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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%