12-21-87 Council Meeting Minutes

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-1 (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 $15.0740; (C) If the proposed new manufacturing equipment is installed, the deduction is granted, and a deduction percentage of eighty percent (80 %) is assumed, the approximate current year tax for the City would be $15.0773; 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 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 /Joseph T. Serge Member of the Common Council RESOLUTION NO. 1569 -87 A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS 220 WEST ECKMAN, TO BE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF PERSONAL PROPERTY TAX ABATEMENT. WHEREAS, the Common Council of the City of South Bend has adopted a Declaratory Resolution designating certain areas within the City as Economic Revitalization Areas for the purpose of tax abatement consideration; and WHEREAS, a Declaratory Resolution designated the area commonly known as 220 West Eckman, and which is more particularly described as follows: Real Estate in St. Joseph County, in the State of Indiana, described as follows: A tract of land located in the Northwest Quarter of Section 24, Township 37 North, Range 2 East, City of South Bend, St. Joseph County, Indiana, and described as follows: Beginning at an iron pipe at the Southwest corner of the Northwest Quarter of said Section 24; thence North 00000100" East (all bearings assumed) along the West line of the said Quarter Section, 1136.35 feet to a 4" fence post, said point being at the South Right of Way of Eckman Street (50' Right of Way); thence North 88048143" East along the said Right of Way line of Eckman Street 343.75 feet to a point identified by a cross cut in concrete, said point being on the Right of Way line of Pennsylvania System Vandalia Rail Road Company (99' Right of Way); thence Southwesterly along the said Rail Road Right of Way 1174.85 feet measured on a curve to the right having a radius of 5682.44 feet, subtended by a chord having a bearing of South 13008102" West and a chord length of 1172.80 feet; thence South 88059132" West, 77.20 feet to the Point of Beginning and containing 6.035 acres more or less. as an Economic Revitalization Area; and WHEREAS, notice of the adoption of a Declaratory Resolution and the public hearing before the Council has been published pursuant to Indiana Code 6 -1.1- 12.1 -2.5; and WHEREAS, the Council held a public hearing for the purposes of hearing all remonstrances and objections from interested persons; and WHEREAS, the Council has determined that the qualifications for an economic revitalization area have been met. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the city of South Bend, Indiana, as follows: SECTION I. That the Common Council hereby confirms its Declaratory Resolution designating the area described herein as an Economic Revitalization Area for the purposes of tax abatement. Such designation is for personal property tax abatement only and is limited to two (2) calendar years from the date of adoption of the Declaratory Resolution by the Common Council.