Laserfiche WebLink
575 <br />to result from the proposed described redevelopment or rehabilitation; <br />C. That the estimate of the annual salaries of those individuals who will be <br />employed or whose employment will be retained can be reasonably expected to result <br />from the proposed redevelopment or rehabilitation. <br />D. That the other benefits about which information was requested are benefits <br />that can be reasonably expected to result from the proposed described redevelopment <br />or rehabilitation; and; <br />E. That the totality of benefits is sufficient to justify the deduction; all <br />of which satisfy the requirements of I.C. 6 -1.1- 12.1 -3 and which can be reasonably <br />expected to result from the installation of the new manufacturing equipment. <br />SECTION III. The Common Council hereby determines and finds that the proposed <br />new manufacturing equipment can be reasonably expected to yield the benefits <br />identified in the Statement of Benefits as set forth in sections I through II of <br />the Petition for Personal Property Tax Abatement Consideration and that the <br />Statement of Benefits form prescribed by the State Board of Accounts are sufficient <br />to justify the deduction granted under Section 6 -11- 12.1 -4.5 of the Indiana Code. <br />SECTION IV. The Common Council hereby accepts the report and recommendation of <br />the Human Resources and Economic Development Committee that the area herein <br />described be designated an Economic Revitalization Area for purposes of personal <br />property tax abatement and hereby makes such a designation. <br />SECTION V. The Common Council determines that such designation is for personal <br />property tax abatement only and shall be limited to two (2) calendar years from the <br />date of the adoption of this Resolution by the Common Council. <br />SECTION VI. The Common Council determines that the property owner is qualified <br />for and is granted property tax deduction for a period of five (5) years. <br />SECTION VII. The Common Council directs the City Clerk to cause notice of the <br />adoption of the Declaratory Resolution for Personal Property Tax Abatement to be <br />published, said publication providing notice of the public hearing before the <br />Common Council on the proposed confirming of said declaration <br />SECTION VIII. This Resolution shall be in full force and effect from and after <br />its adoption by the Common Council and approval by the Mayor. <br />s /Ann Puzzello <br />Member of the Common Council <br />A public hearing was held on the resolution at this time. Council Member Luecke <br />stated that the Human Resources and Economic Development Committee met on this bill <br />and recommends it to the Council favorable. Anthony Fortuna, President Harbor <br />Metal Treating, 802 S. Fellows St., made the presentation on the bill. He <br />indicated that they are purchasing two furnaces that heat treat metal products. He <br />stated that they are vacuum furnaces, that allow Harbor Metal Treating to be <br />competitive in the heat treating of manufactured dies and related products. He <br />indicated that the project will create 3 new jobs, with an approximate annual <br />payroll of $52,000.00. He stated that the two furnaces, installation expenses and <br />a water cooler will cost approximately $810,000.00. Council Member Zakrzewski made <br />a motion to adopt this resolution, seconded by Council Member Duda. The resolution <br />was adopted by a roll call vote of seven ayes. <br />BILLS, FIRST READING <br />BILL NO. 94 -89 A BILL INCREASING APPROPRIATIONS AND REDUCING APPROPRIATIONS <br />WITHIN THE VARIOUS DEPARTMENTS WITHIN THE VARIOUS FUNDS OF THE <br />CITY OF SOUTH BEND, INDIANA, FOR THE YEAR 1989. <br />This bill had first reading. Council Member Voorde made a motion to set this bill <br />for second reading and public hearing November 13, 1989, seconded by Council Member <br />Zakrzewski. The motion carried. <br />BILL NO. 95 -89 <br />A BILL TRANSFERRING MONIES FROM VARIOUS ACCOUNTS TO VARIOUS <br />ACCOUNTS WITHIN THE VARIOUS DEPARTMENTS WITHIN THE VARIOUS FUNDS <br />OF THE CITY OF SOUTH BEND, INDIANA, FOR THE YEAR 1989. <br />This bill had first reading. Council Member Voorde made a motion to set this bill <br />for second reading and public hearing November 13, 1989, seconded by Council Member <br />Zakrzewski. The motion carried. <br />UNIFINISHED BUSINESS <br />