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REGULAR MEETING <br />SEPTEMBER 22, 2003 <br />and South Bend Municipal Code Sections 2 -76, et se ., and has further prepared maps and plats <br />showing the boundaries and such other information regarding the area in question as required by law; <br />and <br />WHEREAS, the Community and Economic Development Committee of the Common <br />Council has reviewed said report and recommended to the Common Council that the area qualifies <br />as an Economic Revitalization Area. <br />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 sea., that: <br />a. the estimate of the cost of the new manufacturing equipment is reasonable for <br />equipment of that type; <br />b. That the estimate of the number of individuals that 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 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 />1 <br />1 <br />SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption of this ■ <br />