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i <br /> b. That the estimate of the number of individuals that will be employed or whose <br /> employment will be retained by the Petitioner can reasonably be expected to result <br /> from the proposed installation of new manufacturing equipment; <br /> C. That the estimate of the annual salaries of those individuals that will be employed <br /> or whose employment will be retained by the Petitioner can be reasonably expected <br /> to result from the proposed installation of new manufacturing equipment; <br /> d. Any other benefits about which information was requested are benefits that can be <br /> reasonably expected to result from the proposed new manufacturing equipment; <br /> and <br /> e. The totality of benefits is sufficient to justify the deduction requested. <br /> SECTION II. The Common Council hereby determines and finds that the proposed new <br /> manufacturing equipment can be reasonably expected to yield the benefits identified in the <br /> Statement of Benefits as set forth in Sections 1 through 3 of the Petition for Personal Property Tax <br /> Abatement Consideration and that Statement of Benefits form completed by the petitioner, said <br /> form being prescribed by the State Board of Accounts, are sufficient to justify the deduction <br /> granted under Indiana Code 6-1.1-12.1-4.5. <br /> SECTION III. The Common Council hereby accepts the report and recommendation of the <br /> Department of Community Investment, and the Community Investment Committee's favorable <br /> recommendation,that the area herein described be designated as an Economic Revitalization Area <br /> for purposes of personal property tax abatement and hereby makes such a designation. <br /> SECTION IV. The Common Council determines that such designation is for personal property <br /> tax abatement only and shall be limited to two (2) calendar years from the date of the adoption of <br /> this Resolution by the Common Council. <br /> SECTION V. The Common Council hereby determines that the property owner is qualified for <br /> and is granted property tax deduction for a period of (5) five years as shown by the schedule <br /> outlined below as well as the attachment pursuant to Indiana Code 6-1.1-12.1-17. <br /> Year 1 -100% <br /> Year 2—80% <br /> Year 3 —60% <br /> Year 4—40% <br /> Year 5 —20% <br /> SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption of this <br /> Declaratory Resolution for Personal Property Tax Abatement to be published pursuant to Indiana <br /> Code 5-3-1, said publication providing notice of the public hearing before the Common Council <br /> 2 <br />