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SECTION II. The Common Council hereby determines and finds the <br />following: <br />A. That the description of the proposed redevelopment or <br />rehabilitation meets the applicable standards for such <br />development. <br />B. That the estimate of the value of the redevelopment or <br />rehabilitation is reasonable for projects of this nature; <br />C. That the estimate of the number of individuals who will <br />be employed or whose employment will be retained by the <br />Petitioner can reasonably be expected to result from the <br />proposed described redevelopment or rehabilitation; <br />D. That the estimate of the annual salaries of those <br />individuals who will be employed or whose employment will <br />be retained by the Petitioner can be reasonably expected <br />to result from the proposed redevelopment of rehabilitation; <br />E. That the other benefits about which information was <br />requested are benefits that can be reasonably expected to <br />result from the proposed described redevelopment or <br />rehabilitation; and <br />F. That the totality of benefits is sufficient to justify <br />the requested deduction, all of which satisfy the requirements <br />of Indiana Code 6 -1.1- 12.1 -3. <br />SECTION III. The Common Council hereby determines and finds that <br />the proposed described redevelopment or rehabilitation can be <br />reasonably expected to yield benefits identified in the Statement <br />of Benefits set forth as Sections I through II of the Petition for <br />Real Property Tax Abatement Consideration and that the Statement of <br />Benefits form prescribed by the State Board of Accounts are <br />sufficient to justify the deduction granted under Indiana Code 6- <br />1.1- 12.1 -3. <br />SECTION IV. The Common Council hereby accepts the report and <br />recommendation of the Human Resources and Economic Development <br />Committee that the area herein described by designated an Economic <br />Revitalization Area and hereby adopts a Resolution designating this <br />area as an Economic Revitalization Area for purposes of real <br />property tax abatement. <br />SECTION V. The designation as a Economic Revitalization Area shall <br />be limited to two (2) calendar years from the date of the adoption <br />of this Resolution by the Common Council. <br />-2- <br />