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• <br /> e. The totality of benefits is sufficient to justify the deduction requested. <br /> SECTION II. The Common Council hereby determines and finds that the proposed new industrial <br /> equipment can be reasonably expected to yield the benefits identified in the Statement of Benefits as <br /> set forth in Sections 1 through 3 of the Petition for Personal Property Tax Abatement Consideration <br /> and that Statement of Benefits form completed by the petitioner, said form being prescribed by the <br /> State Board of Accounts, are sufficient to justify the deduction granted under Indiana Code 6-1.1- <br /> 12.1-4.5. <br /> SECTION III. The Common Council hereby accepts the report and recommendation of the <br /> Department of Community Investment, and the Community Investment Committee's favorable <br /> recommendation,that the area herein described be designated as an Economic Revitalization Area <br /> for purposes of personal property tax abatement and hereby makes such a designation. <br /> SECTION IV. The Common Council determines that such designation is for personal property tax <br /> abatement only and shall be limited to three(3)calendar years from the date of the adoption of this <br /> Resolution by the Common Council. <br /> SECTION V. The Common Council hereby determines that the property owner is qualified for and <br /> is granted property tax deduction for a period of(5) five years as shown by the schedule outlined <br /> below as well as the attachment pursuant to Indiana Code 6-1.1-12.1-17. <br /> Year 1 - 100% <br /> Year 2 - 95% <br /> Year 3 - 85% <br /> Year 4 - 75% <br /> Year 5 - 65% <br /> SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption of this <br /> Declaratory Resolution for Personal Property Tax Abatement to be published pursuant to Indiana <br /> Code 5-3-1,said publication providing notice of the public hearing before the Common Council on <br /> the proposed confirming of said declaration. <br /> SECTION VII. This Resolution shall be in full force and effect from and after its adoption by the <br /> Common Council and approval by the Mayor. <br /> Tim Scott, Counci 'r- '•ent <br /> South Bend Common Council <br /> PRESENTS c('t,-0, a o c 9 <br /> NO_T. APPROila <br /> TOOPTEES '`y Olt - pc2--61q 2 <br />