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REGULAR MEETING <br />MARCH 10, 2003 <br />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 result from the <br />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 the 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 />abatement only and shall be limited to two (2) calendar years 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 and <br />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 this <br />Declaratory Resolution for Personal Property Tax Abatement to be published pursuant to Indiana <br />Code 5 -3 -1, said publication providing notice of the public hearing before the Common Council on <br />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 accept the substitute version of Bill No. 03 -27. <br />Councilmember Coleman seconded the motion which carried by a voice vote of eight (8) ayes. <br />Councilmember Kelly, Vice - Chairperson, Community and Economic Development Committee, <br />reported that this committee held a Public Hearing on these bills this afternoon and sends them both <br />to the full Council with favorable recommendations. <br />Mr. Peter Trybula, Baker & Daniels, 205 West Jefferson Street, South Bend, Indiana, made the 0 <br />