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HomeMy WebLinkAbout2002-R-40RESOLUTION NO: 4© RESOLUTION ALLOWING TAX ABATEMENT AND APPROVING STATEMENT OF BENEFITS FOR PURPOSES OF PROPERTY TAX ABATEMENT WHEREAS, R. Wayne Estopinal and The Estopinal Group, Inc. (Applicant) have petitioned the Common Council, City of Jeffersonville, Indiana, for an abatement of real property taxes to be assessed on a proposed improvement to be made and equipment on property located in Jeffersonville, Clark County, Indiana; ' WHEREAS, Applicant has submitted a Statement of Benefits on the form prescribed by the Indiana State Board of Tax Commissioners for such purpose, which statement includes a description of the proposed development, an estimate of the number of individuals who will be employed as a result of the redevelopment, an estimate of the annual salaries of these individuals and an estimate of the value of the redevelopment; WHEREAS, the Common Council for Jeffersonville, Indiana recognizes the need to stimulate growth and to maintain a sound economy in the incorporated area of the City of Jeffersonville, under the jurisdiction of the city Council of Jeffersonville, Indiana; WHEREAS, the Jeffersonville City Council now determines that the area where th~6proposed redevelopment project is to be located has previously been designated an Economic Revitalization Area pursuant to Resolution No. 94-R-21, enacted in 1994; and WHEREAS, the Jeffersonville City Council has reviewed the Statement of Benefits submitted herein, and attaches and incorporates that Statement to this Resolution. BE IT THEREFORE RESOLVED by the 1effersonville City Council that it specifically and affirmatively finds as follows: 1. That the estimate of the value of the redevelopment or rehabilitation and the new research and development equipment is reasonable for projects of the nature and equipment of that type described in the Statement of Benefits submitted by the applicant. 2. That the estimate of the number of individuals who will be employed or whose employment will be retained can reasonably be expected to result from the proposed described redevelopment or rehabilitation and installation of new research and development equipment. 3. That the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained can be reasonably expected to result from the proposed described redevelopment or rehabilitation. 4. That all other information requested from Applicant has been submitted, and the benefits described in such information can be reasonably expected to result from the proposed described redevelopment or rehabilitation and installation of new research and development equipment. 5. That the totality of benefits for said redevelopment or rehabilitation and installation of new research and development equipment is sufficient to justify the deduction. BE IT FURTItER RESOLVED that the Jeffersonville City Council hereby approves the application for deduction presented by the Statements of Benefits filed by Applicant and that said Applicant shall be entitled to deductions for a period of ten (10) years for improvements to real property, pursuant to the provisions of I.C. 6-1.1-12.1 et seq. with the timely filing and perfection thereof with the Jeffersonville Clerk-Treasurer's Office and a deduction for ~ years for the qualifying new research and development equipment to be placed upon the property. SO RESOLVED this ~.~ P~gy ¢~er, Clerk-Treasurer City of Jeffersonville, Indiana Presented to me and approved this day of~ 2002. Pfe~deni, Je~er~onviil~City Council