07-11-88 Council Meeting Minutes

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Also a lot or parcel of land in the North part of the Northeast Quarter of Section 13, Township 37 North, Range 2 East, now within and a part of the City of South Bend, St. Joseph County, Indiana, bounded by a line running as follows, viz: Beginning at the corner formed by the intersection of the East line of High Street with the present South line of Sample Street in the City of South Bend; thence running East on the South line of said Sample Street 91 feet and 8 inches; thence South on a line parallel with the east line of said High Street, a distance of 127 feet, more or less, to the North line of a public alley (now vacated); thence West along the North line of said public alley (now vacated) 91 feet and 8 inches to the East line of said High Street; thence North along the East line of said High Street, 127 feet, more or less, to the place of beginning, excepting therefrom that part taken for a public alley as described in Dedication Proceedings recorded in Miscellaneous Record 117, pages 29 -31 of the records of St. Joseph County, Indiana. Also excepting therefrom that part taken for the widening of Sample Street as described in a deed dated April 30, 1959, recorded in Deed Record 591, pages 45 -46 of the records of St. Joseph County, Indiana. 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 section 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 section 2 -76 et seq., and has further prepares 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 Personal 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 qualify 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 estimate of the value of the redevelopment or rehabilitation is reasonable for projects of this nature; B. That the estimate of the number of individuals who will be employed or whose employment will be retained can reasonably be expected to result from the proposed described redevelopment or rehabilitation; C. 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; D. 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 E. 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 and which can be reasonably expected to result from the installation of the new manufacturing equipment. SECTION III. 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 set forth on the Statement of Benefits form prescribed by the State Board of Accounts and are sufficient to justify the deduction granted under Section 6 -1.1- 12.1 -4.5 of the Indiana Code. SECTION IV. 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 Revitalization Area for purposes of personal property tax abatement and hereby makes such designation. SECTION V. 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 VI. 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 VII. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Personal Property Tax Abatement to be published, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaration.