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REGULAR MEETING JUNE 11, 2001 <br />requirements of Indiana Code 6 -1.1 -12.1 et se q., 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 the <br />applicable standards for such development. <br />B. That the estimate of the value of the redevelopment or rehabilitation is reasonable for <br />projects of this nature; <br />C. That 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 <br />from the proposed described redevelopment or rehabilitation; <br />D. That the estimate of the annual salaries of those individuals who will be employed <br />or whose employment will be retained by the Petitioner can be reasonably expected <br />to result from the proposed redevelopment or rehabilitation; <br />E. That the other benefits about which information was requested are benefits that can <br />be reasonably expected to result from the proposed described redevelopment or <br />rehabilitation; and <br />F. That the totality of benefits is sufficient to justify the requested deduction, all of <br />which satisfy the requirements of Indiana Code 6- 1.1- 12.1 -3. <br />SECTION III. The Common Council hereby determines and finds that the proposed described <br />redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the <br />Statement of Benefits set forth as Section I through II of the Petition for Real Property Tax <br />Abatement Consideration and that the Statement of Benefits form prescribed by the State Board of <br />Accounts are sufficient to justify the deduction granted under Indiana Code 60 -1.1- 12.1 -3. <br />SECTION IV. Pursuant to applicable state law, the property owner and the city will complete all <br />requirements of IC 6 -1.1 -12.1, which are necessary to be completed by July 1, 2001. <br />SECTION V. The Common Council hereby accepts the report and recommendation of the <br />Community and Economic Development Committee that the area herein described by designated <br />as an Economic Revitalization Area and hereby adopts a Resolution designating this area as an <br />Economic Revitalization Area for purposes of real property tax abatement. <br />SECTION VI. The petitioner acknowledges that due to an inadvertent oversight, it did not file a real <br />property tax abatement request simultaneously with its personal property request which was applied <br />for on May 5, 1997 and approved as Resolution No. 2449 -97. The Common Council pursuant to <br />Section 2 -84 of the South Bend Municipal Code finds that ten (10) years is the appropriate and <br />rational time period for this tax abatement in light of the following: <br />A. The company is a long time South Bend business, currently employing 798 <br />people in its Aircraft Landing Systems division with an annual payroll in <br />excess of $50,000,000. <br />B. The company has invested over $7.5 million for the new building addition <br />and has or will be investing another $49 million in equipment. <br />C. The company has already seen employment growth of 18 new positions <br />resulting from the building addition and new equipment purchases. <br />D. The company is an anchor company in the 2nd Councilmanic district, and is <br />a leading corporation in the aircraft industry in the nation. <br />The Common Council hereby determines that the property owner is qualified for and is granted <br />