Designating Tax Abatement - 4221 Technology Dr. (10 Year Personal Property)

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SECTION III . That the Common Council hereby determines and finds that the proposed new manufacturing equipment can be reasonably expected to yield the benefits identifed in the statement of benefits as set forth in sections 1 through 3 of the Petition for Personal Property Tax Abatement Consideration and the statement of benefits is sufficient to justify the deduction granted under Section 6-1. 1-12. 1-4. 5 of the Indiana Code. Section IV. That 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 purpose of personal property tax abatement and hereby makes such a designation. SECTION V. That the Common Council determines that such designation is for personal property tax abatement only and shall be limited to five calendar years from the date of the adoption of this resolution by the Common Council. SECTION VI . That the Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of ten (10) years . SECTION VII . That the Common Council hereby determines that dollar amount of the deduction allowed shall be limited to dollars ($ ) • SECTION VIII. That 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 IX. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. / y /-mber j f the Common Council., ir PRESENTED //- a 3- &7 NOT APPROVED ADOPTED Filed In Clerk's Office NOV 161987 -2- IRENE GAMMON CITY CLERK, SO. BEND, IN.