Designating Tax Abatement - Aquarius Plastic Finishers Inc. & Automatic Molded Plastics Inc. 3602 W. Sample (10 Year Real Property)

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SECTION II. That the Common Council hereby determines and finds the following: (A) If the proposed redevelopment or rehabilitation does not occur, the approximate current year tax rate for the City would be $15. 0781; (B) If the proposed redevelopment or rehabilitation does occur and no deduction is granted, the approximate current year tax rate for the City would be $15 .0764; (C) If the proposed redevelopment or rehabilitation occurs, the deduction is granted, and a deduction percentage of fifty percent ( 50%) is assumed, the approximate current year tax rate for the City would be $15. 0773 . SECTION III . That the Common Council hereby determines and finds that the proposed described redevelopment or rehabilitation can be reasonably expected to yield the benefits identified in the statement of benefits set for as sections 1 through 3 of the Petition for Real Property Tax Abatement Consideration and that the statement of benefits is sufficient to justify the deduction granted under Section 6-1.1-12.1-3 of the Indiana Code. SECTION IV. 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 V. That this designation shall be limited to five ( 5) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION VI. 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 VII . This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. emb of th Common C- %ncil • PRESENTED /1- 2 3- 17 NOT APPROVED ADOPTED /4 - a - 8 1 Coo anwzo �