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WHEREAS, Creative Foam, Corp. or a related entity (the "Applicant") has filed with <br />this Council a Statement of Benefits Real Estate Improvements (Form SB-1/Real Property), <br />which describes the proposed new real property improvements made by the Applicant (the <br />"Project'), in order to receive a real property tax abatement for the Project pursuant to the Act; <br />WHEREAS, the Project consists of real property improvements in the amount of Three <br />Hundred and Twenty -Five Thousand Dollars ($325,000.00) on the real estate more specifically <br />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 Three Hundred and Twenty -Five Thousand <br />Dollars ($325,000.00) as the value of real estate improvements is <br />reasonable for projects of that nature. <br />(2) There are approximately twenty (20) new individuals who will <br />be employed at the Project as a result of the new real property <br />improvements constituting 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 real <br />property tax abatement to the Applicant through the deduction <br />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. Real property tax deductions for the Project are hereby approved. The <br />period for real property tax deductions under the Act for the Project <br />shall be ten (10) years, utilizing such schedule provided in the Act <br />provided, however, the effectiveness of the designation may be <br />terminated by this Council in the accordance with the Act. <br />2 <br />