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02-08-10 Council Agenda & Packet
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02-08-10 Council Agenda & Packet
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City Council - City Clerk
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a. the estivate of the cost of the new manufacturing equipment is reasonable <br />for equipment of that type; <br />b. That the estimate of the number of individuals that will be employed or <br />whose employment will be retained by the Petitioner can reasonably be expected to result <br />from the proposed installation of new manufacturing equipment; <br />C. That the estimate of the annual salaries of those individuals that will be <br />employed or whose employment will be retained by the Petitioner can be reasonably <br />expected to result from the proposed installation of new manufacturing equipment; <br />d. any other benefits about which information was requested are benefits that <br />can be reasonably expected to result from the proposed new manufacturing equipment; <br />and <br />e. the totality of benefits is sufficient to justify the deduction requested. <br />SECTION 11. The Common Council hereby determines and finds that the proposed new <br />manufacturing equipment can be reasonably expected to yield the benefits identified in <br />the Statement of Benefits as set forth in Sections 1 through 3 of the Petition for Personal <br />Property Tax Abatement Consideration and that Statement of Benefits form completed by <br />the petitioner, said form being prescribed by the State Board of Accounts, are sufficient <br />to justify the deduction granted under Indiana Code 6- 1.1- 12.1 -4.5. <br />SECTION III. The Cone -non Council hereby accepts the report and recommendation of <br />the Department of Community and ECOrnonnic Development, and the Community and <br />Economic Development Committee's favorable recommendation, that the area herein <br />described be designated as an Economic Revitalization Area for purposes of personal <br />property tax abatement and hereby makes such a designation. <br />SECTION IV. The Common Council determines that such designation is for personal <br />property tax abatement only and shall be limited to two (2) calendar years Crain the date <br />of the adoption of this Resolution by the Common Council. <br />SECTION V. The Cornnnon Council. hereby determines that the property owner is <br />qualified for and is granted property tax deduction for a period of five (5) years; provided <br />however, the Petitioner may not receive an economic revitalization area deduction if it <br />receives an enterprise zone investment deduction under I.C. 6- 1.1-45 for the same <br />property. <br />SECTION VI. The Common Council directs the City Cleric to cause notice of the <br />adoption of this Declaratory Resolution for Personal Property Tax Abatement to be <br />published pursuant to Indiana Code 5 -3 -1, said publication providing notice of the public <br />hearing before the Common Council on the proposed confirming of said declaration. <br />
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