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12.1-4.5 et seq., that: <br />a.The estimate of the cost of the new manufacturing equipment is reasonable for <br />equipment of that type; <br />b. That the estimate of the number of individuals that will be employed or whose <br />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 employed or <br />whose employment will be retained by the Petitioner can be reasonably expected to <br />result from the proposed installation of new manufacturing equipment; <br />d. Any other benefits about which information was requested are benefits that can be <br />reasonably expected to result from the proposed new manufacturing equipment;and <br />e.The totality of benefits is sufficient to justify the deduction requested. <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 the Statement <br />of Benefits as set forth in Sections 1 through 3 of the Petition for Personal Property Tax Abatement <br />Consideration and that Statement of Benefits form completed by the petitioner, said form being <br />prescribed by the State Board of Accounts, are sufficient to justify the deduction granted under <br />Indiana Code 6-1. 1-12.1-4.5. <br />SECTION III. The Common Council hereby accepts the report and recommendation of the <br />Department of Community Investment, and the Community Investment Committee's favorable <br />recommendation,that the area herein described be designated as an Economic Revitalization Area <br />for purposes of personal property tax abatement and hereby makes such a designation. <br />SECTION IV. The Common Council determines that such designation is for personal property tax <br />abatement only and shall be limited to three(3)calendar years from the date of the adoption of this <br />Resolution by the Common Council. <br />SECTION V. The Common Council hereby determines that the property owner is qualified for and <br />is granted property tax deduction for a period of(5)five years as shown below pursuant to Indiana <br />Code 6-1.1-12.1-17. <br />Year 1-100% <br />Year 2- 95% <br />Year 3- 85% <br />Year 4- 75% <br />Year 5- 65% <br />2