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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 <br /> result from the proposed installation of new manufacturing equipment; <br /> c. That the estimate of the annual salaries of those individuals that will be employed <br /> or whose employment will be retained by the Petitioner can be reasonably <br /> expected to result from the proposed installation of new manufacturing <br /> 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; <br /> 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 <br /> Statement of Benefits as set forth in Sections 1 through 3 of the Petition for Personal Property <br /> Tax Abatement Consideration and that Statement of Benefits form completed by the petitioner, <br /> said form being prescribed by the State Board of Accounts, are sufficient to justify the deduction <br /> granted under 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 and Economic Development, and the Community and Economic <br /> Development Committee's favorable recommendation, that the area herein described be <br /> designated as an Economic Revitalization Area for purposes of personal property tax abatement <br /> and hereby makes such a designation. <br /> SECTION IV. The Common Council determines that such designation is for personal property <br /> tax abatement only and shall be limited to two (2) calendar years from the date of the adoption of <br /> this Resolution by the Common Council. <br /> SECTION V. The Common Council hereby determines that the property owner is qualified for <br /> and is granted property tax deduction for a period of five (5) years. <br /> SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption of <br /> this Declaratory Resolution for Personal Property Tax Abatement to be published pursuant to <br /> Indiana Code 5-3-1, said publication providing notice of the public hearing before the Common <br /> Council on the proposed confirming of said declaration. <br /> 2 <br />