Laserfiche WebLink
(c) the estimate of the annual salaries of those individuals who will be employed <br />or whose employment will be retained can be reasonably expected to result from the <br />proposed installation of new equipment; <br />(d) any other benefits about which information was requested are benefits that <br />can be reasonably expected to result from the proposed installation of new <br />manufacturing equipment; and <br />(e) the totality of benefits is sufficient to justify the deduction requested. <br />SECTION II. The Common Council hereby determines and finds that the proposed new <br />manufacturing equipment can be reasonably expected to yield the benefits identified in the <br />Statement of Benefits as set forth in Section 1 through 3 of the Petition for Personal <br />Property Tax Abatement Consideration and that the Statement of Benefits Form completed <br />by the Petitioner, said form being prescribed by the State Board of Accounts, are sufficient <br />to justify the deduction granted under Indiana Code 6 -1.1- 12.1 -4.5. <br />SECTION III. The Common Council hereby accepts the report and recommendation of the <br />Department of Economic Development, and the Human Resources and Economic <br />Development Committee's favorable recommendation, that the area herein described be <br />designated as Economic Revitalization Area for purposes of personal property tax <br />abatement and hereby makes such a designation. <br />SECTION IV. The Common Council determines that such designation is for personal <br />property tax abatement only and shall be limited to two (2) calendar years from the date <br />of the adoption of this Resolution by the Common Council. <br />SECTION V. The Common Council hereby determines that the property owner is qualified <br />for and is granted property tax deduction for a period of five (5) years. <br />SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption <br />of this Declaratory Resolution to be published pursuant to Indiana Code 5 -3 -1, said <br />publication providing notice of the public hearing before the Common Council on said <br />declaration. <br />SECTION VII. This Resolution shall be in full force and effect from and after its adoption <br />by the Common Council and approval by the Mayor. <br />>rEO A4 - i 3-9/)-, <br />NOT APPROVED <br />2 <br />Member of the Common Council <br />0 signed only to proviae an <br />opportunity for public <br />sAd Council action on the <br />Office <br />JAN 3 1 (gg2 <br />