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REGULAR MEETING JUNE -8,y- 1998 <br />distance of (96.75) feet; thence South (16) feet; thence South <br />(89) degrees and (38) minutes West, a distance of (96.75) feet, <br />to the East line of High Street; thence North along the East line <br />of High Street (16) feet to the place of beginning. <br />and this property has Key Numbers 18 7017 0724, be designated as <br />an Economic Revitalization Area under the provisions of Indiana <br />Code 6 -1,1- 12.1 -1 et sea., and South Bend Municipal Code Section <br />2 -76 et seq.; and <br />WHEREAS, the Department of Economic Development has <br />concluded an investigation and prepared a report with information <br />sufficient for the Common Council to determine that the area <br />qualifies as an Economic Revitalization Area under Indiana Code <br />6 -1.1- 12.1 -1, et seq., and South Bend Municipal Code Sections 2- <br />76 et sea. and has further prepared maps and plats showing the <br />boundaries and such other information regarding the area in <br />question as required by law; and <br />WHEREAS, the Human Resources and Economic Development <br />Committee of the Common Council has reviewed said report and <br />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 <br />City of South Bend, Indiana, as follows: <br />SECTION I. The Common Council hereby determines and finds <br />pursuant to Indiana Code 6 -1.1- 12.1 -4.5, that: <br />(a) the estimate of the cost of the new manufacturing <br />equipment is reasonable for equipment of that type; <br />(b) the estimate of the number of individuals that will be <br />employed or whose employment will be retained by the <br />Petitioner can be reasonably expected to result from <br />the proposed installation of new manufacturing <br />equipment; <br />(c) the estimate of the annual salaries of those <br />individuals who will be employed or whose employment <br />will be retained can be reasonably expected to result <br />from the proposed installation of new equipment; <br />(d) any other benefits about which information was <br />requested are benefits that can be reasonably expected <br />to result from the proposed installation of new <br />manufacturing equipment; and <br />(e) the totality of benefits is sufficient to justify the <br />deduction requested. <br />SECTION II. The Common Council hereby determines and finds <br />that the proposed new manufacturing equipment can be reasonably <br />expected to yield the benefits identified in the State of <br />Benefits as set forth in Section 1 through 3 of the Petition for <br />Personal Property Tax Abatement Consideration and that the <br />Statement of Benefits form completed by the Petitioner, said form <br />being prescribed by the State Board of Accounts, are sufficient <br />to justify the deduction granted under Indiana Code 6-1.1 -12.1- <br />4.5. <br />SECTION III. The Common Council hereby accepts the report <br />and recommendation of the Department of Economic Development, and <br />the Human Resources and Economic Development Committee's <br />favorable recommendation, that the area herein described be <br />designated as Economic Revitalization Area for purposes of <br />personal property tax deduction for a period of five (5) years. <br />SECTION IV. The Common Council determines that such <br />