Designating Tax Abatement - Boliden Metech, Inc. 445 N. Sheridan Ave. (5 Year Personal Property)

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SECTION II. The Common Council hereby determines and finds the following: A. That the estimate of the value of the redevelopment or rehabilitation is reasonable for projects of this nature; B. That the estimate of the number of individuals who will be employed or whose employment will be retained can reasonably be expected to result from the proposed described redevelopment or rehabilitation; C. That the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained can be reasonably expected to result from the proposed redevelopment or rehabilitation; D. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation; and; E. That the totality of benefits is sufficient to justify the deduction; all of which satisfy the requirements of I.C. 6 -1.1- 12.1 -3 and which can be reasonably expected to result from the installation of the new manufacturing equipment. SECTION III. 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 II of the Petition for Personal Property Tax Abatement consideration and that the Statement of Benefits form prescribed by the State Board of Accounts are sufficient to justify the deduction granted under Section 6 -1.1- 12.1 -4.5 of the Indiana Code. SECTION IV. The C( and recommendation of Development Committee designated an Economic personal property tax designation. )mmon Council hereby accepts the report the Human Resources and Economic that the area herein described be Revitalization Area for purposes of abatement and hereby makes such a SECTION V. 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 VI. 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 VII. 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, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaration. SECTION VIII. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. 0803P PRESEFNM 1� ^ oZ Q -qo '•1OT APPROVED .DOPTED N.- 4 Member of the Co(y Counc' -2- Filed in Clerk's Gffaic 2 'Q 1�,M