Designating Tax Abatement - IRBN Inc. 2115 W. Western Ave. (5 Year Personal Property)

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a. the estimate of the cost of the new manufacturing equipment is reasonable for equipment of that type; b. That the estimate of the number of individuals that will be employed or whose employment will be retained by the Petitioner can reasonably be expected to result from the proposed installation of new manufacturing equipment; C. That the estimate of the annual salaries of those individuals that will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed installation of new manufacturing equipment; d. any other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed new manufacturing equipment; and e. the totality of benefits is sufficient to justify the deduction requested. SECTION II. The Common Council hereby determines and finds that the proposed new manufacturing equipment can be reasonably expected to yield the benefits identified in the Statement of Benefits and Petition for Tax Incentives completed by the petitioner, said form being prescribed by the State Board of Accounts, are sufficient to justify the deduction granted under Indiana Code 6 -1.1- 12.1 -4.5. SECTION III. The Common Council hereby accepts the report and recommendation of the Department of Community Investment, and the Community Investment Committee's favorable recommendation, that the area herein described be designated as an Economic Revitalization Area for purposes of personal property tax abatement and hereby makes such a designation. SECTION IV. The Common Council determines that such designation is for personal property tax abatement only and shall be limited to two (2) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION V. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of five (5) years as shown by the attachment pursuant to Indiana Code 6 -1.1- 12.1 -17; provided however, the Petitioner may not receive an economic revitalization area deduction if it receives an enterprise zone investment deduction under I.C. 6- 1.1 -45 for the same property. SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Personal Property Tax Abatement to be published pursuant to Indiana Code 5 -3 -1, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaration.