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03-22-04 Council Meeting Minutes
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03-22-04 Council Meeting Minutes
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City Council - City Clerk
City Council - Document Type
Committee Mtg Minutes
City Counci - Date
3/22/2004
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REGULAR MEETING MARCH 22, 2004 <br /> SECTION II. The Common Council hereby determines and finds the following: <br /> A. That the description of the proposed redevelopment or rehabilitation meets the <br /> applicable standards for such development; <br /> B. That the estimate of the value of the redevelopment or rehabilitation is reasonable for <br /> projects of this nature; <br /> C. That the estimate of the number of individuals who will be employed or whose <br /> employment will be retained by the Petitioner can reasonably be expected to result <br /> from the proposed described redevelopment or rehabilitation; <br /> D. That the estimate of the annual salaries of those individuals who will be employed <br /> or whose employment will be retained by the Petitioner can be reasonably expected <br /> to result from the proposed.redevelopment or rehabilitation; <br /> E. That the other benefits about which information was requested are benefits that can <br /> be reasonably expected to result from the proposed described redevelopment or <br /> rehabilitation; and <br /> F. That the totality of benefits is sufficient to justify the requested deduction, all of <br /> which satisfy the requirements of Indiana Code 6-1.1-12.1-3, except that$12,800 of <br /> the total assessed value of the property does not qualify for benefits due to <br /> non-compliance with I.C. 6-1.1-12.1-11.3(a)(3). <br /> SECTION III. The Common Council hereby determines and finds that the proposed <br /> described redevelopment or rehabilitation can be reasonably expected to yield benefits identified in <br /> the Statement of Benefits set forth as Sections I through II of the Petition for Real Property Tax <br /> Abatement Consideration and that the Statement of Benefits foini prescribed by the State Board of <br /> Accounts are sufficient to justify the deduction granted under Indiana Code 6-1.1-12.1-3. <br /> SECTION IV. The Common Council hereby accepts the report and recommendation of the <br /> Community and Economic Development Committee that the area herein described be designated as <br /> an Economic Revitalization Area and hereby adopts a Resolution designating this area as an <br /> Economic Revitalization Area for purposes of real property tax abatement,except for$12,800 of the <br /> total assessed value for which Petitioner did not comply with I.C. 6-1.1-12.1-11.3(a)(3). <br /> SECTION V. The designation as an Economic Revitalization Area shall be limited to two <br /> (2) calendar years from the date of the adoption of this Resolution by the Common Council. <br /> SECTION VI. The Common Council hereby determines that the property owner is qualified <br /> for and is granted property tax deduction for a period of six (6)years, except for that portion of the <br /> property tax deduction allocable to $12,800 of the total assessed value of the property. <br /> SECTION VII. The Common Council directs the City Clerk to cause notice of the adoption <br /> of this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana <br /> Code 5-3-1 and Indiana Code 6-1.1-12.1-2.5,said publication providing notice of the public hearing <br /> before the Common Council on the proposed confirming of said declaration. <br /> SECTION VIII. This Resolution shall be in full force and effect from and after its adoption <br /> by the Common Council and approval by the Mayor. <br /> Councilmember Kelly made a motion to amend both Bill Nos. 04-35 and 04-36 as there were in the <br /> committee meetings this afternoon. Councilmember Varner seconded the motion which carried by <br /> -18- <br />
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