Designating Tax Abatement - Kokoku Wire Industries Corp. 1217 S. Walnut St. (5 Year Personal Property)

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Subject to a Permanent Easement Agreement dated June 14, 1974, by and between Aldason Corporation, an Indiana corporation and American Chain & Cable Company, Inc., a New York corporation, recorded June 17,1974 in the Office of the Recorder of St. Joseph County, Indiana, in Deed Record 787, pages 381 -388. and which has Key Number 18- 8021- 084503, be designated as an Economic Revitalization Area under the provisions of Indiana Code 6- 1.1- 12.1 -1 et m., and South Bend Municipal Code Sections 2 -76 et sM.; and WHEREAS, the Department of Community and Economic Development has concluded an investigation and prepared areport with information sufficient for the Common Council to determine that the area qualifies as an Economic Revitalization Area under Indiana Code 6 -1.1 -12.1, et seq., and South Bend Municipal Code Sections 2 -76 et sM., and has further prepared maps and plats showing the boundaries and such other information regarding the area in question as required by law; and 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 sea., that: (a) the estimate of the cost of the new manufacturing equipment is reasonable for equipment of that type; (b) That the estimate of the number of individuals who will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed installation of new manufacturing equipment; (c) That the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed installation of new manufacturing equipment; (d) any other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed new manufacturing equipment; and (e) the totality of benefits is sufficient to justify the deduction requested. SECTION II. The Common Council hereby determines and finds that the proposed new manufacturing equipment can be reasonably expected to yield the benefits identified in the Statement of Benefits as set forth in Section 1 through 3 of the Petition for Personal Property Tax Abatement Consideration and that the Statement of Benefits Form completed by the Petitioner, said form being -2-