08-25-08 Common Council Minutes - Laserfiche WebLink

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REGULAR MEETING AUGUST 25, 2008 WHEREAS, the Community 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 pursuant to Indiana Code 6-1.1-12.1-4.5 et seq., that: a. the estimate of the cost of the new research and development (“R&D”) equipment and new information technology (“IT”) equipment is reasonable for equipment of that type; b. That the estimate of the number of individuals that will be employed or whose employment will be retained by the Petitioner and future tenants related to the project can reasonably be expected to result from the proposed installation of the new R&D equipment and new IT equipment; c. That the estimate of the annual salaries of those individuals that will be employed or whose employment will be retained by the Petitioner and future tenants related to the project can be reasonably expected to result from the proposed installation of the new R&D equipment and new IT equipment; d. any other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed new R&D equipment and new IT equipment; and e. the totality of benefits is sufficient to justify the deductions requested. SECTION II. The Common Council hereby determines and finds that the proposed new R&D equipment and IT 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 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, and the Statement of Benefits is hereby approved. 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 shall be limited to ten (10) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION V. The Common Council hereby determines that the Petitioner and future tenants located within the economic revitalization area described in this Resolution are qualified for and granted property tax deductions for a period of five (5) years; provided however, neither the Petitioner nor any tenants may 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. 27