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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 that the Petition for Real Property <br />Tax Abatement and the Statement of Benefits form completed by the Petitioner meet the <br />requirements of Indiana Code Section 6- 1.1- 12.1 -1 et sea., and qualify under the relevant provisions <br />of South Bend Municipal Code Section 2 -76 et sea., 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 from the <br />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 to result <br />from the proposed redevelopment of 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 Section 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 in Sections 1 and 2 of the Petition for Real Property Tax Abatement <br />Consideration and that the Statement of Benefits form prescribed by the State Board of Tax <br />Commissioners are sufficient to justify the deduction granted under Indiana Code Section 6 -1.1- <br />12.1-3. <br />SECTION IV. The Common Council hereby accepts the report and recommendation of the Human <br />Resources and Economic Development Committee that the area herein described be designated an <br />Economic Revitalization Area and hereby adopts a Resolution designating this area as an Economic <br />Revitalization Area for purposes of real property tax abatement. <br />SECTION V. The designation as an Economic Revitalization Area shall be limited to two (2) <br />calendar years from the date of the adoption of this Resolution by the Common Council. <br />` <br />