proposed installation of new <br />manufacturing equipment and <br />(e) the totality of benefits is sufficient to justify the <br />deduction requested. <br />SECTION II. The Common Council hereby determines and finds <br />that the proposed new manufacturing equipment can be reasonably <br />expected to yield the benefits identified in the State of <br />Benefits as set forth in Section 1 through 3 of the Petition for <br />Personal Property Tax Abatement Consideration and that the <br />Statement of Benefits form.completed by the Petitioner, said form <br />being prescribed by the State Board of Accounts, are sufficient <br />