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REGULAR MEETING <br />FEBRUARY 24, 1997 <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 />to justify the deduction granted under Indiana Code 6- 1.1 -12.1- <br />4.5. <br />SECTION III. The Common Council hereby accepts the report <br />and recommendation of the Department of Economic Development, and <br />the Human Resources and Economic Development Committee's <br />favorable recommendation, that the area herein described be <br />designated as Economic Revitalization Area for purposes of <br />personal property tax deduction for a period of five (5) years. <br />SECTION IV. The Common Council determines that such <br />designation is for personal property tax abatement only and shall <br />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 <br />property owner is qualified for and is granted property tax <br />deduction for a period of five (5) years. <br />SECTION VI. The Common Council directs the City Clerk to <br />cause notice of the adoption of this Declaratory Resolution to be <br />published pursuant to Indiana Code 5 -3 -1, said publication <br />providing notice of the public hearing before the Common Council <br />on said declaration. <br />SECTION VII. This resolution shall be in full force and <br />effect from and after its adoption by the Common Council and <br />approval by the Mayor. <br />Ls/ Roland Kelly <br />Member of the Common Council <br />A public hearing was held on the resolution at this time. <br />Council Member Broden reported that the Community and Economic <br />Development Committee had met on this resolution and recommended <br />it to the Council favorable. Edward Certisimo, representative of <br />Alliedsignal, made the presentation for the resolution. He <br />indicated they plan to purchase and refurbishing manufacturing <br />equipment at a cost of over 27 million dollars. He indicated <br />this project resulted from the growth of the commercial airline <br />industry. Council Member Varner made a motion to adopt this <br />resolution, seconded by Council Member Pfeifer. The motion <br />carried on a roll call vote of nine ayes. <br />BILLS. FIRST READING <br />BILL NO. 13 -97 A BILL TO VACATE THE FOLLOWING DESCRIBED PROPERTY: <br />THE FIRST NORTH -SOUTH ALLEY EAST OF SOUTH MAPLE <br />STREET FROM THE SOUTH RIGHT -OF -WAY OF WEST <br />WASHINGTON STREET TO THE NORTH ALLEY LINE OF THE <br />FIRST EAST -WEST ALLEY SOUTH OF WEST WASHINGTON <br />STREET FOR A DISTANCE OF APPROXIMATELY 144.5 FEET <br />IN LENGTH AND A WIDTH OF 14 FEET. PART LOCATED IN <br />EVAN'S SUB OF B.O.L. 88 AND BAKERS SUB OF B.O.L. <br />87, CITY OF SOUTH BEND, ST. JOSEPH COUNTY, INDIANA <br />This bill had first reading. Council Member Varner made a motion <br />to refer this bill to the Public Works and Property Vacation <br />Committee and set it for public hearing and third reading on <br />March 10, seconded by Council Member Pfeifer. The motion <br />carried. <br />BILL NO. 14 -97 A BILL OF THE COMMON COUNCIL OF THE CITY OF SOUTH <br />BEND, INDIANA, APPROPRIATING $500,000 FROM THE <br />