Designating Tax Abatement - Astar Inc. 645 Wilber St. (5 Year Personal Property)

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(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 as set forth in Section 1 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 and recommendation of Development, and the Development Committee's area herein described Revitalization Area for abatement and hereby makes Council hereby accepts the report the Department of Economic Human Resources and Economic favorable recommendation, that the be designated as Economic purposes of personal property tax 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. SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution to be published pursuant to Indiana Code 5 -3 -1, said publication providing notice of the public hearing before the Common Council on 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. Me ttO Common Council of ortuni; _ ...., . i..:+ti r%4;n Filed in Clerk's Office WESEId= �2- e2 a - 93 NOT APPROVED -aa -93