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REGULAR MEETING FEBRUARY 26, 2007 <br />and which has Key Number 18-1002-0073 at this point and time, be designated as an <br />Economic Revitalization Area under the provisions of Indiana Code § 6-1.1-12.1 et sec ., <br />and South Bend Municipal Code Sections 2-76 et sec ., and; <br />WHEREAS, the Department of Community and Economic Development has <br />concluded an investigation and prepared a report with information sufficient for the <br />Common Council to determine that the area qualifies as an Economic Revitalization Area <br />under Indiana Code § 6-1.1-12.1, et sec ., and South Bend Municipal Code Sections 2-76, <br />et sec ., and has further prepared maps and plats showing the boundaries and such other <br />information regarding the area in question as required by law; and <br />WHEREAS, the Community and Economic Development Committee of the <br />Common Council has reviewed said report and recommended to the Common Council <br />that the area qualifies as an Economic Revitalization Area. <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of <br />South Bend, Indiana, as follows: <br />SECTION L The Common Council hereby determines and finds that the Petition for <br />Real Property Tax Abatement and the Statement of Benefits form completed by the <br />Petitioner meet the requirements of Indiana Code § 6-1.1-12.1 et sec ., for tax abatement. <br />SECTION IL The Common Council hereby determines and fmds the following <br />A. That the description of the proposed redevelopment or rehabilitation meets <br />the applicable standards for such development; <br />B. That the estimate of the value of the redevelopment or rehabilitation is <br />reasonable for projects of this nature; <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 <br />expected to result from the proposed described redevelopment or <br />rehabilitation; <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 <br />reasonably expected to result from the proposed redevelopment or <br />rehabilitation; <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 <br />redevelopment or rehabilitation; and <br />E 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 />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 as set forth in Sections 1 through 3 of the Petition <br />for Real Property Tax Abatement Consideration, the Memorandum of Agreement <br />between the Petitioner and the City of South Bend, and that the Statement of Benefits <br />form completed by the petitioner, said form being prescribed by the State Board of <br />Accounts, are sufficient to justify the deduction granted under Indiana Code § 6-1.1-12.1- <br />3. <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 />15 <br />