01-10-05 Council Meeting Minutes

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REGULAR MEETING ANUARY 10 2005 SECTION I. The Common Council hereby determines and finds pursuant to Indiana Code 6-1.1- 12.1-4.5 et sec., that: a. the estimate of the cost of the new manufacturing equipment is reasonable for equipment of that type; b. That the estimate of the number of individuals that will be employed or whose employment will be retained by the Petitioner can reasonably be expected to result from the proposed installation of new manufacturing equipment; c. That the estimate of the annual salaries of those individuals that will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed installation of new manufacturing equipment; d. any other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed new manufacturing equipment; and the totality of benefits is sufficient to justify Che deducti on requested. SECTION II. The Cornrnon Council hereby deterrrrines 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 1 through 3 of the Petition for Personal Property Tax Abatement Consideration and that Statement of Benefits form completed by the petitioner, said form being prescribed by the State Board of Accounts, are sufficient Co justify the deduction granted render Indiana Code 6-L1-12.1-4.5. SECTION III. The Common Council hereby accepts the report and recommendation of the Department of Community and Economic Development, and the Community and Economic Development Committee`s favorable recommendation, that the area herein described be designated as an Economic Revitalization Area for purposes of personal property tax abatement and hereby makes such a designation. SECTION IV. 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 V. 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 VI. The Common Council directs the City Cleric to cause notice of the adoption of this Declaratory Resolution for Personal Property Tax Abatement to be published pursuant to Indiana Code 5-3-I, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaratian. 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. s/Charlotte D. Pfeifer Member of the Common Council Councilmember Varner made a motion to correct the address in the title and in the body of the Resolution to read 4050 Ralph Jones Drive. Councilmember White seconded the motion, which carried by a voice vote of nine ayes. Za