11-24-97 Council Meeting Minutes

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REGULAR MEETING NOVEMBER 24, 1997 (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. 2527 -97 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 515 WEST IRELAND ROAD, SOUTH BEND, INDIANA, AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A TEN (10) YEAR REAL PROPERTY TAX ABATEMENT FOR LOCK JOINT TUBE, INC. WHEREAS, a petition for real property tax abatement has been filed with the City Clerk for consideration by the Common Council of the City of South Bend, Indiana requesting that the area commonly known as 515 W. Ireland Rd., South Bend, Indiana, and which is more particularly described as follows: A parcel of land located in the Southeast Quarter of the Northeast Quarter of Section 26, Township 37 North, Range 2 East, more particularly described as follows: Beginning at a point on the East -West centerline of said Section 26, a distance of 400.00 feet South 90000'00" West (bearing assumed for this survey) of the Southeast corner of said Northeast Quarter of Section 26; thence South 90058107" East, along the West line of said Southeast Quarter of the Northeast Quarter, a distance of 996.17 feet to an iron found this survey 314.00 feet South 0058107" West of a stone found this survey which marks the Northwest corner of said Quarter, Quarter Section; thence North 89044116" East a 7 1