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08-25-08 Common Council Minutes
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08-25-08 Common Council Minutes
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REGULAR MEETING AUGUST 25, 2008 <br /> <br /> <br /> <br /> <br />WHEREAS, the Community and Economic Development Committee of the <br />Common Council has reviewed said report and recommended to the Common Council <br />that the area qualifies as an Economic Revitalization Area. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of <br />South Bend, Indiana, as follows: <br /> <br />SECTION I. The Common Council hereby determines and finds pursuant to Indiana <br />Code 6-1.1-12.1-4.5 et seq., that: <br /> <br />a. the estimate of the cost of the new research and development (“R&D”) <br />equipment and new information technology (“IT”) equipment is reasonable for <br />equipment of that type; <br /> <br />b. That the estimate of the number of individuals that will be employed or <br />whose employment will be retained by the Petitioner and future tenants related to the <br />project can reasonably be expected to result from the proposed installation of the new <br />R&D equipment and new IT equipment; <br /> <br />c. That the estimate of the annual salaries of those individuals that will be <br />employed or whose employment will be retained by the Petitioner and future tenants <br />related to the project can be reasonably expected to result from the proposed installation <br />of the new R&D equipment and new IT equipment; <br /> <br />d. any other benefits about which information was requested are benefits that <br />can be reasonably expected to result from the proposed new R&D equipment and new IT <br />equipment; and <br /> <br />e. the totality of benefits is sufficient to justify the deductions requested. <br /> <br />SECTION II. The Common Council hereby determines and finds that the proposed new <br />R&D equipment and IT equipment can be reasonably expected to yield the benefits <br />identified in the Statement of Benefits as set forth in Sections 1 through 3 of the Petition <br />for Personal Property Tax Abatement Consideration and that Statement of Benefits form <br />completed by the Petitioner, said form being prescribed by the State Board of Accounts, <br />are sufficient to justify the deduction granted under Indiana Code 6-1.1-12.1-4.5, and the <br />Statement of Benefits is hereby approved. <br /> <br />SECTION III. The Common Council hereby accepts the report and recommendation of <br />the Department of Community and Economic Development, and the Community and <br />Economic Development Committee's favorable recommendation, that the area herein <br />described be designated as an Economic Revitalization Area for purposes of personal <br />property tax abatement and hereby makes such a designation. <br /> <br />SECTION IV. The Common Council determines that such designation shall be limited to <br />ten (10) calendar years from the date of the adoption of this Resolution by the Common <br />Council. <br /> <br />SECTION V. The Common Council hereby determines that the Petitioner and future <br />tenants located within the economic revitalization area described in this Resolution are <br />qualified for and granted property tax deductions for a period of five (5) years; provided <br />however, neither the Petitioner nor any tenants may receive an economic revitalization <br />area deduction if it receives an enterprise zone investment deduction under I.C. 6-1.1-45 <br />for the same property. <br /> <br />SECTION VI. The Common Council directs the City Clerk to cause notice of the <br />adoption of this Declaratory Resolution for Personal Property Tax Abatement to be <br />published pursuant to Indiana Code 5-3-1, said publication providing notice of the public <br />hearing before the Common Council on the proposed confirming of said declaration. <br /> <br /> 27 <br /> <br />
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