Laserfiche WebLink
and which has Key Number 25 -1010 -0409, be designated as an Economic Revitalization Area under <br />the provisions of Indiana Code 6 -1.1- 12.1 -1 et sec ., and South Bend Municipal Code Sections 2 -76 <br />et M.; and <br />WHEREAS, the Department of Community and Economic Development has concluded an <br />investigation and prepared a report with information sufficient for the Common Council to determine <br />that the area qualifies as an Economic Revitalization Area under Indiana Code 6 -1.1- 12.1 -1, et seq., <br />and South Bend Municipal Code Sections 2 -76 et seq., 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 Council has <br />reviewed said report and 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 City of South Bend, <br />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, that: <br />(a) the estimate of the cost of the new manufacturing equipment is reasonable for <br />equipment of that type; <br />(b) the estimate ofthe number of individuals who will be employed orwhose employment <br />will be retained by the Petitioner can be reasonably expected to result from the proposed <br />installation of new manufacturing equipment; <br />(c) the estimate ofthe annual salaries ofthose individuals who will be employed or whose <br />employment will be retained can be reasonably expected to result from the proposed <br />installation of new manufacturing equipment; <br />(d) any other benefits about which information was requested are benefits that can be <br />reasonably expectedto result fromthe proposed installation ofnew manufacturing equipment; <br />and <br />(e) the totality of benefits to be derived from the proposed installation of new <br />manufacturing equipment is sufficient to justify the deduction requested. <br />SECTION H. 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 Section 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 />-3- <br />