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2 <br />c. That the estimate of the annual salaries of those individuals that will be employed <br />or whose employment will be retained by the Petitioner can be reasonably <br />expected to result from the proposed installation of new logistical distribution <br />equipment; <br />d. Any other benefits about which information was requested are benefits that can be <br />reasonably expected to result from the proposed new logistical distribution <br />equipment; and <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 <br />logistical distribution equipment can be reasonably expected to yield the benefits identified in the <br />Statement of Benefits as set forth in Sections 1 through 3 of the Petition for Personal Property <br />Tax Abatement Consideration and that Statement of Benefits form completed by the petitioner, <br />said form being prescribed by the State Board of Accounts, are sufficient to justify the deduction <br />granted under Indiana Code 6-1.1-12.1-4.5. <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 <br />Area 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 <br />tax abatement only and shall be limited to three (3) calendar years from the date of the adoption <br />of this Resolution by the Common Council. <br />SECTION V. The Common Council hereby determines that the property owner is qualified for <br />and is granted property tax deduction for a period of (5) five years as shown below pursuant to <br />Indiana Code 6-1.1-12.1-17. <br />Year 1-100% <br />Year 2- 100% <br />Year 3- 100% <br />Year 4- 100% <br />Year 5- 100% <br />SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption of <br />this Declaratory Resolution for Personal Property Tax Abatement to be published pursuant to <br />Indiana Code 5-3-1, said publication providing notice of the public hearing before the Common <br />Council on 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 />_____________________________________ <br />Sharon L. McBride, President