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the proposed installation of new manufacturing equipment; <br />(c) the estimate of the annual salaries of those individuals who will be employed or <br />whose employment will be retained can be reasonably expected to result from the <br />proposed installation of new equipment; <br />(d) any other benefits about which information was requested are benefits that can be <br />reasonably expected to result from the proposed installation of 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 new <br />manufacturing equipment can a reasonably expected to yield the benefits identified in the <br />Statement of Benefits as set forth in Section I through 3 of the Petition for Personal Property Tax <br />Abatement Consideration and that the Statement of Benefits Form completed by the Petitioner, <br />said form being prescribed by the State Board of Accounts, are sufficient to justify the deduction <br />granted under Indiana Code 6- 1.1- 12.1 -4.5. <br />SECTION III. The Common Council hereby accepts the report and recommendation of the <br />Department of Community and Economic Development, and the Community and Economic <br />Development Committee's favorable recommendation, that the area herein described be <br />designated as Economic Revitalization Area for purposes of personal property tax abatement and <br />hereby makes such a designation. <br />SECTION IV. The Common Council determines that such designation is for personal property <br />tax abatement only and shall be limited to two (2) calendar years from the date of the adoption of <br />this Resolution by the Common Council. <br />SECTION V. The Common Council hereby determines that the property owner is qualified for <br />and is granted property tax deduction for a period of five (5) years. <br />SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption of <br />this Declaratory Resolution to be published pursuant to Indiana Code 5 -3 -1, said publication <br />providing notice of the public hearing before the Common Council on said declaration. <br />SECTION VII. This Resolution shall be in full force and effect from and after its adoption by the <br />Common Council and approval by the Mayor. <br />Q.PW2A3) <br />PRESENTED J _q _9 b <br />NOT APPROVED <br />ADOPTED c2--/( - 9 S <br />st- 6.r... ca- � <br />Member of the Connnon Council <br />FL <br />�g <br />