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2 -76, et sea., and has further prepared maps and plats showing the boundaries and such <br />other information regarding the area in question as required by law; and <br />WHEREAS, the Community and Economic Development Committee of the <br />Common Council has reviewed said report and recommended to the Common Council <br />that the area qualifies as an Economic Revitalization Area. <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City <br />of South Bend, Indiana, as follows: <br />SECTION I. The Common Council hereby determines and finds pursuant to Indiana <br />Code 6 -1.1- 12.1 -4.5 et sea., that: <br />a. the estimate of the cost of the new manufacturing equipment is <br />reasonable for equipment of that type; <br />b. That the estimate of the number of individuals that will be employed or <br />whose employment will be retained by the Petitioner can reasonably be expected to <br />result from the proposed installation of new manufacturing equipment; <br />C. That the estimate of the annual salaries of those individuals that will be <br />employed or whose employment will be retained by the Petitioner can be reasonably <br />expected to result from the proposed installation of new manufacturing equipment; <br />d. any other benefits about which information was requested are benefits <br />that can be reasonably expected to result from the proposed new manufacturing <br />equipment; and <br />e. the totality of benefits is sufficient to justify the deduction requested. <br />SECTION II. The Common Council hereby determines and finds that the proposed <br />new manufacturing equipment can be reasonably expected to yield the benefits <br />identified in the Statement of Benefits as set forth in Sections 1 through 3 of the Petition <br />for Personal Property Tax Abatement Consideration and that the Statement of Benefits <br />form completed by the petitioner, said form being prescribed by the State Board of <br />Accounts, are sufficient 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 and recommendation of <br />the Department of Community and Economic Development, and the Community and <br />Economic Development Committee's favorable recommendation, that the area herein <br />