Resolution 31-2023 Confirmatory Regarding Certain Personal Property Tax Abatement Deductions

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by adopting its Resolution Number 31-2023 confirming the Declaratory Resolution (the "Confirmatory Resolution"); WHEREAS, Applicant has filed with this Council a Statement of Benefits Personal Property (Form SB-1/PP), which describes the proposed personal property improvements by the Applicant at the Project site, in order to receive a personal property tax abatement for the Project pursuant to the Act; WHEREAS, the Project consists of personal property improvements in the amount of Five Hundred and Twenty -Nine Thousand Dollars ($529,000.00) on the real estate more specifically described in Exhibit B WHEREAS, the improvements 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 Five Hundred and Twenty -Nine Thousand Dollars ($529,000.00) as the value of the personal property improvements that will be installed is reasonable for the projects of that nature. (2) There will be approximately two (2) 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 real 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. 2