06-08-87 Council Meeting Minutes

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REGULAR MEETING JUNE 8, 1987 4. That the liability and obligation of the South Bend Economic Commission, the South Bend Common Council and the City of South Bend, Indiana, shall be limited solely to the good faith efforts to consummate such proceedings and issue such bonds. The South Bend Economic Development Commission and the city of South Bend, Indiana, their officers and agents, shall not incur any liability if for any reason the proposed issuance of such bonds is not consummated. This Inducement Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. /s/ Joseph T. Serge Member of the Common Council A public hearing was held on the resolution at this time. Richard Morgan, attorney, indicated Kokoku Wire has filed an application for a revenue bond in the approximate amount of $3,200,000. He indicated the proceeds of the bond would be used to acquire and rehabilitate facii��ies for use as a wire manufacturing operating. He indicated 45 new 30Ls will oe created. Council Member Zakrzewski made a motion to adopt this resolution, seconded by Council Member Taylor. The resolution was adopted by a roll call vote of nine ayes. RESOLUTION VO. 151 87 A KhaV.uU ION CuNr IRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, COMMONLY KNOWN AS SOUTHEAST CORNER OF ST. LOUIS AND WAYNE STREETS TO BE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF REAL PROPERTY TAX ABATEMENT. WHEREAS, the Common Council of the City of South Bend has adopted a Declaratory Resolution designating certain areas within the City as Economic Revitalization Areas for purpose of tax abatement consideration; and WHEREAS, a Declaratory Resolution designated the area commonly known as Southeast Corner of St. Louis and Wayne Streets and more particularly described by a line drawn as follows: A parcel of land being a part of the Northeast Quarter of Section 12, Township 37 north, Range 2 East, City of South Bend, Portage Township, St. Joseph County, Indiana and being more particularly described as toi��ws: Lots 264 through 268, Lots 273 and 274, and west 55 feet of Lots 27n through 272, and tn,: mouth 40 meet of Lot 272, of Cottrell's First Addition to Lowell's, City of South Bend. Along and together with parts of Lots 269 and 275 as shown on said play described as beginning at the Northwest corner of said lot 269; thence North 89- 42' -28" East, along the North line of said Lots 269 and 275 and their Easterly projection a distance of 410.40 feet to the Southwest corner of Lot 340 in said recorded plat; thence South 89 -1. -01" West, along the westerly projection of the South line of said Lot 340, a distance of 32.85 feet; thence South 85- 28' -03" West, a distance of 212.60 reot; thence South 79- 35135" West, a distance of 167.67 feet to a point on the West line of said Lot 269; thence North 0- 15145" West along said West line to the place of beginning. Along and together with the first east /west alley sou *h of Wayne Street running between St. Louis Blvd. and St. p -ter Street, and the first north /south alley east of St. Louis Blvd. r -nning between Wayne a ^d the first eastiw=st alley south oL Wayne Street. as an Economic Revitallza� ion Area; and WHEREAS, notice of tiie 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 need a public hearing for the purposes of hearing all remonstrances and objections from interested persons; and WHEREAS, the Council has determined that the qualiL� cations 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. That the Common Council hereby confirms its Declaratory Resolution designating the area described herein as an Economic Revitalization Area for the purposes of tax abatement. Such designation is for real 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 abatement deduction shall be for three (3) years. Such determination is made under the authority of I.C. 6 -1.1- 12.1 -3. SECTION III. This Kea.,lution shall be in full force an,' effect from and after its adoption by the Common t-uuncil and approval by the Mayor.