Laserfiche WebLink
D. Any other benefits about which information was requested are benefits that can be <br /> reasonably expected to result from the proposed new industrial and manufacturing equipment;and <br /> E. The totality of benefits is sufficient to justify the deduction requested. <br /> SECTION 1I. The Common Council hereby determines and finds that the proposed new industrial <br /> and 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 Tax <br /> Abatement Consideration and that Statement of Benefits form completed by the petitioner, said <br /> 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 Ill. 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 <br /> tax abatement only and shall expire on December 31, 2026. <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 as shown below pursuant to <br /> Indiana Code 6-1.1-12.1-17. <br /> Year 1 - 100% <br /> Year 2 - 90% <br /> Year 3 - 80% <br /> Year 4 - 70% <br /> Year 5 - 60% <br /> SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption of this <br /> Declaratory Resolution for Personal Property Tax Abatement to be published pursuant to Indiana <br /> Code 5-3-1, said publication providing notice of the public hearing before the Common Council <br /> on the proposed confirming of said declaration. <br /> SECTION VII. This Resolution shall be in full force and effect from and after its adoption by the <br /> Common Council and approval by the Mayor. <br /> (7.) <br /> lC Q(?,(_ <br /> Sha?afiheake, Coun President <br /> South Bend Common Council <br />