HomeMy WebLinkAbout2024-R-2 Resolution Approving Statement of Benefits for Proposed Personal Property Tax Abatement (MKS Vision Group, Inc. BEFORE THE COMMON COUNCIL
FOR THE CITY OF JEFFERSONVILLE INDIANA
RESOLUTION NO. 2024-R-4
RESOLUTION APPROVING STATEMENT OF BENEFITS FOR
PROPOSED PERSONAL PROPERTY TAX ABATEMENT
WHEREAS, MKS Vision Group, Inc. petitioned the Common Council of the City of
Jeffersonville, Indiana, for a deduction in personal property taxes to be assessed on proposed
manufacturing equipment: additional machines used in cutting and fabrication of sheet
metal and plastics, laboratory equipment and IT equipment to be generally located at their
facility located at 2550 Centennial Blvd, located in the City of Jeffersonville, Clark County,
Indiana; and
WHEREAS, MKS Vision Group, Inc. has submitted a Statement of Benefits on the
form prescribed by the Indiana State Board of Tax Commissioners for personal property, which
statement includes a description of the estimated investment in manufacturing equipment,
laboratory equipment and IT equipment; an estimated number of the individuals who will be
employed as a result of the investment; and an estimated hourly salary of these individuals.
WHEREAS, the Common Council of the City of Jeffersonville has previously
determined that the area in which the proposed investment project is located in the City of
Jeffersonville qualifies as an economic revitalization area pursuant to Indiana Code 6-1.1-12.1-5,
et seq.; and
WHEREAS,the Redevelopment Commission of the City of Jeffersonville has made a
favorable recommendation for approval of the Statement of Benefits for personal property; and
WHEREAS, the Common Council of the City of Jeffersonville has reviewed the
Statement of Benefits and its attachment "A" submitted herein, and attaches and incorporates the
Statement of Benefits submitted herein, and attaches and incorporates the attachment"A" to this
Resolution.
BE IT FURTHER RESOLVED, that the Common Council of the City of
Jeffersonville, Indiana, hereby approves the application for deduction presented by the
Statement of Benefits filed by MKS Vision Group, Inc. and that said company shall be
entitled to deduction for a period of FIVE (5)years for investments to personal property
pursuant to provisions of I.C. 6-1.1-12.1-3(d), with the timely filing and perfection thereof
with the Clark County Auditor's and Clark County Assessor's office. This Resolution shall
be in full force and effect from and after its passage and approval. Passed this 4th day of
March, 2024.
[signature page to follow]
VOTED FOR: VOTED AGAINST:
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Passed and adopted by the Common Council of the City of Jeffersonville, Clark County,
Indiana on this 4th day of March, 2024. ( -- (Ark&
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Dustin White, Council President
Attest:
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Lisa Gill, Clerk
Presented by me as Clerk to the Mayor of said City of Jeffersonville this .0 day of
March, 2024.
,A1/0/
Lisa Gill, Clerk
IlThis Resolution approved and signed by me this day of M '024.
Mice Moore, Mayor
This Resolution vetoed by me this day of March, 2024.
Mike Moore, Mayor
NOW, THEREFORE,BE IT RESOLVED,by the Common Council of the City of
Jeffersonville, Indiana, that it specifically and affirmatively finds as follows:
That the estimate value of the qualifying personal property investment of
$2,250,000.00 is reasonable for projects of the nature described in the Statement of
Benefits submitted by the company.
1. That the effective "start date"of the deduction period will begin on
, following approval from the Redevelopment
Commission of the City of Jeffersonville.
2. That the abatement schedule is justified and prescribed by the Tax Abatement Score
Sheet attached as "Exhibit A" in accordance with the Tax Abatement guidelines and
Principles set out in Jeffersonville City Ordinance, Ordinance No. 2015-OR-56.
3. That the estimate of the number of 40 new individuals to be employed at the project
site can reasonably be expected to result from the proposed described investment.
4. That the estimate of the annual salaries of the 40 new individuals who will be
employed at the project site can reasonably be expected to result from the proposed
described investment.
5. That the taxes lessened from the granting of this abatement shall be for investments in
personal estate up to the value of$2,250,000.00.
6. That all other information requested from MKS Vision Group, Inc. has been
submitted, and the benefits described in such information can be reasonably expected
to result from the proposed described investment.
7. That the totality of benefits for said investment is sufficient to justify the deduction.
8. That MKS Vision Group, Inc. has agreed to the payment of a fee of 10% of the
annual benefit of the abatement of the Jeffersonville City Council annually as
described in I.C. 6-1.1-12.1-14.
Abatement Schedule Exhibit
Personal Property
Year Abatement Percentage
1 100% exempt
2 80% exempt
3 40% exempt
4 20% exempt
5 10% exempt
6 0% exempt