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REGULAR MEETINGJANUARY 25, 2010 <br /> <br /> <br /> <br /> <br /> <br />a.The estimate of the cost of the new manufacturing equipment is <br />reasonable for equipment of that type; <br /> <br /> <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 <br />expected to result form the proposed installation of new manufacturing <br />equipment. <br /> <br /> <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 <br />reasonably expected to result from the proposed installation of new <br />manufacturing equipment; <br /> <br /> <br />d.Any other benefits about which information was requested are benefits <br />that can be reasonably expected to result from the proposed new <br />manufacturing equipment; and <br /> <br /> <br />e.The totality of benefits is sufficient to justify the deduction requested. <br /> <br />SECTION II. 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 /> <br />SECTION III. The Common Council hereby accepts the report and recommendation of <br />the Department of Community and Economic 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 /> <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 from the date <br />of the adoption of this Resolution by the Common Council. <br /> <br />SECTION V. The Common Council hereby determines that the property owner is <br />qualified for and is granted property tax deduction for a period of five (5) years. <br /> <br />SECTION VI. The Common Council directs the City Clerk 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 /> <br />SECTION VII. This Resolution shall be in full force and effect from and after its <br />adoption by the Common Council and approval by the Mayor. <br /> <br /> s/Derek D. Dieter <br /> Member of the Common Council <br /> <br />Councilmember Rouse, Chairperson, Community and Economic Development <br />Committee, reported that this committee held a Public Hearing on this bill and voted to <br />send it to the full Council with a favorable recommendation. <br /> <br />Mr. James Duszynski, President, Endeavor Machined Products, Inc. is a new start-up <br />company that plans to begin production in the near future. They will manufacture <br />precision machined parts for the wind power, petroleum exploration, aerospace and <br />orthopedic industries. The equipment the company intends to procure will be used to <br />manufacture prototype parts to demonstrate their design and production integrity in order <br />to eventually release them for production at the company. The company will fabricate <br />the parts based o their clients’ design. The equipment to be purchased includes a CNC <br /> 6 <br /> <br />