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e. the totality of benefits is sufficient to justify the deduction requested. <br />SECTION Il. The Common Council hereby determines and finds that the proposed new manufacturing <br />equipment can be reasonably expected to yield the benefits identified in the Statement of Benefits as set <br />forth in Sections 1 through 3 of the Petition for Personal Property Tax Abatement Consideration and that <br />the Statement of Benefits form completed by the petitioner, said form being prescribed by the State Board <br />of Accounts, are sufficient to justify the deduction 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 Department of <br />Community and Economic Development, and the Community and Economic Development Committee's <br />favorable recommendation, that the area herein described be designated as an Economic Revitalization <br />Area for purposes of personal property tax abatement and hereby makes such a designation. <br />SECTION IV. The Common Council determines that such designation is for personal property tax <br />abatement only and shall be limited to two (2) calendar years from the date of the adoption of this <br />Resolution by the Common Council. <br />SECTION V. The Common Council hereby determines that the property owner is qualified for and is <br />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 this <br />Declaratory Resolution for Personal Property Tax Abatement to be published pursuant to Indiana Code 5 -3- <br />1, said publication providing notice of the public hearing before the Common Council on the proposed <br />confirming of said declaration. <br />SECTION VII. This Resolution shall be in full force and effect from and after its adoption by the Common <br />Council and approval by the Mayor. <br />PRESENTED �- 9- V <br />NOT APPROVED <br />ADOPTED 9- X- 9 7 <br />Member of the Common Council <br />2 <br />Filed in U9e(k'. O f`c <br />AUG 2 9 1997 <br />LDRMA J. DUDA <br />CITY CLERK, So. BEND, IN, <br />