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WHEREAS, Overton Industries, Inc. or a related entity (the "Applicant') has filed with <br />this Council a Statement of Benefits Personal Property form (Form SB-1/PP) which describes the <br />proposed new personal property improvements made by the Applicant (the "Project'), in order to <br />receive personal property tax abatement for the Project pursuant to the Act; <br />WHEREAS, the Project consists of the installation of Two Hundred Nineteen Thousand <br />and Six Hundred Dollars ($219,600.00) in manufacturing equipment on the real estate more <br />specifically described in Exhibit B; <br />WHEREAS, the improvement of the Area will be of public utility and will be to the <br />benefit and welfare of the citizens and taxpayers of the Town. <br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF <br />THE TOWN OF MOORESVILLE, INDIANA AS FOLLOWS: <br />SECTION I. The proposed Project will be located in the Area which has been <br />confirmed as an Economic Revitalization Area pursuant to the Act. <br />SECTION II. Based upon the information provided by the Applicant, this Council <br />makes the following findings: <br />(1) The estimate of Two Hundred Nineteen Thousand and Six <br />Hundred Dollars ($219,600.00) as the value of the personal <br />property improvements is reasonable for projects of that nature. <br />(2) There will be one (1) new individual who will be employed as a <br />result of the new personal property improvements constituting <br />the Project. <br />(3) The other benefits about which information has been presented to <br />this Council are benefits that can be reasonably expected to <br />result from the construction of the Project. <br />(4) The totality of benefits is sufficient to justify the granting of <br />personal property tax abatement to the Applicant through the <br />deduction provided by the Act. <br />SECTION III. The Form SB -I has been submitted by the Applicant and reviewed and <br />approved by Council. <br />SECTION IV. Personal property tax deductions for the Project are hereby approved. <br />The period for personal property tax deductions under the Act for the <br />Project shall be five (5) years, utilizing such schedule provided in the <br />Act provided, however, the effectiveness of the designation may be <br />terminated by this Council in the accordance with the Act. <br />2 <br />