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Designating Tax Abatement - Bangor Refrigeration Building Addition Project 3620 W. McGill St. (5 Year Personal Property)
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Designating Tax Abatement - Bangor Refrigeration Building Addition Project 3620 W. McGill St. (5 Year Personal Property)
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7/23/2015 3:19:52 PM
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City Council - City Clerk
City Council - Document Type
Resolutions
City Counci - Date
1/27/1992
Ord-Res Number
1916-92
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SECTION I. The Common Council herebv determines and finds _pursuant <br />o I-ii-d-iana Code 6 -1.1- 12.1 -4.5, that; <br />(I a) the estimate of the cost of the new manufacturing <br />equipment is reasonable for equipment of that type; <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 the <br />proposed installation of new manufacturing equipment; <br />(c) the estimate of the annual salaries of those individuals <br />who will be employed or whose employment will be retained can <br />be reasonably expected to result from the proposed <br />installation of new equipment; <br />(d) any other benefits about which information was requested <br />are benefits that can be reasonably expected to result from <br />the proposed installation of new 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 that <br />the proposed new manufacturing equipment can be reasonably expected <br />to yield the benefits identified in the Statement of Benefits as <br />set forth in Section 1 through 3 of the Petition for Personal <br />Property Tax Abatement Consideration and that the Statement of <br />Benefits Form completed by the Petitioner, said form being <br />prescribed by the State Board of Accounts, are sufficient to <br />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 <br />recommendation of the Department of Economic Development, and the <br />Human Resources and Economic development Committee's favorable <br />recommendation, that the area herein described be designated as <br />Economic Revitalization Area for purposed of personal property tax <br />abatement and hereby makes such a designation. <br />SECTION IV. The Common Council determines that such designation is <br />for personal property tax abatement only and shall be limited to <br />two (2) calendar years from the date of the adoption of this <br />Resolution by the Common Council. <br />SECTION V. The Common Council hereby determines that the property <br />owner is qualified for and is granted property tax deduction for a <br />period of five (5) years. <br />SECTION VI. The Common Council directs the City Clerk to cause <br />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 on <br />said declaration. <br />SECTION IR. This <br />Resolution shall be in full force <br />and effect from <br />and after its adoption <br />by the Common Council and <br />approval by the <br />Mayor. <br />Filed in Clerk's Office <br />PRESEM9& % 7_ /a <br />Me�mbef of Common <br />Council <br />NOT APPROVE6 <br />DEC <br />1991 <br />ADOPTED i a 7 -9a5 <br />A MEOND <br />and Council v a U. tho 141T <br />. <br />SO. IN. <br />
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