10-12-92 Council Meeting Minutes

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415 REGULAR MEETING OCTOBER 12, 1992 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 that type; (b) the estimate of the number of individuals that will be expected to result from the proposed installation of new manufacturing equipment; (c) the estimate of the annual salaries of those individuals who will 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 -4.5. 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 abatement and hereby makes such a designation, 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 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/ Stephen Luecke Member of the Common Council A public hearing was held on the resolution at this time. Council Member Kelly reported that the Human Resources Committee had met on this bill and recommended it to the Council favorable. Jim Seeber, a representative of Eaton Corporation, made the presentation for the bill. He indicated they planned to relocate two trim presses and other equipment from their Marion, Ohio facility to South Bend, as well as purchase new equipment with will cost $440,000, bring the total project to $2,500,000. He indicated when this project is finished it will almost double the current production capacity of the South Bend facility. He indicated they will create 39 new full time positions. Council Member Coleman made a motion to adopt this resolution, seconded by Council Member Zakrzewski. The motion carried on a roll call vote of nine ayes. RESOLUTION NO. 1976 -92 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 3601 MCGILL STREET AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A THREE (3) YEAR REAL PROPERTY TAX ABATEMENT FOR PRECISION MILLWORK & PLASTICS 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 3601 McGill, South Bend, Indiana, and which is more particularly described as follows: A part of the NE 1/4 of Section 28, Township 38 North, Range 2 East, City of South Bend, St. Joseph County, Indiana, described as follows: Commencing at the Northeast corner of said Section 28; thence South 89048'05" West along the North line of said Quarter Section, 1305.00 feet; thence South OOo00'23" West along the centerline of Kenmore Street, 363.70 feet; thence South 09059'37" East along said centerline, 486.87 feet to the centerline