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REGULAR MEETING FEBRUARY 8, 2010 <br /> <br /> <br /> <br />SECTION II. The Common Council hereby determines and finds the following: <br /> <br />A. That the description of the proposed redevelopment or rehabilitation meets <br />the applicable standards for such development; <br /> <br />B. That the estimate of the value of the redevelopment or rehabilitation is <br />reasonable for projects of this nature; <br /> <br />C. That the estimate of the number of individuals who will be employed or <br />whose employment will be retained by the Petitioner can reasonably be expected to result <br />from the proposed described redevelopment or rehabilitation; <br /> <br />D. That the estimate of the annual salaries of those individuals who will be <br />employed or whose employment will be retained by the Petitioner can be reasonably <br />expected to result from the proposed redevelopment or rehabilitation; <br /> <br />E. That the other benefits about which information was requested are benefits <br />that can be reasonably expected to result from the proposed described redevelopment or <br />rehabilitation; and <br /> <br />F. That the totality of benefits is sufficient to justify the requested deduction, <br />all of which satisfy the requirements of Indiana Code § 6-1.1-12.1-3. <br /> <br />SECTION III. The Common Council hereby determines and finds that the proposed <br />described redevelopment or rehabilitation can be reasonably expected to yield benefits <br />identified in the Statement of Benefits, Sections 1 through 3 of the Petition for Real <br />Property Tax Abatement Consideration and the Memorandum of Agreement between the <br />Petitioner and the City of South Bend, and that the Statement of Benefits form completed <br />by the petitioner, said form being prescribed by the State Board of Accounts, are <br />sufficient to justify the deduction granted under Indiana Code § 6-1.1-12.1-3. <br /> <br />SECTION IV. The Common Council hereby accepts the report and recommendation of <br />the Community and Economic Development Committee that the area herein described be <br />designated as an Economic Revitalization Area and hereby adopts a Resolution <br />designating this area as an Economic Revitalization Area for purposes of real property <br />tax abatement. <br /> <br />SECTION V. The designation as an Economic Revitalization Area shall be limited to <br />two (2) calendar years from the date of the adoption of this Resolution by the Common <br />Council. <br /> <br />SECTION VI. The Common Council hereby determines that the property owner is <br />qualified for and is granted property tax deduction for a period of up to eight (8) years. <br /> <br />SECTION VII. The Common Council directs the City Clerk to cause notice of the <br />adoption of this Declaratory Resolution for Real Property Tax Abatement to be published <br />pursuant to Indiana Code § 5-3-1 and Indiana Code § 6-1.1-12.1-2.5, said publication <br />providing notice of the public hearing before the Common Council on the proposed <br />confirming of said declaration. <br /> <br />SECTION VIII. This Resolution shall be in full force and effect from and after its <br />adoption by the Common Council and approval by the Mayor. <br /> <br /> <br /> s/Derek D. Dieter <br /> Member of the Common Council <br /> <br /> <br /> <br /> <br /> <br /> 11 <br /> <br />