07-28-97 Council Meeting Minutes

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REGULAR MINUTES JULY 28, 1997 type; (b) the estimate of the number of individuals that will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed installation of new manufacturing equipment; (c) the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained can be reasonably expected to result from the proposed installation of new equipment; (d) any other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed installation of new manufacturing equipment; and (e) the totality of benefits is sufficient to justify the deduction requested. SECTION II. The Common Council hereby determines and finds that the proposed new manufacturing equipment can be reasonably expected to yield the benefits identified in the State of Benefits as set forth in Section 1 through 3 of the Petition for Personal Property Tax Abatement Consideration and that the Statement of Benefits form completed by the Petitioner, said form being prescribed by the State Board of Accounts, are sufficient to justify the deduction granted under Indiana Code 6- 1.1 -12.1- 4.5. SECTION III. The Common Council hereby accepts the report and recommendation of the Department of Economic Development, and the Human Resources and Economic Development Committee's favorable recommendation, that the area herein described be designated as Economic Revitalization Area for purposes of personal property tax deduction for a period of five (5) years. SECTION IV. The Common Council determines that such designation is for personal property tax abatement only and shall be limited to two (2) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION V. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of five (5) years. SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution to be published pursuant to Indiana Code 5 -3 -1, said publication providing notice of the public hearing before the Common Council on said declaration. SECTION VII. This resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. /s/ Roland Kelly Member of the Common Council RESOLUTION NO. 2491 -97 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS 2722 TUCKER DRIVE, SOUTH BEND, INDIANA, AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF REAL PROPERTY TAX ABATEMENT FOR PURPOSES OF A TEN (10) YEAR REAL PROPERTY TAX ABATEMENT FOR STEEL WAREHOUSE OF INDIANA, INC., STEEL WAREHOUSE CO., INC., ALLAN LERMAN, FRANCES LERMAN, NATHAN LERMAN AND A & F REALTY CO. WHEREAS, a petition for real property tax abatement has been - __J 1