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RESOLUTION NO. 2011 - 1 5/aEV(I
A RESOLUTION DECLARING AN ECONOMIC REVITALIZATION AREA
(CHIYODA USA CORPORATION)
WHEREAS,the Common Council of the City of Greencastle, Indiana,has determined that
it would be in the best interest of the citizens of Greencastle, Indiana, if such Common Council
defined and declared a certain area within such City as an economic revitalization area; and
WHEREAS, I.C. 6-1.1-12.1-1 to I.C. 6-1.1-12.1-2.5 defines the procedure for establishing
such an economic revitalization area; and
WHEREAS,the Common Council desires to make available to persons owning property in
such economic revitalization area the right to a deduction from the assessed value of real property
as defined in I.C.6-1.1-12.1-3 and a deduction for manufacturing equipment as defined in I.C.6-1-1-
12.1-4.5.
NOW THEREFORE BE IT RESOLVED by the Common Council of the City of Greencastle,
Indiana, as follows:
1. That this Common Council hereby declares by description the boundaries of the area to
be declared herein to be an economic revitalization area as follows:
Part of the Northwest Quarter of Section 24,Township 14 North Range 4 West of the
Second Principal Meridian, Putnam County, Indiana, described as follows:
Commencing a the Northwest corner of Section 24, Township 14 North Range 4
West;thence South 00 degrees 52 minutes West 90.11 feet with the West line of said
Section 24 to the South right-of-way line of Indiana State Road#240;thence with said
South right-of-way line Southeasterly 329.70 feet on a curve to the right having a
radius of 28,532.90 feet and subtended by a long chord bearing South 88 degrees 16
minutes 36 second East a distance of 329.70 feet to an iron pin and the TRUE POINT
OF BEGINNING of the real estate herein described; thence continuing with said
South right-of-way Southeasterly 279.11 feet on a curve to the right having a radius
of 28,532.90 feet and subtended by a long chord bearing South 87 degrees 39 minutes
49 seconds East a distance of 279.11 feet to an iron pin; thence South 87 degrees 23
minutes 00 second East 799.76 feet to a concrete right-of-way monument; thence
South 81 degrees 40 minutes 22 seconds East 50.25 feet to an iron pin; thence South
87 degrees 23 minutes 00 seconds East 100.00 feet to an iron pin; thence North 86
degrees 53 minutes 53 seconds East 28.21 feet to an iron pin;thence leaving the South
right-of-way line of the aforesaid Indiana State Road 240, South 00 degrees 18
minutes 00 seconds West 618.97 feet to an iron pin; thence North 89 degrees 42
minutes 00 seconds West 1267.27 feet to an iron pin; thence North 01 degree 16
''^''' minutes 25 seconds East 670.70 feet with an established property fence line to the
development because of the availability of other development ground within the City which is
qualified for tax abatement and because of a cessation or lack of growth in the general area which
is anticipated to lead to the deterioration of the area and continued stagnation of employment within
the City of Greencastle if said area is not utilized as an area to promote industrial expansion for the
City of Greencastle.
3. That in order to be competitive in attracting new industrial prospects to the City of
Greencastle, Indiana, and new investment by existing industry,it is imperative that such City offer
to prospective new industries locating in and existing industries investing in the above-described area
up to the maximum tax abatement as allowed by law.
4. That the Common Council now RESOLVES that the above-designated area shall be
declared an economic revitalization area under the terms and provisions of I.C. 6-1.1-12.1-2.5.
5. That this Resolution shall be published pursuant to the provisions of I.C.5-3-1 and a copy
of this Resolution shall be provided to the Putnam County Assessor's Office for inspection therein.
6. That after due publication,a public hearing shall be held at the time set forth in the public
notice notifying of the passage of this Resolution at which time,this Common Council shall received
and hear all remonstrances and objections; determine whether or not the qualifications for an
economic revitalization area have been met; and take final action upon this Resolution.
PASSED AND RESOLVED by the Common Council of the City of Greencastle at its regular
meeting this 8th day of February, 2011.
COMMON COUNCIL OF THE CITY OF GREENC STLE, INDIANA
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Ji ie S. Bingham Adam Cohen
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Mark N. Hammer Phy is s Rokicki
Terry J. Smith
Approved and signed by me this 8th day of February, 2011 at p.m. o'clock.
Susan V. Murray, Mayor
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Teresa P. Glenn, Clerk-Treasurer