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A. That the description of the proposed <br />redevelopment or rehabilitation meets the <br />applicable standards for such development. <br />B. That the estimate of the value of the <br />redevelopment or rehabilitation is reasonable <br />for projects of this nature; <br />C. That the estimate of the number of individuals <br />who will be employed or whose employment will <br />be retained by the Petitioner can reasonably <br />be expected to result from the proposed <br />described redevelopment or rehabilitation; <br />D. That the estimate of the annual salaries of <br />those individuals who will be employed or <br />whose employment will be retained by the <br />Petitioner can be reasonably expected to <br />result from the proposed redevelopment of <br />rehabilitation; and <br />E. That the other benefits about which <br />information was requested are benefits that <br />can be reasonably expected to result from the <br />proposed described redevelopment or <br />rehabilitation; and <br />F. That the totality of benefits is sufficient to <br />justify the requested deduction, all of which <br />satisfy the requirements of Indiana Code 6- <br />1.1- 12.1 -1 -3. <br />SECTION III. The Common Council hereby determines and finds that <br />the proposed described redevelopment or rehabilitation can be <br />reasonably expected to yield benefits identified in the Statement <br />of Benefits set forth as Sections I through II of the Petition for <br />Real Property Tax Abatement Consideration and that the Statement of <br />Benefits form prescribed by the State Board of Accounts are <br />sufficient to justify the deduction granted under Indiana Code 6- <br />1.1-12-1-3. <br />SECTION IV. The Common Council hereby accepts the report and <br />recommendation of the Human Resources and Economic Development <br />Committee that the area herein described be designated an Economic <br />Revitalization Area and hereby adopts a Resolution designating this <br />area as an Economic Revitalization Area for purposes of real <br />property tax abatement. <br />SECTION V. The designation as an Economic Revitalization Area <br />shall abe limited to two (2) calendar years form the date of the <br />adoption for this Resolution by the Common Council. <br />OA <br />