TO CONFIRM RESOLUTION 22-05 DESIGNATING AN ECONOMIC REVITALIZATION AREA, APPROVING THE STATEMENT OF BENEFITS, AND AUTHORIZING AN ABATEMENT PERIOD FOR REAL PROPERTY IMPROVEMENTS AND PERSONAL PROPERTY Re: Properties at 1300 S. Patterson Drive (Catalent Indiana, LLC, Petitioner)
This resolution confirms Resolution 22-05, which designated nine parcels located at and around 1300 S. Patterson Drive as an Economic Revitalization Area ("ERA") for Catalent Indiana LLC ("Petitioner"). This designation was recommended by the Economic Development Commission on January 31, 2022, and will enable the proposed $350 million project including the real and
personal property improvements to be eligible for tax abatement. The resolution affirms the Council's approval of the Petitioner's Statement of Benefits, authorizes a ten-year period of abatement for real property improvements, authorizes a twenty-year period of abatement for personal property, and sets the deduction schedules for each.