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NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City <br />of South Bend, Indiana, as follows: <br />SECTION 1. The Common Council hereby determines and finds pursu- <br />ant to Indiana Code 6 -1.1- 12.1 -4.5, that: <br />a). The estimate of the cost of the new manufacturing <br />equipment is reasonable for equipment of that type; <br />b). the estimate of the number of individuals that will <br />be employed or whose employment will be retained by <br />the Petitioner can be reasonably expected to result <br />from the proposed installation of new manufacturing <br />equipment; <br />c). the estimate of the annual salaries of those <br />individuals who will be employed or whose employ- <br />ment will be retained can be reasonably expected to <br />result from the proposed installation of new <br />equipment; <br />d). any other benefits about which information was <br />requested are benefits that can be reasonably ex- <br />pected to result from the proposed installation of <br />new manufacturing equipment; and <br />e). the totality of benefits is sufficient to justify <br />the deduction requested. <br />SECTION II. The Common Council hereby determines and finds that <br />the proposed new manufacturing equipment can be reasonably ex- <br />pected to yield the benefits identified in the Statement of <br />Benefits as set forth in Section 1 through 3 of the Petition for <br />Personal Property Tax Abatement Consideration and that the State- <br />ment of Benefits Form completed by the Petitioner, said form <br />being prescribed by the State Board of Accounts, are sufficient <br />to justify the deduction granted under Indiana Code 6- 1.1 -12.1- <br />4.5. <br />SECTION III. The Common Council hereby accepts the report and <br />recommendation of the Department of Economic Development, and the <br />Human Resources and Economic Development Committee's favorable <br />recommendation, that the area herein described be designated as <br />Economic Revitalization Area for purposes of personal property <br />tax abatement and hereby makes such a designation. <br />SECTION IV. The Common Council determines that such designation <br />2 <br />