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REGULAR MEETING MAY 26, 2015 <br />WHEREAS, the Department of Community Investment has concluded an investigation and <br />prepared a report with information sufficient for the Common Council to determine that the area <br />qualifies as an Economic Revitalization Area under Indiana Code 6 -1.1 -12.1, et seq., and South <br />Bend Municipal Code Sections 2 -76, et seg., and has further prepared maps and plats showing the <br />boundaries and such other information regarding the area in question as required by law; and <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 />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South <br />Bend, Indiana, as follows: <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 />a. The estimate of the cost of the new manufacturing equipment is reasonable for <br />equipment of that type; <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 />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 />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 />C. The totality of benefits is sufficient to justify the deduction requested. <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 />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 />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 />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 />13 <br />