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06-08-87 Council Meeting Minutes
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06-08-87 Council Meeting Minutes
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City Council - City Clerk
City Council - Document Type
Council Mtg Minutes
City Counci - Date
6/8/1987
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REGULAR MEETING <br />JUNE 8, 1987 <br />4. That the liability and obligation of the South Bend Economic Commission, the <br />South Bend Common Council and the City of South Bend, Indiana, shall be limited solely <br />to the good faith efforts to consummate such proceedings and issue such bonds. The <br />South Bend Economic Development Commission and the city of South Bend, Indiana, their <br />officers and agents, shall not incur any liability if for any reason the proposed <br />issuance of such bonds is not consummated. <br />This Inducement Resolution shall be in full force and effect from and after its <br />adoption by the Common Council and approval by the Mayor. <br />/s/ Joseph T. Serge <br />Member of the Common Council <br />A public hearing was held on the resolution at this time. Richard Morgan, attorney, <br />indicated Kokoku Wire has filed an application for a revenue bond in the approximate <br />amount of $3,200,000. He indicated the proceeds of the bond would be used to acquire <br />and rehabilitate facii��ies for use as a wire manufacturing operating. He indicated <br />45 new 30Ls will oe created. Council Member Zakrzewski made a motion to adopt this <br />resolution, seconded by Council Member Taylor. The resolution was adopted by a roll <br />call vote of nine ayes. <br />RESOLUTION VO. 151 87 A KhaV.uU ION CuNr IRMING THE ADOPTION OF A DECLARATORY <br />RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF <br />SOUTH BEND, COMMONLY KNOWN AS SOUTHEAST CORNER OF ST. <br />LOUIS AND WAYNE STREETS TO BE AN ECONOMIC REVITALIZATION <br />AREA FOR PURPOSES OF REAL PROPERTY TAX ABATEMENT. <br />WHEREAS, the Common Council of the City of South Bend has adopted a Declaratory <br />Resolution designating certain areas within the City as Economic Revitalization Areas <br />for purpose of tax abatement consideration; and <br />WHEREAS, a Declaratory Resolution designated the area commonly known as Southeast <br />Corner of St. Louis and Wayne Streets and more particularly described by a line drawn <br />as follows: <br />A parcel of land being a part of the Northeast Quarter of Section 12, Township 37 <br />north, Range 2 East, City of South Bend, Portage Township, St. Joseph County, <br />Indiana and being more particularly described as toi��ws: <br />Lots 264 through 268, Lots 273 and 274, and west 55 feet of Lots 27n through 272, <br />and tn,: mouth 40 meet of Lot 272, of Cottrell's First Addition to Lowell's, City <br />of South Bend. <br />Along and together with parts of Lots 269 and 275 as shown on said play described <br />as beginning at the Northwest corner of said lot 269; thence North 89- 42' -28" <br />East, along the North line of said Lots 269 and 275 and their Easterly projection <br />a distance of 410.40 feet to the Southwest corner of Lot 340 in said recorded <br />plat; thence South 89 -1. -01" West, along the westerly projection of the South <br />line of said Lot 340, a distance of 32.85 feet; thence South 85- 28' -03" West, a <br />distance of 212.60 reot; thence South 79- 35135" West, a distance of 167.67 feet to <br />a point on the West line of said Lot 269; thence North 0- 15145" West along said <br />West line to the place of beginning. <br />Along and together with the first east /west alley sou *h of Wayne Street running <br />between St. Louis Blvd. and St. p -ter Street, and the first north /south alley east <br />of St. Louis Blvd. r -nning between Wayne a ^d the first eastiw=st alley south oL <br />Wayne Street. <br />as an Economic Revitallza� ion Area; and <br />WHEREAS, notice of tiie adoption of a Declaratory Resolution and the public hearing <br />before the Council has been published pursuant to Indiana Code 6 -1.1- 12.1 -2 -5; and <br />WHEREAS, the Council need a public hearing for the purposes of hearing all <br />remonstrances and objections from interested persons; and <br />WHEREAS, the Council has determined that the qualiL� cations for an economic <br />revitalization area have been met. <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, <br />Indiana, as follows: <br />SECTION I. That the Common Council hereby confirms its Declaratory Resolution <br />designating the area described herein as an Economic Revitalization Area for the <br />purposes of tax abatement. Such designation is for real property tax abatement only <br />and is limited to two (2) calendar years from the date of adoption of the Declaratory <br />Resolution by the Common Council. <br />SECTION II. The abatement deduction shall be for three (3) years. Such <br />determination is made under the authority of I.C. 6 -1.1- 12.1 -3. <br />SECTION III. This Kea.,lution shall be in full force an,' effect from and after its <br />adoption by the Common t-uuncil and approval by the Mayor. <br />
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