04-28-92 Council Meeting Mniutes

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�6ryr Indiana, requesting that the area commonly known as 515 W. Ireland, South Bend, Indiana, and which is more particularly described as follows: SE 1/4, NE 1/4 except SE and NE Corners, Section 26- 37 -2E, 26,592 acres. and which has Key Number 23 1013 0758, be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1.1- 12.1 -1 et seq., and South Bend Municipal Code Sections 2 -76 et seq. and; WHEREAS, the Department of Economic Development has concluded an investigation and prepared a report with information sufficient for the Common Council to determine that the area qualifies as an Economic Revitalization Area under Indiana Code 6 -1.1- 12.1 -1, et seq., and South Bend Municipal Code Sections 2 -76, et seq., and has further prepared maps and plats showing the boundaries and such other information regarding the area in question as required by law; and Whereas, the Human resources and Economic Development Committee of the Common Council has reviewed said report and recommended 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 that the petition for Real Property Tax Abatement and the Statement of Benefits form completed by the Petitioner meet the requirements of I.C. 6 -1.1- 12.1 -1 et seq., and qualifies under the provisions of South Bend Municipal Code Section 2 -76 et seq., for tax abatement. Section II. The Common Council hereby determines and finds the following: A. That the description of the proposed redevelopment or rehabilitation meets the applicable standards for such development. B. That the estimate of the value of the redevelopment or rehabilitation is reasonable for projects of this nature; C. That the estimate of the number of individuals who will be employed or whose employment will be retained by the Petitioner can reasonably be expected to result from the proposed described redevelopment of rehabilitation: D. That 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 redevelopment or rehabilitation; E. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation; and F. That the totality of benefits is sufficient to justify the deduction, all of which satisfy the requirements of I.C. 6 -1.1- 12.1 -3. Section III. The Common Council hereby determines and finds that the proposed described redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the Statement of Benefits set forth as sections I through II of the Petition for Real Property Tax Abatement Consideration and that the Statement of Benefits form prescribed by the State Board of Accounts are sufficient to justify the deduction granted under Section 6 -1.1- 12.1 -3 of the Indiana Code. Section IV. Pursuant to Section 2 -84 of the Municipal Code of the City of South Bend, the Common Council hereby accepts the recommendations of the Council's Human Resources and Economic Development Committee represented in this substitute resolution. The Common Council hereby makes the following specific findings which support its conclusion that the Petitioner, Toro South Bend Manufacturing, qualifies for a ten (10) year abatement and that the area described herein should be declared an economic revitalization area: (1) The Petitioner has met the economic obsolescence factor requirements for land and building due to previously declining production, as evidenced by the written report of the St. Joseph County Assessor. (2) The petitioner was under study for a plant closing due to declining production since 1989. The Petitioner committed to keep the South Bend facility open, to reinvest in this location, their employee agreed to have their wages frozen for two (2) years, and that the Mississippi plant would be closed instead. (3) The Petitioner's 221,355 square foot facility and 1,000 square foot addition will create thirty -one (31) new permanent full -time jobs with an annual payroll of $425,197, plus maintain two hundred and seventy -five (275) existing permanent full -time jobs with an annual payroll of $4,723,127. (4) The Petitioner plans to produce Lawn Boy, Toro, and Ford lawn and garden equipment, and plans to utilize local inventory sources then export to other states; all of which will have a positive impact on the economy. Section IV. The Common Council hereby accepts the report and recommendation of the Human Resources and Economic Development Committee that the area herein