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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 I. 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 se�c., for tax abatement. <br /> SECTION II. The Common Council hereby determines and finds 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 expected to result <br /> from the proposed described redevelopment or 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 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 /> 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 /> 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 />