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HomeMy WebLinkAboutDesignating Tax Abatement - Kokoku Wire Industries Corp. 1217 S. Walnut St. (5 Year Personal Property)Attest: RESOLUTION NO. 2912 -00 Passed by the Common Council of the City of South Bend, Indiana August 14, 20 00. Presented by me to the Mayor of the City of South Bend, Indiana August 15, 20 00 City Clerk President of Common Council Approved and signed by me August 16, 20 00 City Clerk M RESOLUTION NO. ) 2 12- 6 U A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND COMMONLY KNOWN AS 1217 S. WALNUT STREET SOUTH BEND, INDIANA 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 consideration has been filed with the City Clerk for consideration by the Common Council of the City of South Bend, Indiana, requesting that the area commonly known as 1217 S. 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 (1/4) of Section Fourteen (14) and the Northeast Quarter (1/4) of Section Fifteen (15), Township Thirty -Seven (37) North, Range Two (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 587.85 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 00 degrees 00 minutes 49 seconds East along said West line of Walnut Street 479.91 feet; thence South 89 degrees 54 minutes 12 seconds West, 725.03 feet; thence South 61 degrees 54 minutes 12 seconds West, 42.91 feet; thence South 89 degrees 23 minutes 32 seconds West, 437.13 feet; thence North 00 degrees 00 minutes 49 seconds West parallel with said West line of Walnut street, 504.26 feet; thence North 89 degrees 55 minutes 05 seconds East, 1200 feet to the place of beginning. Subject to legal highways. Subject to any and all easements, restrictions or rights of way of record. Subject to any and all current; non - delinquent real estate taxes. Subject to a Party Wall 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 Miscellaneous Record 285, pages 77 -80. 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- prescribed by the State Board of Accounts, are sufficient to justify the deduction granted under Indiana Code 6 -1.1- 12.1 -4.5. SECTION III. The Common Council hereby accepts the report and recommendation of the Department of Community and Economic Development, and the Community and Economic Development Committee's favorable recommendation, that the area herein described be designated as an Economic Revitalization Area for purposes of personal property tax abatement and hereby makes such a designation. SECTION IV. The Common Council determines that such designation is for personal property tax abatement only and shall be limited to two (2) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION V. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of five (5) years. SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Personal Property Tax Abatement to be published pursuant to Indiana Code 5 -3 -1, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaration. SECTION VII. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. SBDS02 RID 204583vt PRESENTED g -lA 0(i NOT APPROY.Ep ADOPTECi —3— Me Aber the Common Council Filed in Clark's OffIC E AUG 0! 2009, f s Liindf Y�:.i. 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