Resolution 07-2021 - Confirmatory Regarding Certain Personal Property Tax Abatement Deductions

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proposed new personal property improvements made by the Applicant (the "Project'), in order to receive a personal property tax abatement for the Project pursuant to the Act; WHEREAS, the Project consists of the installation of Four Hundred Eighty -Seven Thousand One Hundred and Thirty -Seven Dollars ($487,137.00) in manufacturing equipment on the real estate more specifically described in Exhibit B; WHEREAS, the improvement of the Area will be of public utility and will be to the benefit and welfare of the citizens and taxpayers of the Town. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE TOWN OF MOORESVILLE, INDIANA AS FOLLOWS: SECTION I. The proposed Project will be located in the Area which has been confirmed as an Economic Revitalization Area pursuant to the Act. SECTION II. Based upon the information provided by the Applicant, this Council makes the following findings: (1) The estimate of Four Hundred Eighty -Seven Thousand One Hundred and Thirty -Seven Dollars ($487,137.00) as the value of the personal property improvements is reasonable for projects of that nature. (2) There are approximately 160 new individuals who will be employed at the Project as a result of the new personal property improvements constituting the Project. (3) The other benefits about which information has been presented to this Council are benefits that can be reasonably expected to result from the construction of the Project. (4) The totality of benefits is sufficient to justify the granting of personal property tax abatement to the Applicant through the deduction provided by the Act. SECTION III. The Form SB -1 has been submitted by the Applicant and reviewed and approved by Council. SECTION IV. Personal property tax deductions for the Project are hereby approved. The period for personal property tax deductions under the Act for the Project shall be ten (10) years, utilizing such schedule provided in the Act provided, however, the effectiveness of the designation may be terminated by this Council in the accordance with the Act.