WHEREAS, Indiana Code chapter 6-1.1-12.1 (as amended by Senate Enrolled Act 14, 2000) allows a partial abatement over a ten year period of property taxes attributable to the installation of new manufacturing equipment and research and development equipment in Economic Revitalization Areas; and

WHEREAS, Indiana Code chapter 6-1.1-12.1 empowers the Common Council to designate Economic Revitalization Areas by following a procedure involving the adoption of a preliminary resolution, provision of public notice, conducting of a public hearing and adoption of a final resolution confirming the preliminary resolution or a modified version of the preliminary resolution; and

WHEREAS, the business (called applicant) named above and in the attachment to this resolution, which attachment is incorporated by reference, has an ownership interest in the geographic area (called subject real estate) described in such attachment; and

WHEREAS, the applicant has requested that the subject real estate be designated as an Economic Revitalization Area for the purpose of achieving property tax savings in connection with the installation on the subject real estate of certain new manufacturing equipment and research and development equipment (called the equipment) identified in such attachment; and

WHEREAS, the Common Council recognizes that the abatement will not be in effect until after July 1, 2000 and that Optolynx, Inc. will not purchase or install the abated equipment until after July 1, 2000; and,

WHEREAS, evidence and testimony were considered by the Common Council.

NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF WEST LAFAYETTE that:

Section 1. The Common Council, after consideration of the application and Statement of Benefits contained in the attachment and the evidence presented finds that: The estimate of the cost of the equipment is reasonable for equipment of that type. 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 rehabilitation or redevelopment or installation of the equipment. 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 rehabilitation or redevelopment or installation of the equipment. Other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described rehabilitation or redevelopment or installation of the equipment. The totality of benefits is sufficient to justify the deduction.

Section 2. The Common Council designates, finds and establishes the subject real estate an Economic Revitalization Area, subject to final confirmation after public hearing. This designation is subject to the condition that designation allows abatement of property taxes only for the equipment for a period of five years. However, on the written request of the applicant, the Director of the Department of Development is allowed to authorize, in writing, substitutions, modifications and additions to the tax abatement set forth above and in the attachment which are not substantial in nature to the specified redevelopment, rehabilitation or new manufacturing equipment before March 1st of the year in which the initial certified deduction application for new manufacturing equipment is filed with the Tippecanoe County auditor and the State Board of Tax Commissioners.

Section 3. The Economic Revitalization Area designation terminates two years after the date of the final resolution. Accordingly, partial abatement of property taxes is allowed, to the extent provided above relative to specified redevelopment, rehabilitation or new manufacturing equipment or research and development equipment installed on the subject real estate during the period from July 1, 2000, until two years after adoption of the final resolution. However, termination of this designation does not limit the period of time to a period of less than the applicant or successor owner is entitled to receive a partial abatement of property taxes relative to specified redevelopment, rehabilitation or new manufacturing equipment or research and development equipment installed on the subject real estate before the termination of such designation, as provided by Indiana Code chapter 6-1.1-12.1.

Section 4. The partial abatement of taxes attributed to the installation of the specified equipment is subject to limitations contained in the Statement of Benefits, which is a part of the attachment to this resolution.

This resolution shall be in full force and effect from and after its passage and signing by the Mayor.

Office of the Clerk-TreasurerJudy Rhodes