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REGULAR MINUTES APRIL 27,1998 <br />ABATEMENT FOR O -T -D CORPORATION <br />WHEREAS, a petition for personal property tax abatement <br />consideration has been filed with the Common Council of the City of <br />South Bend, requesting that the area commonly known as 3722 <br />Foundation Drive, South Bend, Indiana, and which is more <br />particularly described as follows: <br />LOT NUMBERED TWO (2) AS SHOWN ON THE RECORDED PLAT OF METRO - <br />ALEDO MINOR SUBDIVISION, RECORDED OCTOBER 31, 1994 IN THE <br />OFFICE OF THE RECORDER OF ST. JOSEPH COUNTY, INDIANA, AS <br />INSTRUMENT NO. 9440809, SITUATED IN ST. JOSEPH COUNTY, STATE <br />OF INDIANA <br />and this property has Key Number 25 1010 040018, be designated as <br />an Economic Revitalization Area under the provisions of Indiana <br />Code 6 -1,1- 12.1 -1 et sea., and South Bend Municipal Code Section 2- <br />76 et sea.; and <br />WHEREAS, the Department of Economic Development has concluded <br />an investigation and prepared a report with information sufficient <br />for the Common Council to determine that the area qualifies as an <br />Economic Revitalization Area under Indiana Code 6 -1.1- 12.1 -1, et <br />seq., and South Bend Municipal Code Sections 2 -76 et sea. and has <br />further prepared maps and plats showing the boundaries and such <br />other information regarding the area in question as required by <br />law; and <br />WHEREAS, the Human Resources and Economic Development <br />Committee of the Common Council has 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 Bend, Indiana, as follows: <br />SECTION I. The Common Council hereby determines and finds <br />pursuant to Indiana Code-6-1.1-12.1-4.5, 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 <br />be employed or whose employment will be retained by <br />the Petitioner can be reasonably expected to result <br />from 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 <br />expected to result from the proposed installation of <br />new 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 Benefits <br />as set forth in Section 1 through 3 of the Petition for Personal <br />Property Tax Abatement Consideration and that the Statement of <br />Benefits form completed by the Petitioner, said form being <br />prescribed by the State Board of Accounts, are sufficient to <br />justify the deduction granted under Indiana Code 6 -1.1- 12.1 -4.5. <br />SECTION III. The Common Council hereby accepts the report and <br />recommendation of the Department of Economic Development, and the <br />Human Resources and Economic Development Committee's favorable <br />recommendation, that the area herein described be designated as <br />I_- <br />1 <br />I- <br />