| 1. | AREA INCLUDED IN ECONOMIC REVITALIZATION AREA It is hereby declared that the following described real estate, situate in DeKalb County, State of Indiana, to-wit: |
| (A) | The estimate of the value of the redevelopment or rehabilitation is reasonable for the projects of that nature. | ||
| (B) | The estimate of the number of individuals who will be employed or whose employment will be retained can be reasonably expected to result from the proposed described redevelopment or rehabilitation. | ||
| (C) | 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. | ||
| (D) | There are other benefits about which information was requested and those benefits can be reasonably expected to result from the proposed described redevelopment or rehabilitation. | ||
| (E) | The totality of benefits is sufficient to justify the deduction. | ||
| 3. | REAL ESTATE IMPROVEMENT IS ELIGIBLE That the Common Council of the City of Auburn hereby resolves and declares that the real estate improvement described in the Statement of Benefits, Form SB-1, be hereafter eligible for property tax phase-in pursuant to the provisions of the above statute and ordinance. That the Common Council of the City of Auburn, Indiana, finds that the real estate improvement described in the application valued at $1,244,248.00 is dedicated for use of real estate improvement. |
| 4. | EFFECTIVE DATE This resolution shall be effective upon its passage subject to the notice and hearing provisions of Indiana Code, I.C. 6-1.1-12.1-2.5. The tax phase-in shall be effective from and after the date the Statement of Benefits was filed, which was August 16, 2016. The hearing contemplated by said statute was held at the time and the place designated for a regular meeting of the Common Council of the City of Auburn, Indiana, on the October 4, 2016 at the City Hall Council Chambers, 210 East 9th Street in Auburn, Indiana, at 6:00 p.m. At such meeting the Common Council took final action in determining whether the qualifications for real estate improvements and new manufacturing equipment have been met and the Common Council will then confirm, modify or rescind this original resolution. Such determination and final action by the Council shall be binding upon all affected parties, subject to the appeal procedures contemplated by Indiana Code, I.C. 6-1.1-12.1-1, et seq. | ||
| 5. | PHASE-IN PERIOD That the Common Council of the City of Auburn further resolves and declares that the application shall receive tax phase-in on real estate improvements for ten (10) years. Should this Auburn facility of the applicant close and/or cease operations during the phase-in period any phase-in of taxes gained by this resolution ceases and applicant will immediately pay back any and all taxes abated by this resolution. By accepting tax phase-in, applicant hereby agrees to be bound by the terms hereof. | ||
| 7. | ON SITE INSPECTION Upon installation of the new equipment that is to receive tax phase-in the recipient shall notify the Clerk-Treasurer of the City of Auburn of the installation. Thereafter the recipient shall allow the City to inspect the equipment to insure compliance on an annual basis throughout the period of phase-in. | ||
| 8. | FILING WITH DEKALB COUNTY AUTHORITIES Upon the adoption of this resolution the Clerk-Treasurer of the City of Auburn, Indiana, shall cause a certified copy of this resolution to be filed with the appropriate County Offices of DeKalb County, Indiana. | ||