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REGULAR MEETING FEBRUARY 23 2004 <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; <br /> 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 <br /> Statement of Benefits as set forth in Sections 1 through 3 of the Petition for Personal Property <br /> Tax Abatement Consideration and that the Statement of Benefits form completed by the <br /> petitioner, said form being prescribed by the State Board of Accounts, are sufficient to justify the <br /> deduction 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 and Economic Development, and the Community and Economic <br /> Development Committee's favorable recommendation, that the area herein described be <br /> designated as an Economic Revitalization Area for purposes of personal property tax abatement <br /> 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 be limited to thirty(30) months from the date of the adoption of this <br /> Resolution by the Common Council. <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. <br /> SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption of <br /> this Declaratory Resolution for Personal Property Tax Abatement to be published pursuant to <br /> Indiana Code 5-3-1, said publication providing notice of the public hearing before the Common <br /> Council on the proposed confirming of said declaration. <br /> SECTION VII. 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 /> s/Karen L. White <br /> Member of the Common Council <br /> Councilmember Kelly made a motion to entertain the substitute version of this Resolution as on <br /> file with the Clerk. Councilmember Coleman seconded the motion which carried by a voice vote <br /> of eight(8) ayes. <br /> Councilmember Kelly reported that the Community and Economic Development Committee <br /> conducted a Public Hearing on this bill this afternoon and voted to send it to the full Council <br /> with a favorable recommendation. <br /> Mr. Richard Deal, Attorney, Barnes & Thornburg, 100 N. Michigan, South Bend, Indiana, <br /> made the presentation for this resolution. Mr. Deal stated that Lock Joint Tube, Inc. is a <br /> manufacturer of commercial steel tubing used in a variety of industries, including stone fixtures, <br /> health care equipment, exercise equipment, office furniture and automotive. Mr. Deal further <br /> noted that the project includes the purchase and installation of a high-speed mill, uncoiling and <br /> staging equipment, coil feeders, dies welders, scarfing units, mill stands, cutting and butting <br /> -10- <br />