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WHEREAS,the Community Investment Committee of the Common Council has reviewed <br /> said report and recommended to the Common Council that the area qualifies as an Economic <br /> Revitalization Area. <br /> NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South <br /> Bend, Indiana, as follows: <br /> SECTION I. The Common Council hereby determines and finds that the Petition for Real Property <br /> Tax Abatement and the Statement of Benefits form completed by the Petitioner meet the <br /> requirements of Indiana Code 6-1.1-12.1 et seq. 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 the <br /> applicable standards for such development; <br /> B. That the estimate of the value of the redevelopment or rehabilitation is reasonable <br /> for projects of this nature; <br /> C. That the estimate of the number of individuals who will be employed or whose <br /> employment will be retained by the Petitioner can reasonably be expected to result from the <br /> proposed described redevelopment or rehabilitation; <br /> D. That the estimate of the annual salaries of those individuals who will be employed <br /> or whose employment will be retained by the Petitioner can be reasonably expected to result from <br /> the proposed redevelopment or rehabilitation; <br /> E. That the other benefits about which information was requested are benefits that can <br /> be reasonably expected to result from the proposed described redevelopment or rehabilitation; and <br /> F. That the totality of benefits is sufficient to justify the requested deduction, all of <br /> 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 described <br /> redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the <br /> Statement of Benefits, Sections 1 through 3 of the Petition for Real Property Tax Abatement <br /> Consideration and the Memorandum of Agreement between the Petitioner and the City of South <br /> Bend, and that the Statement of Benefits form completed by the petitioner, said form being <br /> prescribed by the State Board of Accounts, is sufficient to justify the deduction granted under <br /> Indiana Code 6-1.1-12.1-3. <br /> SECTION IV. The Common Council hereby accepts the report and recommendation of the <br /> Community Investment Committee that the area herein described be designated as an Economic <br /> Revitalization Area and hereby adopts a Resolution designating the area as an Economic <br /> Revitalization Area for purposes of real property tax abatement. <br /> SECTION V. The designations as an Economic Revitalization Area shall expire on December 31, <br /> 2026. <br /> SECTION VI. The Common Council hereby determines that the property owner is qualified for <br /> and is granted property tax deduction for a period of ten (10) years as shown by the schedule <br /> outlined below as well as the attachment pursuant to Indiana Code 6-1.1-12.1-17. <br /> Year 1 - 100% <br /> Year 2 - 100% <br /> Year 3 - 100% <br /> Year 4 - 95% <br /> Years - 95% <br /> Year 6 - 90% <br /> Year 7 - 90% <br /> Year 8 - 85% <br /> Year 9 - 80% <br /> Year 10 - 75% <br />