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"Project'), in order to receive an additional personal property tax abatement for the Project <br />pursuant to the Act; <br />WHEREAS, the Project consists of the installation of Two Hundred Four Thousand and <br />Two Hundred Dollars ($204,200.00) in manufacturing and information technology equipment on <br />the real estate more specifically described in Exhibit C,- <br />WHEREAS, <br />; <br />WHEREAS, the improvement of the Area will be of public utility and will be to the benefit <br />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 is located in the Area which has been confirmed <br />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 Four Thousand and Two Hundred <br />Dollars ($204,200.00) as the value of the personal property <br />improvements is reasonable for projects of that nature. <br />(2) There are approximately eight new individuals who will be <br />employed at the Project as a result of the new personal 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 result <br />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 -1 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 ten (10) 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 />SECTION V. Under the authority of the Act, the Council or its designee may survey and <br />evaluate the Project for compliance with investment figures contained <br />