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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 industrial and manufacturing equipment is <br /> reasonable for equipment of that type; <br /> B. 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 installation of new industrial and manufacturing equipment; <br /> C. The estimate of the annual salaries of those individuals who will be employed or <br /> whose employment will be retained by the Petitioner can be reasonably expected to result from <br /> the proposed installation of new industrial and 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 industrial and 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 industrial <br /> and manufacturing 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 Tax <br /> Abatement Consideration and that Statement of Benefits form completed by the petitioner, said <br /> 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 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 <br /> tax abatement only and shall expire on December 31, 2026. <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 five (5) years as shown below pursuant to <br /> 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 />