07-28-08 Common Council Minutes - Laserfiche WebLink

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REGULAR MEETING JULY 28, 2008 Property Tax Abatement Consideration and that 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 Community and Economic Development, and the Community and Economic Development Committee's favorable recommendation, that the area herein described be designated as an 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; provided however, the Petitioner may not receive an economic revitalization area deduction if it receives an enterprise zone investment deduction under I.C. 6-1.1-45 for the same property. SECTION VI. 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 pursuant to Indiana Code 5-3-1, said publication providing notice of the public hearing before the Common Council on the proposed confirming of 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/Timothy A. Rouse Member of the Common Council Councilmember Dieter, Chairperson, Community and Economic Development Committee, reported that this committee held a Public Hearing on Bill Nos. 08-64 and 08-65 this afternoon and voted to send both bills to the full Council with no recommendation. st Mr. Richard Deahl, Attorney at Law, Barnes & Thornburg, 600 1 Source Center, 100 N. Michigan Street, South Bend, Indiana, made the presentation on behalf of the owner Yatish J. Joshi, President Foxtrot Realty Corporation (GTA Containers, Inc.) Mr. Deahl advised that Foxtrot Realty Corporation/GTA Containers, Inc. is proposing to construct and equip a 90,000 square foot building on an undeveloped portion of a 21 acre site that they already own. The building will be owned by Foxtrot Realty and leased to GTA Containers. The project will enable GTA to more than double its current manufacturing capacity, allowing the company to bid on large, multi-year contracts with the U.S. Department of Defense and also have the capacity for non-military contracts. GTA Containers manufactures collapsible pillow tanks for fuel or water storage. The containers range in size from 3,000 to 210,000 gallons. The estimated cost of the building is $2,200,000 - $2,800,000. GTA Containers will own the equipment placed on the site. GTA was recently offered two five-year contracts from the U.S. Army. They had been expecting only one. With either one of the contracts they could have handled production in their current facility, but both contracts together generate the need for additional space. One contract was executed on July 11, 2008. The second contract arrived on July 14, and was executed today (July 15, 2008.) Due to testing requirements contained in the second contract, time is of the essence in completing construction of the new building and installation of necessary equipment. Mr. Deahl further noted that it is estimated that the total project will create six to eleven (6-11) new, permanent, full-time 16