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individuals who will be employed or whose employment <br />will be retained by the Petitioner can be reasonably <br />expected to result from the proposed redevelopment or <br />rehabilitation; <br />E. That the other benefits about which information was <br />requested are benefits that can be reasonably expected <br />to result from the proposed described redevelopment or <br />rehabilitation; and <br />F. That the totality of benefits is sufficient to <br />justify the requested deduction, all of which satisfy <br />the requirements of Indiana Code 6 -1.1- 12.1 -3. <br />SECTION III. The Common Council hereby determines and finds <br />that the proposed described redevelopment or rehabilitation <br />can be reasonably expected to yield benefits identified in <br />the Statement of Benefits set forth as Sections I through II <br />of the Petition for Personal Property Tax Abatement <br />Consideration and that the Statement of Benefits form <br />prescribed by the State Board of Accounts are sufficient to <br />justify the deduction granted under Indiana Code <br />6 -1.1- 12.1 -3. <br />SECTION IV. The Common Council hereby accepts the report <br />and recommendation of the Human Resources and Economic <br />Development Committee that the area herein described be <br />designated an Economic Revitalization Area and hereby adopts <br />a Resolution designating this area as an Economic <br />Revitalization Area for purposes of personal property tax <br />abatement. <br />SECTION V. The designation as an Economic Revitalization <br />Area shall be limited to two (2) calendar years form the <br />date of the adoption of this Resolution by the Common <br />Council. <br />SECTION VI. The Common Council hereby determines that <br />the property owner is qualified for and is granted property <br />tax deduction for a period of five (5) years. <br />SECTION VII. The Common Council directs the City Clerk to <br />cause notice of the adoption of this Declaratory Resolution <br />for personal property Tax Abatement to be published pursuant <br />to Indiana Code 6 -1.1- 12.1 -2.5, said publication providing <br />notice of the public hearing before the Common Council on <br />the proposed confirming of said declaration. <br />SECTION VIII. This Resolution shall be in full force and <br />effect from and after its adoption by the Common Council and <br />approval by the Mayor. <br />Me e of the Commo uncil <br />PRESENTED <br />NOT APPROVED <br />ADOPTED 7 /' f /9�e <br />