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and which has Key Number 18- 7017 -0724, be designated as an Economic Revitalization Area <br />under the provisions of Indiana Code 6 -1.1 -12.1 gt sea., and South Bend Municipal Code <br />Sections 2 -76 et sea., and; <br />WHEREAS, the Department of Community and Economic Development has <br />concluded an investigation and prepared a report with information sufficient for the Common <br />Council to determine that the area qualifies as an Economic Revitalization Area under <br />Indiana Code 6 -1.1 -12.1, et se ., and South Bend Municipal Code Sections 2 -76, et sea., <br />and has further prepared maps and plats showing the boundaries and such other information <br />regarding the area in question as required by law; and <br />WHEREAS, the Community and Economic Development Committee of the Common Council <br />has reviewed said report and recommended to the Common Council that the area qualifies as <br />an Economic Revitalization Area. <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of <br />South Bend, Indiana, as follows: <br />SECTION I. The Common Council hereby determines and finds pursuant to Indiana Code <br />6 -1.1- 12.1 -4.5 et se q., that: <br />a. the estimate of the cost of the new manufacturing equipment is reasonable for <br />equipment of that type; <br />b. That the estimate of the number of individuals that will be employed or whose <br />employment will be retained by the Petitioner can reasonably be expected to result from the <br />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 expected <br />to result from the proposed installation of new manufacturing equipment; <br />d. any other benefits about which information was requested are benefits that can <br />be reasonably expected to result from the proposed new manufacturing 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 new <br />manufacturing equipment can be reasonably expected to yield the benefits identified in the <br />Statement of Benefits as set forth in Sections 1 through 3 of the Petition for Personal <br />Property Tax Abatement Consideration and that the Statement of Benefits form completed by <br />H AWPDATA\TAXABATE\RESOLUT\SVSCON 1. W PD <br />2 <br />