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REGULAR MEETING <br />FEBRUARY 24, 2003 <br />Range 2 East, Portage Township, City of South Bend, St. Joseph <br />County, Indiana, and more particularly described as; Lots 52, 53 and <br />54 of Samuel Martin's Addition <br />and which has Key Number 18 -3015 -0556, be designated as an Economic Revitalization Area under <br />the provisions of Indiana Code 6 -1.1- 12.1 -1 et sue., and South Bend Municipal Code Sections 2 -76 <br />et seq.; and <br />WHEREAS, the Department of Economic Development has concluded an investigation and prepared <br />a report with information sufficient for the Common Council to determine that the area qualifies as <br />an Economic Revitalization Area under Indiana Code 6 -1.1- 12.1 -1, et sue., and South Bend <br />Municipal Code Sections 2 -76 et sM., and has further prepared maps and plats showing the <br />boundaries and such other information regarding the area in question as required by law; and <br />WHEREAS, the Human Resources and Economic Development Committee of the Common Council <br />has reviewed said report and recommended to the Common Council that the area qualifies as an <br />Economic Revitalization Area. <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, <br />Indiana, as follows: <br />SECTION I. The Common Council hereby determines and finds that the Petition for Real Property <br />Tax Abatement and the Statement of Benefits form completed by the Petitioner meet the <br />requirements of Indiana Code 6- 1.1- 12.1 -1 et se ., and qualified under the relevant provisions of <br />South Bend Municipal Code Sections 2 -76 et sea., for tax abatement. <br />SECTION II. The Common Council hereby determines and finds the following: <br />A. That the description of the proposed redevelopment or rehabilitation meets <br />the applicable standards for such development; <br />B. That the estimate of the value of the redevelopment or rehabilitation is <br />reasonable for projects of this nature; <br />C. That the estimate of the number of individuals who will be employed or <br />whose employment will be retained by the Petitioner can reasonably be expected to <br />result from the proposed described redevelopment or rehabilitation; <br />D. That the estimate of the annual salaries of those individuals who will be <br />employed or whose employment will be retained by the Petitioner can be reasonably <br />expected to result from the proposed redevelopment or rehabilitation; <br />E. That the other benefits about which information was requested are benefits <br />that can be reasonably expected to result from the proposed described redevelopment <br />or rehabilitation; and <br />F. That the totality ofbenefits is sufficient to justify the requested deduction, all ■ <br />