Confirming Tax Abatement - Steel Warehouse Co. Inc. 2722 Tucker Dr. (5 Year Personal Property)

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(b) the estimate of the number of individuals that will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the installation of the new manufacturing equipment; (c) the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained can be reasonably expected to result from the proposed installation of new equipment; (d) the estimate of the amount of solid waste that will be converted into useful products can be reasonably expected to result from the installation of the new manufacturing equipment; and (e) any other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed installation of new manufacturing equipment; and (f) the totality of benefits is sufficient to justify the deduction requested. SECTION II. The Common Council hereby determines and finds that the proposed new manufacturing equipment can be reasonably expected to yield the benefits identified in the Statement of Benefits as set forth in Section 1 through 3 of the Petition for Personal Property Tax Abatement Consideration and that the Statement of Benefits Form completed by the Petitioner, said form being prescribed by the State Board of Accounts, are sufficient to justify the deduction granted under Indiana Code 6 -1.1- 12.1 -4.5. SECTION III. The Common Council hereby confirms its Declaratory Resolution designating the area described herein as an Economic Revitalization Area for the purposes of tax abatement. Such designation is for personal property tax abatement only and is limited to property constituting new manufacturing equipment during the 1994 assessment year. SECTION IV. The Common Council hereby determines that the property owner is qualified for and is granted personal property tax deduction for a period of five (5) years, and further determines that the petition complies with Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code 6 -1.1 -12.1 et sec . SECTION V. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. EIS 70153 PRESEMMT , 4 / - �� Gl NOT AP!' -0VE15 hJ �,' &WPTED �— ��_ �I� A—S i l X11 o%cCD -5- Member of the Common Council Filed in Cleric "s office JUN 13 1995 18ENE0AMMON CRYCLERK.SO. BEti0,1N.