08-25-08 Council Meeting Agenda & Packet

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WHEREAS, the Department of Community and Economic Development has concluded an investigation and prepared a report with information sufficient for the Common Council to determine that the area qualifies as an Economic Revitalization Area under Indiana Code 6 -1.1 -12.1, et M., and South Bend Municipal Code Sections 2 -76, et M. , Mc ., and has further prepared maps and plats showing the boundaries and such other information regarding the area in question as required by law; and WHEREAS, the Community and Economic Development Committee of the Common Council has reviewed said report and recommended to the Common Council that the area qualifies as an Economic Revitalization Area. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby determines and finds pursuant to Indiana Code 6 -1.1- 12.1 -4.5 et seq., that: a. the estimate of the cost of the new research and development ( "R &D ") equipment and new information technology ( "IT ") equipment is reasonable for equipment of that type; b. That the estimate of the number of individuals that will be employed or whose employment will be retained by the Petitioner and future tenants related to the project can reasonably be expected to result from the proposed installation of the new R &D equipment and new IT equipment; C. That the estimate of the annual salaries of those individuals that will be employed or whose employment will be retained by the Petitioner and future tenants related to the project can be reasonably expected to result from the proposed installatioil of the new R &D equipment and new IT equipment; d. any other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed new R &D equipment and new IT equipment; and e. the totality of benefits is sufficient to justify the deductions requested. SECTION II. The Common Council hereby determines and finds that the proposed new R &D equipment and IT equipment can be reasonably expected to yield the benefits identified in the Statement of Benefits as set forth in Sections 1 through 3 of the Petition for Personal Property Tax Abatement Consideration and that Statement of Benefits form completed by the Petitioner, said form being prescribed by the State Board of Accounts, are sufficient to justify the deduction granted under Indiana Code 6=1.1- 12.1 -4.5, and the Statement of Benefits is hereby approved.