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Designating Tax Abatement - Nimet Industries, Inc. 2424 N. Foundation Dr. (5 Year Personal Property)
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Designating Tax Abatement - Nimet Industries, Inc. 2424 N. Foundation Dr. (5 Year Personal Property)
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City Council - City Clerk
City Council - Document Type
Resolutions
City Counci - Date
10/8/1990
Ord-Res Number
1815-90
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SECTION II. The Common Council hereby determines and finds <br />the following: <br />A. That the estimate of the value of the <br />redevelopment or rehabilitation is reasonable for <br />projects of this nature; <br />B. That the estimate of the number of individuals who <br />will be employed or whose employment will be retained <br />can reasonably be expected to result from the proposed <br />described redevelopment or rehabilitation; <br />C. That the estimate of the annual salaries of those <br />individuals who will be employed or whose employment <br />will be retained can be reasonably expected to result <br />from the proposed redevelopment or rehabilitation; <br />D. That the other benefits about which information <br />was requested are benefits that can be reasonably <br />expected to result from the proposed described <br />redevelopment or rehabilitation; and; <br />E. That the totality of benefits is sufficient to <br />justify the deduction; all of which satisfy the <br />requirements of I.C. 6 -1.1- 12.1 -3 and which can be <br />reasonably expected to result from the installation of <br />the new manufacturing equipment. <br />SECTION III. The Common Council hereby determines and <br />finds that the proposed new manufacturing equipment can be <br />reasonably expected to yield the benefits identified in the <br />Statement of Benefits as set forth in sections I through II of <br />the Petition for Personal Property Tax Abatement consideration <br />and that the Statement of Benefits form prescribed by the State <br />Board of Accounts are sufficient to justify the deduction <br />granted under Section 6 -1.1- 12.1 -4.5 of the Indiana Code. <br />SECTION IV. The Common Council hereby accepts the report <br />and recommendation of the Human Resources and Economic <br />Development Committee that the area herein described be <br />designated an Economic Revitalization Area for purposes of <br />personal property tax abatement and hereby makes such a <br />designation. <br />SECTION V. The Common Council determines that such <br />designation is for personal property tax abatement only and <br />shall be limited to two (2) calendar years from the date of the <br />adoption of this Resolution by the Common Council. <br />SECTION VI. The Common Council hereby determines that the <br />property owner is qualified for and is granted property tax <br />deduction for a period of five (5) years. <br />SECTION VII. The Common Council directs the City Clerk to <br />cause notice of the adoption of this Declaratory Resolution for <br />Personal Property Tax Abatement to be published, said <br />publication providing notice of the public hearing before the <br />Common Council on the proposed confirming of said declaration. <br />SECTION VIII. This Resolution shall be in full force and <br />effect from and after its adoption by the Common Council and <br />approval by the Mayor. <br />Member o e on Council <br />62530 <br />iRESfMED ��- S�'C(� <br />NOT APPROVED <br />ADOPTED / 0 - R - 5d6 -2- <br />
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