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that the area qualifies as an Economic Revitalization Area under Indiana Code 6-1.1-12.1, et seq., <br /> and South Bend Municipal Code Sections 2-76, et seq., and has further prepared maps and plats <br /> showing the boundaries and such other information regarding the area in question as required by law; <br /> and <br /> WHEREAS, the Community and Economic Development Committee of the Common <br /> Council has reviewed said report and recommended to the Common Council that the area qualifies as <br /> an Economic 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 pursuant to Indiana Code 6-1.1- <br /> 12.1-4.5 et seq.,that: <br /> a. The estimate of the cost of the new manufacturing equipment is reasonable for <br /> equipment of that type; <br /> b. That the estimate of the number of individuals that will be employed or whose <br /> employment will be retained by the Petitioner can reasonably be expected to result <br /> from the proposed installation of new manufacturing equipment; <br /> c. That the estimate of the annual salaries of those individuals that will be employed or <br /> whose employment will be retained by the Petitioner can be reasonably expected to <br /> result from the proposed installation of new manufacturing 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 manufacturing 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 /> manufacturing equipment can be reasonably expected to yield the benefits identified in the Statement <br /> of Benefits as set forth in Sections 1 through 3 of the Petition for Personal Property Tax Abatement <br /> Consideration and that Statement of Benefits form completed by the petitioner, said form being <br /> prescribed by the State Board of Accounts, are sufficient to justify the deduction granted under <br /> 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 and Economic Development, and the Community and Economic <br /> Development Committee's favorable recommendation,that the area herein described be designated <br /> as an Economic Revitalization Area for purposes of personal property tax abatement and hereby <br /> makes such a designation. <br /> SECTION IV. The Common Council determines that such designation is for personal property tax <br /> 2 <br />