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REGULAR MEETING <br />AUGUST 13, 2007 <br />(d) Any other benefits about which information was requested are <br />benefits that can be reasonably expected to result from the <br />proposed new manufacturing equipment; and <br />(e) the totality of benefits is sufficient to justify the deduction <br />requested. <br />SECTION II. The Common Council hereby determines and finds that the proposed new <br />manufacturing equipment can be reasonably expected to yield the benefits identified in <br />the Statement of Benefits as set forth in Sections 1 through 3 of the petition for Personal <br />Property Tax Abatement Consideration and that the Statement of Benefits form <br />completed by the petitioner, said form being prescribed by the State Board of Accounts, <br />are sufficient to justify the deduction granted under Indiana Code 6-1.1-12.1-4.5. <br />SECTION III. The Common Council hereby accepts the report and recommendation of <br />the Department of Community and Economic Development, and the Community and <br />Economic Development Committees favorable recommendation, that the area herein <br />described be designated as an Economic Revitalization Area for purposes of personal <br />property tax abatement and hereby makes such a designation. <br />SECTION IV. The Common Council determines that such designation is for personal <br />property tax abatement only and shall be limited to two (2) calendar years from the date <br />of the adoption of this Resolution by the Common Council. <br />SECTION V. The Common Council hereby determines that the property owner if <br />qualified for and is granted property tax deduction for a period of five (5) years. <br />SECTION VI. The Common Council directs the City Clerk to cause notice of the <br />adoption of this Declaratory Resolution for Personal Property Tax Abatement to be <br />published pursuant to Indiana Code 5-3-1, said publication providing notice of the public <br />hearing before the Common Council on the proposed confirming of said declaration. <br />SECTION VII. 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 />RESOLUTION NO. 3777-07 A RESOLUTION OF THE COMMON COUNCIL <br />OF THE CITY OF SOUTH BEND <br />DESIGNATING CERTAIN AREAS WITHIN THE <br />CITY OF SOUTH BEND, INDIANA, <br />COMMONLY KNOWN AS 1217 AND 1215 <br />SOUTH WALNUT STREET AN ECONOMIC <br />REVITALIZATION AREA FOR PURPOSES OF <br />A FIVE (5) YEAR PERSONAL PROPERTY TAX <br />ABATEMENT FOR STEEL WAREHOUSE <br />COMPANY LLC <br />WHEREAS, a petition for personal property tax abatement consideration has been <br />filed with the City Clerk for consideration by the Common Council of the City of South <br />Bend, Indiana, requesting that the area commonly known as 1217 and 1215 South Walnut <br />Street, South Bend, Indiana, and which is more particularly described as follows: <br />A tract of land in the City of South Bend, County of St. Joseph, and State of <br />Indiana, situated in the Northwest Quarter of Section 14, and the Northeast Quarter of <br />Section 15, Township 37 North, Range 2 East, bounded by the following described line: <br />28 <br />