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WHEREAS, the Department of Economic Development has concluded an investigation and <br />prepared a report with information sufficient for the Common Council to determine that the area <br />qualifies as an Economic Revitalization Area under Indiana Code § 6- 1.1- 12.1 -1, et seq., and <br />South Bend Municipal .Code §§ 2 -76 et seq., and has further prepared maps and plats showing the <br />boundaries and such other information regarding the area in question as required by law; and <br />WHEREAS, the Human Resources and Economic Development Committee of the Common <br />Council has reviewed said report and recommended to the Common Council that the area qualifies as <br />an Economic Revitalization Area; <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South <br />Bend, Indiana, as follows: <br />SECTION I. The Common Council hereby determines and finds that the Petition for Real Property <br />Tax Abatement and the Statement of Benefits form completed by the Petitioner meet the requirements <br />of Indiana Code §6 -1.1- 12.1 -1 et seq., and qualifies under the relevant provisions of South Bend <br />Municipal Code §§ 2 -76 et seq., for tax abatement. <br />SECTION H. The Common Council hereby determines and finds the following: <br />A. That the description of the proposed redevelopment or rehabilitation meets the <br />applicable standards for such development; <br />B. That the estimate of the cost of the redevelopment or rehabilitation is reasonable for <br />projects of this nature; <br />C. That the estimate of the number of individuals that will be employed or whose <br />employment will be retained by the Petitioner can be reasonably expected to result <br />from the proposed described redevelopment or rehabilitation; <br />D. That the estimate of the annual salaries of those individuals who will be employed <br />or whose employment will be retained by the Petitioner can be reasonably expected <br />to result from the proposed redevelopment or rehabilitation; <br />E. That the other benefits about which information was requested are benefits that can <br />be reasonably expected to result from the proposed described redevelopment or <br />rehabilitation; and <br />F. That the totality of benefits is sufficient to justify the requested deduction, all of <br />which satisfy the requirements of Indiana Code § 6- 1.1- 12.1 -3.. <br />SECTION HI. The Common Council hereby determines and finds that the proposed described <br />redevelopment or rehabilitation can be reasonably expected to yield the benefits identified in the <br />Statement of Benefits as set forth in §§ I - II of the Petition for Real Property Tax Abatement <br />Consideration and that the Statement of Benefits form prescribed by the State Board of Accounts are <br />sufficient to justify the deduction granted under Indiana Code § 6 -1.1- 12.1 -3. <br />SECTION IV. The Common Council hereby accepts the report and recommendation of the Human <br />Resources and Economic Development Committee that the area herein described be designated an <br />Economic Revitalization Area and hereby adopts a Resolution designating this area an Economic <br />Revitalization Area for purposes of personal property tax abatement. <br />2 <br />