11-23-87 Council Meeting Minutes

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v Im (B) If the proposed new manufacturing equipment is not installed and deduction is granted, the approximate current year tax rate for the City would be $15.0752; - (C) If the proposed new manufacturing equipment is installed, the deduction is granted, and a deduction percentage of eighty percent (800) is assumed, the approximate current year tax for the City would be $15.0775; SECTION III. That 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 sections 1 through 3 of the Petition for Personal Property Tax Abatement Consideration and the statement of benefits is sufficient to justify the deduction granted under Section 6 -1.1- 12.1 -4.5 of the Indiana Code. SECTION IV. That the Common Council hereby accepts the report and recommendation of the Human Resources and Economic Development Committee that the area herein described be designated an Economic Development area for purpose of personal property tax abatement and hereby makes such a designation. SECTION V. That the Common Council determines that such designation is for personal property tax abatement only and shall be limited to five calendar years from the date of the adoption of this resolution by the Common Council. SECTION VI. That the Common Council directs the City Clerk to cause notice of the adoption of this resolution to be published, said publication providing notice of the public hearing before the Common Council on said declaration. SECTION VIII. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. s /Joseph T. Serge Member of the Common Council A public hearing was held on the resolutions at this time. Council Member Voorde made a motion to amend the resolution no. 87 -91 in Section 2, (a) insert 15.0781; (b) insert 15.0752; (c) insert 15.0775, seconded by Council Member Zakrzewski. The motion carried. Council Member Voorde made a motion to amend the resolution no. 87 -92 in Section 2, (a) insert 15.0781; (b) insert 15.0752; (c) insert 15.0775; delete sections six and seven and renumber section 8 to section 6 and section 9 to second 7, seconded by Council Member Zakrzewski. The motion carried. Susan Horstmann, controller of Automatic Molded Plastics, indicated they planned to acquire a vacant building and revamp it into a facility for painting, finishing and sub - assembly of parts. she indicated sixty -five new jobs will be created in the first year and they will maintain ninety -five existing jobs. Council Member Taylor made a motion to adopt Resolution No. 1550 -87, seconded by Council Member Zakrzewski. The resolution was adopted by a roll call vote of nine ayes. Council Member Taylor made a motion to adopt Resolution No. 1551 -87, seconded by Council Member Zakrzewski. The resolution was adopted by a roll call vote of nine ayes. Council Member Puzzello made a motion to combine public hearing on the next two resolutions, seconded by Council Member Braboy. The motion carried. RESOLUTION NO. 1552 -87 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS 3602 WEST SAMPLE STREET AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF REAL PROPERTY TAX ABATEMENT. WHEREAS, a petition for real property tax abatement consideration has been filed with the Common Council of the City of South Bend, requesting that the area commonly known as 3602 W. Sample Street, South Bend, Indiana, and which is more particularly described as follows: PARCEL 1 A Part of the Northeast Quarter, Section 16, Township 37 North, Range 2 East, 2nd P.M., in the City of South Bend, Saint Joseph County, Indiana and also being a part of the land of the Torrington Company, a Delaware Corporation (Book 768, page 163 and Book 709, pages 559 and 560, Office of the Recorder) containing 5.118 acres and more particularly described as follows: Beginning at a point which is 40.0 feet South of the Northwest corner of the East Half of the Northeast Quarter of said section, said point being also on the South Right -of -Way line of Sample Street; thence S 00 03'W (the bearing of said South Right -of -Way line is assumed due East -West) a distance of 395.6 feet thence N 90 00'W a distance of 9.00 feet; thence S 0 03'W a distance of 465.0 feet; thence N 90 001W a distance of 39.87 feet to the Easterly Right -of -Way of the New Jersey, Indiana and Illinois Railroad Company; thence N 21 44'W a distance of 47.18 feet; thence Northwesterly, along the arc of a curve to the left, having a radius of 487.15 feet; a central angle of 45 25' 16" and a chord of 376.15 feet, a distance of 386.19 feet; thence N 00 03'E a distance of 548.22 feet to the South Right -of -Way line of Sample Street; thence S 90 00'E on said Right -of -Way line a distance of 330.00 feet to the point of beginning. and