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REGULAR MEETING MAY 14, 2007 <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 />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 />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, 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 />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 />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 />SECTION VL The Common Council hereby determines that the property owner is <br />qualified for and is granted property tax deduction for a period of four (4) years. <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 />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 />s/Timothy A. Rouse <br />Member of the Common Council <br />Kathleen Cekanski-Farrand, Council Attorney read into the record the amendments as <br />follows: On page 1 in the title strike Four (4) Year and replace with Three (3) Year and <br />also on the last page Section VL Strike Four (4) years and replace with Three (3) years. <br />Councilmember Dieter made a motion to amend this bill. Councihnember Puzzello <br />seconded the motion which carried by a voice vote of eight (8) ayes. <br />Councilmember Puzzello, Member, Community and Economic Development Committee, <br />reported that this committee held a public hearing on this amended bill this afternoon and <br />voted to send it to the full Council with no recommendation. <br />Mr. Bernard Feeney, Lang, Feeney & Associates, Inc. 715 South Michigan Street, South <br />Bend, Indiana, made the presentation for this bill on behalf of the owner/petitioner <br />Ranjan J. Amin. <br />Mr. Feeney advised that the petitioner proposes to tear down and replace the existing <br />Drake Motel with athree-story, 71-room Choice Suites hotel. The total cost of the <br />17 <br />