Designating Tax Abatement - Adapto-Indiana, Inc. 3722 Foundation Court (5 Year Personal Property)

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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 as set forth in Sections I through 3 of the Petition for Personal Property Tax Abatement Consideration and that the Statement of Benefits form 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 and Economic Development, and the Community and Economic Development 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. SECITON 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. 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. SECTION VII. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. PRESENTED M4-63 NOT APPROVED ADOPTED t 2-'-U Member of the Common Council HS�j in o�c o % zoos L Lon CRY CLEP.,, 5r%'a' „r'J,