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

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RESOLUTION NO. I&qq- 7 A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA COMMONLY KNOWN AS 1217 SOUTH WALNUT STREET TO BE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A OF A FIVE (5) YEAR PERSONAL PROPERTY TAX ABATEMENT FOR KOKOKU WIRE INDUSTRIES CORPORATION WHEREAS, the Common Council of the City of South Bend, Indiana has adopted a Declaratory Resolution designating certain areas within the City as Economic Revitalization Areas for the purpose of tax abatement consideration; and WHEREAS, a Declaratory Resolution designated the area commonly known as 1217 South Walnut Street 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. as an Economic Revitalization Area; and WHEREAS, notice of the adoption of a Declaratory Resolution and the public hearing before the Council has been published pursuant to Indiana Code 6 -1.1- 12.1 -2.5; and WHEREAS, the Council held a public hearing for the purposes of hearing all remonstrances and objections from interested persons; and WHEREAS, the Council has determined that the qualifications for an economic revitalization area have been met. NOW, THEREFORE, be it resolved by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby confirms its Declaratory Resolution designa— t g he area described herein as an Economic Revitalization Area for the purposes of tax abatement. Such designation is for personal property tax abatement only and is limited to two (2) calendar years from the date of adoption of the Declaratory Resolution by the Common Council. SECTION II. The Common Council hereby determines that the property owner is quay M e-TTor and is granted personal property tax deduction for a period of Zv, (5) years. SECTION III. This Resolution shall be in full force and effect from and after its option by the Common Council and approval by the Mayor. PRESENTED ( -a �V FS 9 'n Clerk s NOT APPROVED the Common CO 1 ADOPTED I- a 3-b G ►a n� 7 8 lggg