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REGULAR MEETING APRIL 13, 2015 <br /> <br /> <br /> <br /> <br />boundaries and such other information regarding the area in question as required by law; and <br /> <br />WHEREAS, the Community Investment Committee of the Common Council has reviewed <br />said report and recommended to the Common Council that the area qualifies as an Economic <br />Revitalization Area. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South <br />Bend, Indiana, as follows: <br /> <br />SECTION I. The Common Council hereby determines and finds pursuant to Indiana Code 6- <br />1.1-12.1-4.5 et seq., that: <br /> <br />a. The estimate of the cost of the new manufacturing 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 whose <br />employment will be retained by the Petitioner can reasonably be expected to result <br />from the proposed installation of new manufacturing equipment; <br /> <br />c. That the estimate of the annual salaries of those individuals that will be employed <br />or whose employment will be retained by the Petitioner can be reasonably expected <br />to result from the proposed installation of new manufacturing equipment; <br /> <br />d. Any other benefits about which information was requested are benefits that can be <br />reasonably expected to result from the proposed new manufacturing equipment; <br />and <br /> <br />e. The totality of benefits is sufficient to justify the deduction requested. <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 Tax <br />Abatement Consideration and that Statement of Benefits form completed by the petitioner, said <br />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 Area <br />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 this <br />Declaratory Resolution for Personal Property Tax Abatement to be published pursuant to Indiana <br />Code 5-3-1, said publication providing notice of the public hearing before the Common Council <br />on the proposed confirming of said declaration. <br /> <br />SECTION VII. This Resolution shall be in full force and effect from and after its adoption by the <br />Common Council and approval by the Mayor. <br /> <br /> <br />_____________________________________ <br />Member of the Common Council <br />24 <br /> <br /> <br />