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 of 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. 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 set forth as Sections I through III of the Petition for Personal Property Tax Abatement and that the completed 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 for the area 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 Resolution to be published, said publication providing notice of the public hearing before the Common Council on 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. C,-� Jv- �Ij pEFS£N�Ea di 3 -� ember of the Common Council " -.07 APPROVEC _. �Y,D 5 -a3 -a" in Veik's Office ,Do, MAY 131988 IRENE GAMMON 2 !-ITV CLERK so, EEL ", . '..,.