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Bend Municipal Code Sections 2-76 et seg., and; <br />WHEREAS, the Department of Cnmmunity and Economic Development has concluded <br />an investigation and prepared a report with information sufficient for the Common Council to <br />determine that the area qualifies as an Economic Revitalization Area under Indiana Code 6-1.1- <br />12.1, et sue., and South Bend Municipal Cnde Sections 2-'76, et sey., and has further prepared <br />maps and plats showing the boundaries and such other information regarding the area in question <br />as required by Iaw; and <br />WHEREAS, the Community and Economic Development Committee of the Common <br />Council has reviewed said report and recommended to the Common Council that the area <br />qualif es as an Economic Revitalization Area. <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South <br />Bend, Indiana, as follows: <br />SECTION L The Common Council hereby determines and f nds pursuant to Indiana Cade 6- <br />i .1-12.1-4.5 et sec ., that: <br />a. The estimate of the cast of the new manufacturing equipment is reasonable for <br />equipment of that type; <br />b. That the estimate of the number of individuals that will be employed ar whose <br />employment will he retained by the Petitioner can reasonably be expected to <br />result 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 />ar whose employment will be retained by the Petitioner can be reasonably <br />expected to result from the proposed installation of new manufacturing <br />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 IL 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 Benefts as set forth in Sections 1 through 3 of the Petition for Personal Property <br />Tax Abatement Consideration and that Statement of Benefts form completed by the petitioner, <br />said farm being prescribed by the State Board of Accounts, are suff cient to justify the deduction <br />granted under Indiana Code 6- I.1- 12.1-4.5. <br />2 <br />