10-10-94 Council Meeting Minutes

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REGULAR MEETING OCTOBER 10, 1994 Revitalization Area under the provisions of Indiana Code 6 -1.1- 12.1 -1 et sec., and South Bend Municipal Code Sections 2 -76 et sue.; and WHEREAS, the Department of Economic Development has concluded prepared a report with information sufficient for the Common that the area qualifies as an Economic Revitalization Area unde 12.1 -1, et seg., and South Bend Municipal Code Sections 2 -76 et prepared maps and plats showing the boundaries and such other the area in question as required by law; and an investigation and Council to determine r Indiana Code 6-1.1 - see ., and has further information regarding WHEREAS, the Human Resources and Economic Development Committee of the Common Council has reviewed said report and recommend to the Common Council that the area qualifies as an Economic Revitalization Area. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby determines and finds pursuant to Indiana Code 6- 1.1- 12.1 -4.5, that: (a) the estimate of the cost of the new manufacturing equipment is reasonable for equipment of the type; (b) the estimate of the number of individuals that will be employed or whose employment will be retained by the Petitioner can be reasonable 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 Statement 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 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 abatement and hereby makes such a designation. SECTION IV. The Common Council determines that the property owner is qualified 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 owners is qualified for and is granted property tax deduction for a period of five years (5) . 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 IX. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. /s/ Ann Puzzello Member of the Common Council A public hearing was held on the resolution at this time. Council Member Kelly reported that the Community and Economic Development Committee had met on this bill and recommend it to the Council favorable. Rick Jones, Director of Finance, made the presentation for the resolution. He indicated they manufactured electronic components and accessories, a were planning to spend $3,000,000 to purchase machinery and tooling, in order to be competitive. He indicated they planned to maintain their present staff and add approxi- mately 10 new jobs. Council Member Kelly made a motion to adopt this resolution, second by Council Member Ladewski. The resolution was adopted bya roll call vote of nine ayes. RESOLUTION NO. 218& -94 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 3707 west lathrop STREET AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A 3 YEAR REAL PROPERTY TAX ABATEMENT FOR METRO BEVERAGES, INC. 5