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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 designation 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 five (5) 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 - 90% <br />Year 3 - 80% <br />Year 4 - 70% <br />Year 5 - 60% <br />SECTION VII. The Common Council directs the City Clerk to cause notice of the adoption of <br />this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana <br />Code 5-3-1 and Indiana Code 6-1.1-12.1-2.5, said publication providing notice of the public <br />hearing before the Common Council on the proposed confirming of said declaration. <br />SECTION VIII. 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 />Afitite.yt hl t_ <br />Sheh McBride, Council President <br />South Bend Common Council <br />Attest: <br />bid,Ctei. '7"% , V*6"..41 <br />Dawn M. Jones, City Clerk <br />Office of the City Clerk <br />Presented by me, the undersigned Clerk of the City of South Bend, to the Mayor of the <br />City of South Bend, Indiana, on the 02, day of 2023, at 02 <br />o'clock p .m.