Designating Tax Abatement - Schafer Gear Works Inc. 814 S. Main St. (5 Year Personal Property)

Home Browse Search

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 reasonable 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 and 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 Common Council hereby accepts the report and recommendation of the Human Resources and Economic Development committee that the area herein described be designated an Economic Revitalization Area for purposes of personal property tax abatement and hereby makes such a designation. 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 and effect from and after its and approval by the Mayor. PRESENTED 7-// —8g NOT APPROVED ADOPTED X k —3— shall be in full force adoption by the Common Council ember of the Common Council ad in Clerk's Office JUL 61988 liME E GAMMON CITY CLLR, Sid. BE19P V..