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NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of <br />South Bend, Indiana, as follows: <br />SECTION I. The Common Council hereby determines and finds pursuant to Indiana <br />Code 6 -1.1- 12.1 -4 -5, that: <br />a) the estimate of the cost of the new manufacturing equipment is reasonable for <br />equipment of that type; <br />b) 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 <br />result from the proposed installation of new manufacturing equipment; <br />c) the estimate of the annual salaries of those individuals who will be employed or <br />whose employment will be retained can be reasonably expected to result from the <br />proposed installation of new equipment; <br />d) any other benefits about which information was requested are benefits that can <br />be reasonably expected to result from the proposed installation of new <br />manufacturing 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 <br />the Statement of Benefits as set forth in Section 1 through 3 of the Petition for Personal <br />Property Tax Abatement Consideration and that the Statement of Benefits Form <br />completed by the Petitioner, said form being prescribed by the State Board of Accounts <br />are sufficient to justify the deduction granted under Indiana Code 6-1.1-12.1-4.5. <br />SECTION III. The Common Council hereby accepts the report and recommendation of <br />the Department of Economic Development, and the Human Resources and Economic <br />Development Committee's favorable recommendation, that the area herein described be <br />designated as Economic Revitalization Area for purposes of personal property tax <br />abatement and hereby makes such a designation. <br />SECTION IV. The Common Council determines that such designation is for personal <br />property tax abatement only and shall be limited to two (2) calendar years from the date <br />of the adoption of this Resolution by the Common Council. <br />SECTION V. The Common Council hereby determines that the property owner is <br />qualified for and is granted property tax deduction for a period of five (5) years. <br />2 <br />