4964-22 Adoption of Declaratory Resolution No. 4833-19 Five-Year Tax Abatement for Toyo Seiko North America

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BILL NO. 22-29 RESOLUTION NO. 4964-22 A RESOLUTION MODIFYING AND RECONFIRMING THE ADOPTION OF DECLARATORY RESOLUTION NO. 4833-19 DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 3585 Moreau Ct, South Bend, IN 46628 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A FIVE (5) YEAR PERSONAL PROPERTY TAX ABATEMENT FOR Toyo Seiko North America, Inc. WHEREAS, the Common Council of the City of South Bend has adopted Declaratory Resolutions designating certain areas within the City as Economic Revitalization Areas for the purpose of tax abatement consideration. WHEREAS, Declaratory Resolution No. 4833-19 designated the area located at 3585 Moreau Ct., South Bend, IN 46628 and certain business personal property therein, as more specifically set forth in Declaratory Resolution No. 4833-19, which has Key Numbers to be assigned, as an Economic Revitalization Area under the provisions of Indiana Code 6-1.1-12.1 et and South Bend Municipal Code Sections 2-76 et sec.; and WHEREAS, upon proper notice, a public hearing was held, after which the Common Council issued a Confirming Resolution No. 4834-19 confirming the adoption of a Declaratory Resolution No. 4833-19 on December 9, 2019; and WHEREAS, the Petitioner was granted a three-year designation period in the Confirming Resolution No. 4834-19, which will expire on November 25, 2022; however, the project will not be completed until November 2024. WHEREAS, the Petitioner has requested additional two years to complete the project. 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 that the extension of the designation is appropriate and meets the requirements of Indiana Code § 6-1.1-12.1 et seq. SECTION II. The Common Council hereby reconfirms its Declaratory Resolution No. 4833-19 and its Confirming Resolution No. 4834-19 designating the area described herein as an Economic Revitalization Area for the purpose of a personal property tax abatement. Such designation is limited to five (5) calendar years from the date of adoption of the Declaratory Resolution No. 4833-19 by the Common Council.