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RESOLUTION NO. TOWN COUNCIL OF MOORESVILLE, INDIANA DECLARATORY RESOLUTION FOR THE DESIGNATION OF AN ECONOMIC REVITALIZATION AREA WHEREAS, the Town of Mooresville, Indiana, (the "Town") has been requested by Toa Industry Co., Inc. (the "Applicant") to find pursuant to I.C. 6-1.1-12.1-2 that the area described in Exhibit A (the "Area") is an "economic revitalization area" within the meaning of I.C. 6-1.1-12.1- l(l); WHEREAS, the Mooresville Town Council (the "Council") has prepared (i) a simplified description of the boundaries of the Area by describing its location in relation to public ways, streams, or otherwise, or (ii) maps and plats that identify the Area, attached as Exhibit B; WHEREAS, the Area is located within the jurisdiction of the Council for the purposes set forth in I.C. 6-1.1-12.1-2; WHEREAS, the Applicant and/or an affiliate thereof and/or another entity (collectively, the "Applicant") plan to construct, as described in an Application and a related Statement of Benefits submitted by the Applicant to the Council (collectively, the "Application"), an automotive parts manufacturing facility in the Area (the "Project"); WHEREAS, the Project will consist off (i) the construction on unimproved real estate, of new structures and other related real estate improvements in the Area (the "Redevelopment") and (ii) the installation in the Area of tangible personal property to be acquired by the Applicant, as its owner, for use in the direct production, manufacture, fabrication, assembly, processing, refining or finishing o fother tangible personal property, which tangible personal property has never before been used by its owner for any purpose in Indiana (the "Equipment"); WHEREAS, the improvement of the Area described in the Application will be of public utility and will be to the benefit and welfare of all citizens and taxpayers of the Town; and WHEREAS, the Council has reviewed the Application; NOW, THEREFORE, BE IT RESOLVED, that the Council hereby determines that the Area is within the Town and has become undesirable for, or impossible of, normal development and occupancy because of a lack of development and other factors which have impaired values and prevented a normal development of property and use of property, and, therefore, that the Area is an "economic revitalization area" (as defined in I.C. 6-1.1-12.1-1(1)). BE IT ALSO RESOLVED, that, based on the information in the Application describing the Project, the Council makes the following findings: