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WHEREAS, the Human Resources and Economic Development Committee of the Common Council <br />has reviewed said report and recommended to the Common Council that the are qualifies as an <br />Economic Revitalization Area. <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, <br />Indiana, as follows: <br />SECTION I. The Common Council hereby determines and finds pursuant to Indiana Code 6 -1.1- <br />12.1 -4.5. that: <br />(a) the estimate of the cost of the new manufacturing equipment is reasonable for <br />equipment of that type; <br />(b) the estimate of the number of individuals that will be employed or whose employment <br />will be retained by the Petitioner can be reasonably expected to result from the proposed <br />installation of new manufacturing equipment; <br />(c) the estimate of the annual salaries of those individuals who will be employed or whose <br />employment will be retained can be reasonably expected to result from the proposed <br />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 equipment; <br />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 Statement <br />of Benefits as set forth in Section 1 through 3 of the Petition for Personal Property Tax Abatement <br />Consideration and that the Statement of Benefits Form completed by the Petitioner, said form being <br />prescribed by the State Board of Accounts, are sufficient to justify the deduction granted under <br />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 Economic Development, and the Human Resources and Economic Development <br />Committee's favorable recommendation, that the area herein described be designated as Economic <br />Revitalization Area for purposes of personal property tax abatement and hereby makes such a <br />designation. <br />K <br />