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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 sue., and South Bend Municipal Code Sections 2 -76, et seq., <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 <br />Council has reviewed said report and recommended to the Common Council that the area <br />qualifies as 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 that the Petition for Real <br />Property Tax Abatement and the Statement of Benefits form completed by the Petitioner meet <br />the requirements of Indiana Code 6 -1.1 -12.1 et secl., 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 <br />reasonable for 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 <br />employed or whose employment will be retained by the Petitioner can be reasonably expected <br />to result from the proposed redevelopment or rehabilitation; <br />E. That the other benefits about which information was requested are benefits that <br />can 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 <br />of which satisfy the requirements of Indiana Code 6 -1.1- 12.1 -3. <br />2 <br />