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REGULAR MEETING DECEMBER 9, 2013 <br /> <br /> <br /> <br />SECTION II. The Common Council hereby determines and finds that the proposed new <br />manufacturing equipment can be reasonably expected to yield the benefits identified in the <br />Statement of Benefits as set forth in Sections 1 through 3 of the Petition for Personal Property <br />Tax Abatement Consideration and that Statement of Benefits form completed by the petitioner, <br />said form being prescribed by the State Board of Accounts, are sufficient to justify the deduction <br />granted under Indiana Code 6-1.1-12.1-4.5. <br /> <br />SECTION III. The Common Council hereby accepts the report and recommendation of the <br />Department of Community Investment, and the Community Investment Committee's favorable <br />recommendation, that the area herein described be designated as an Economic Revitalization <br />Area for purposes of personal property tax abatement and hereby makes such a designation. <br /> <br />SECTION IV. The Common Council determines that such designation is for personal property <br />tax abatement only and shall be limited to two (2) calendar years from the date of the adoption of <br />this Resolution by the Common Council. <br /> <br />SECTION V. The Common Council hereby determines that the property owner is qualified for <br />and is granted property tax deduction for a period of (5) five years as shown by the attachment <br />pursuant to Indiana Code 6-1.1-12.1-17. <br /> <br />SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption of <br />this Declaratory Resolution for Personal Property Tax Abatement to be published pursuant to <br />Indiana Code 5-3-1, said publication providing notice of the public hearing before the Common <br />Council on the proposed confirming of said declaration. <br /> <br /> <br />SECTION VII. This Resolution shall be in full force and effect from and after its adoption by <br />the Common Council and approval by the Mayor. <br /> <br /> s/Derek D. Dieter <br /> Member of the Common Council <br /> <br />Councilmember Gavin Ferlic, Chairperson, Community Investment Committee, reported that <br />this committee held a Public Hearing on this bill this afternoon and voted to send it to the full <br />Council with a favorable recommendation. <br /> <br />Mr. Stan Blenke, Executive Vice President, Schafer Industries, Inc., 4101 Nimtz Parkway, South <br />Bend, Indiana, made the presentation for this bill. <br /> <br />Mr. Blenke advised that Schafer Industries recently received new business contracts from two <br />existing customers that require the purchase of new equipment. The equipment consists of one <br />CNC Gear Grinding Machine, one CNC Universal Cylindrical Grinding Machine with <br />Automation, and one 75 ton hydraulic press. The estimated cost of the equipment is $1,400,000. <br />Total taxes to be abated during the five (5) year abatement period are estimated at $12,917. New <br />project taxes will be $120,451. Total taxes to be paid over five (5) years on the new and existing <br />equipment are estimated at $1,033,899. It is estimated that the total project will create five (5) <br />permanent, full-time and zero (0) permanent, part-time jobs within the first year, representing a <br />new annual payroll of $176,800 and will maintain 78 existing permanent full-time and zero (0) <br />existing part-time jobs representing an annual payroll of $3,500,000 for existing employees. <br /> <br />A Public Hearing was held on the Resolution at this time. <br /> <br />There being no one present wishing to speak to the Council either in favor of or in opposition to <br />this Resolution, Councilmember Varner made a motion to adopt this Resolution. <br />Councilmember Oliver Davis seconded the motion which carried and the Resolution was <br />adopted by a roll call vote of eight (8) ayes. <br /> <br /> <br /> <br /> <br /> <br />27 <br /> <br /> <br />