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

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RESOLUTION NO. l bk7-e! ? A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS 1217 SOUTH WALNUT STREET AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A FIVE (5) YEAR PERSONAL PROPERTY TAX ABATEMENT FOR KOKOKU WIRE INDUSTRIES CORPORATION WHEREAS, a petition for personal property tax abatement has been filed with the City Clerk for consideration by the Common Council of the City of South Bend, requesting that the area commonly known as 1217 South Walnut Street, South Bend, Indiana, and which is more particularly described as follows: A tract of land in the City of South Bend, County of St. Joseph, and State of Indiana, situated in the Northwest Quarter of Section 14, and the Northeast Quarter of Section 15, Township 37 North, Range 2 East bounded by the following described line: Beginning at a point in the West line of Walnut Street, 1239.70 feet South of the South line of Sample Street, which point is 587.95 feet South of the South Line of the Sanders and Egbert Tract, as conveyed by deeds recorded in Deed Record 118, page 428, and Deed Record 121, page 320; thence on an assumed bearing of South 0000'49" East along said West line of Walnut Street 479.91 feet; thence South 89054'12" West, 725.03 feet; thence South 61054'12" West, 42.91 feet; thence South 89023'32" West, 437.13 feet; thence North 0000'49" West parallel with said West line of Walnut Street, 504.26 feet; thence North 89055'05" East, 1200 feet to the place of beginning. Subject to legal highways. be designated as an Economic Revitalization Area under the provisions of Indiana Code 6 -1.1- 12.1 -1 et seq., and South Bend Municipal Code section 2 -76 et seq., and; WHEREAS, the Department of Economic Development has concluded an investigation and prepared a report 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 -1 et seq., and South Bend Municipal Code section 2 -76, et seq., and has further prepared maps and plats showing the boundaries and s�other information regarding the area in question as required by law; and; WHEREAS, the Human Resources 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 that the Petition for Personal Property Tax Abatement and Statement of Benefits form completed by the Petitioner meet the requirements of I.C. 6 -1.1- 12.1 -1 et seq., and qualifies under the provisions of South Bend Municipal Code Section 76, et seq., for tax abatement. SECTION II. The Common Council hereby determines and finds the following: A. That the estimate of the value of the redevelopment or rehabilitation is reasonable for projects of this nature;