HomeMy WebLinkAboutDesignating Tax Abatement - Kokoku Wire Indutries Corporation 1217 S. Walnut St (5 Year Personal Property)RESOLUTION
NO. 1687 -89
Passed by the Common Council of the City of South Bend, Indiana,
January 9, 19 89
Attest: � City Clerk
Presented by me to the Mayor of the City of South Bend,
January 10,
K
89
19
of Common Council.
Approved and signed by me _ _
Clerk
Mayor
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;
B. That the estimate of the number of individuals who will be employed or
whose employment will be retained can reasonably be expected to result from
the proposed described redevelopment or rehabilitation;
C. That the estimate of the annual salaries of those individuals who will
be employed or whose employment will be retained can be reasonably expected to
result from the proposed redevelopment or rehabilitation;
D. That the other benefits about which information was requested are
benefits that can be reasonably expected to result from the proposed described
redevelopment or rehabilitation; and;
E. That the totality of benefits is sufficient to justify the deduction;
all of which satisfy the requirements of I.C. 6 -1.1- 12.1 -3 and which can be
reasonably expected to result from the installation of the new manufacturing
equipment.
SECTION III. The Common Council hereby determines and finds that the
propose new manufacturing equipment can be reasonably expected to yield the
benefits identified in the Statement of Benefits as set forth in sections I
through II of the Petition for Personal Property Tax Abatement Consideration
and that the Statement of Benefits form prescribed by the State Board of
Accounts are sufficient to justify the deduction granted under Section
6 -1.1- 12.1 -4.5 of the Indiana Code.
SECTION IV. The Common Council hereby accepts the report and
recommeation of the Human Resources and Economic Development Committee that
the area herein described be designated an Economic Revitalization Area for
purposes of personal property tax abatement and hereby makes such a
designation.
SECTION V. The Common Council determines that such designation is for
personaiprperty 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 VI. The Common Council hereby determines that the property owner
is quaTi 'ie�Tor and is granted property tax deduction for a period of five
(5) years.
SECTION VII. The Common Council directs the City Clerk to cause notice of
the a opto Lion this Declaratory Resolution for Personal Property Tax
Abatement to be published, said publication providing notice of the public
hearing before the Common Council on the proposed confirming of said
declaration.
SECTION VIII. This Resolution shall be in full force and effect from and
after it�ption by the Common Council and approval by the Mayor.
PRESENTED / - 9 - 9 7
NOT APPROVED
ADOPTED J - 9 -,?9
axlt'; 451)t�W-14
em the ComnYon COPY,
Fird In Clerk's Office
JAN 41989
IRENE GAMMON