Laserfiche WebLink
REGULAR MEETING DECEMBER 22, 1997 <br />(b) the estimate of the number of individuals that will be <br />employed or whose employment will be retained by the <br />Petitioner can be reasonably expected to result from <br />the proposed installation of new manufacturing <br />equipment; <br />(c) the estimate of the annual salaries of those <br />individuals who will be employed or whose employment <br />will be retained can be reasonably expected to result <br />from the proposed installation of new equipment; <br />(d) any other benefits about which information was <br />requested are benefits that can be reasonably expected <br />to result from the proposed installation of new <br />manufacturing equipment; and <br />(e) the totality of benefits is sufficient to justify the <br />deduction requested. <br />SECTION II. The Common Council hereby determines and finds <br />that the proposed new manufacturing equipment can be reasonably <br />expected to yield the benefits identified in the State of <br />Benefits as set forth in Section 1 through 3 of the Petition for <br />Personal Property Tax Abatement Consideration and that the <br />Statement of Benefits form completed by the Petitioner, said form <br />being prescribed by the State Board of Accounts, are sufficient <br />to justify the deduction granted under Indiana Code 6- 1.1 -12.1- <br />4.5. <br />SECTION III. The Common Council hereby accepts the report <br />and recommendation of the Department of Economic Development, and <br />the Human Resources and Economic Development Committee's <br />favorable recommendation, that the area herein described be <br />designated as Economic Revitalization Area for purposes of <br />personal property tax deduction for a period of five (5) years. <br />SECTION IV. The Common Council determines that such <br />designation is for personal property tax abatement only and shall <br />be limited to two (2) calendar years from the date of the <br />adoption of this Resolution by the Common Council. <br />SECTION V. The Common Council hereby determines that the <br />property owner is qualified for and is granted property tax <br />deduction for a period of five (5) years. <br />SECTION VI. The Common Council directs the City Clerk to <br />cause notice of the adoption of this Declaratory Resolution to be <br />published pursuant to Indiana Code 5 -3 -1, said publication <br />providing notice of the public hearing before the Common Council <br />on said declaration. <br />SECTION VII. This resolution shall be in full force and <br />effect from and after its adoption by the Common Council and <br />approval by the Mayor. <br />/s/ Roland Kelly <br />Member of the Common Council <br />A public hearing was held on the resolution at this time. <br />Council Member Broden reported that the Community and Economic <br />Development Committee had met on this resolution and recommended <br />it to the Council favorable. Stanley Blenke, executive vice <br />president, made the presentation for the resolution. He reported <br />that due to continuing growth they need to purchase seven pieces <br />of equipment at a cost of $1,860,000. He indicated that as a <br />result of this expansion they will add ten new employees. <br />Council Member Coleman made a motion to adopt this resolution, <br />seconded by Council Member Varner. The resolution was adopted by <br />a roll call vote of nine ayes. <br />RESOLUTION NO. 2536 -97 A RESOLUTION OF THE COMMON COUNCIL OF <br />