HomeMy WebLinkAboutOrdinances Book 11, Page 117, No Resolution Number117
A RESOLU`110II EXEMPT.,NG FROM MUNICIPAL TAXATION FOR A
PERIOD OF FIVE (5) YEARS THE i+A NUFACTURI,TG BUSINESS AND PROPERTIES
OF THE i.IAGi1AVOX C011PAHIC, LOCATED Oi.' IIORTH EIGHTH STREET IN THE
CITY OF PADUCAH, KEUTUCKY.
'/IIIEREAS, the IAgnavox Company has submitted its application
for exemption from municipal taxation on its business and manufactc
in-, properties located on North Ei,hth Street in the city of iaduca
Kentucky; and,
'd1HEREAS, it appearing from said application that the real
estate on which said company will manufacture radio parts and com-
ponents and electronic equipment, as well as all of the machinery
and equipment used in such manufacturing business, is owned by the
said company; and,
'.;'-HEREAS, it further appearin- from said application that
the plant of the 'Magnavox Company is a new and bona fide manufactur
ing establishment, and under the statutes of the Commonwealth of
Kentucky and the ordinances of the City of Faducah, said plant is
entitled to exemption from municipal taxation for a period of five
(5) years as an inducement to the operation of said manufacturing
plant in the City of Paducah;
NOW THEREFORE, L: I? M SOLVED EY THE BOARD OF COLi,:I.iSIONERS
OF THE CITY Or PIZUCAH, Ir.E?iTUCKY:
SEC TION 1.
That the business of the I'agnavox Company located on North
Eighth Street in the City of Paducah, Kentucky, all real estate now
owned by said company at that location and all manufacturing pro-
perties used in connection with the manufacture of radio parts and
components and electronic equipment be exempted from payment to the
City of Paducah of all license taxes and ad valorem taxes, with the
exception of taxes due and payable for school purposes, for a period
of five (5) years, the exemption to be,.in with the assessment which
will become due in theyear 1946.
SEC TI 0!, 2.
This resolution shall Le in full force and effect from and
zfter its adoption.
Passed b; the Board oC Commissioners, July Sth, 1947
Recorded by -'arch Thurman, City Clerk, July 8th, 1947.