Designating Tax Abatement - Vacant Land Adjacent to 3305 Lathrop Drive - Gateway Plaza Real Estate, LLC

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RESOLUTION NO. - 2007 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF MADISON, INDIANA APPROVING TAX PHASE-IN (ABATEMENT) PROGRAM GUIDELINES WHEREAS, the Common Council of the City of Madison, Indiana has determined that economic development and the attraction of capital investment and the attraction and/or retention of good paying jobs is beneficial to the economic welfare of its citizens; and WHEREAS, the Common Council of the City of Madison, Indiana is permitted and has the power pursuant to the provisions of Indiana Law to promote economic development by offering certain financial incentives for the purpose of attracting new capital investment and attracting and/or retaining good paying jobs: and WHEREAS, this resolution provides a mechanism to objectively evaluate requests for tax phase-in (abatement) and such procedures are set forth to promote and assist economic development within the City of Madison, Indiana; and WHEREAS, this resolution is in the best interest of the City of Madison, Indiana NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Madison, Indiana, it is hereby ORDERED AND ORDAINED that the following guidelines are approved and adopted with respect to the tax phase-in (abatement) program provided under Indiana law in I.C.6-1.1-12.1 et seq: CITY OF MADISON TAX PHASE-IN (ABATEMENT) PROGRAM DECISION GUIDELINES: Tax phase-in (abatement) for both real and personal property (equipment) maybe made for new and existing industrial or commercial property only within the current land use plan of the City of Madison based on the amount of new investment in real property or equipment new to Indiana and the number of jobs created or retained. The Council hereby finds that there is a need to develop tax phase-in (abatement) procedures which set forth the philosophy, regulations, procedures, and general standards, which the City of Madison, Indiana, believes are necessary to encourage economic development within the city limits. The Council therefore declares that the following tax phase-in (abatement) procedures and general standards shall govern tax phase-in (abatement) requests filed for consideration with the City.