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(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 <br />equipment; 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 <br />Statement of Benefits as set forth in Section 1 through 3 of the Petition for Personal Property Tax <br />Abatement Consideration and that the Statement of Benefits Form completed by the Petitioner, said <br />form being prescribed by the State Board of Accounts, are sufficient to justify the deduction granted <br />under Indiana Code 6 -1.1- 12.1 -4.5. <br />SECTION Ill. 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 />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 <br />is 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 to be published pursuant to Indiana Code 5 -3 -1, said publication providing <br />notice of the public hearing before the Common Council on said declaration. <br />SECTION VII. This Resolution shall be in full force and effect from and after its adoption by the <br />Common Council and approval by the Mayor. �0 / \ <br />PRESENTED <br />NOT APPRO /VED <br />ADOPTED (o - <br />Common Council <br />Fled on Ciiarwt, 01111ce <br />E Yf�J� <br />IFiENEOAMAIDN <br />Ctf YCLENK, 30.9E MD. I N <br />