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information regarding the area in question as required by law; and <br />WHEREAS, the Human Resources And Economic Development <br />Committee of the Common Council has reviewed said report and <br />recommended to the Common Council that the area qualifies as an <br />Economic Revitalization Area. <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the <br />City of South Bend, Indiana, as follows: <br />SECTION I. The Common Council hereby determines and finds <br />pursuant to Indiana Code §6 -1.1- 12.1 -4.5 that: <br />A. The estimate of the cost of the new manufacturing <br />equipment is reasonable for equipment of that type; <br />B. The estimate of the number of individuals that will be <br />employed or whose employment will be retained by the <br />Petitioner can reasonably expected to result from the <br />proposed installation of new manufacturing equipment; <br />C. The estimate of the annual salaries of those <br />individuals who will be employed or whose employment will be <br />retained can be reasonably expected to result from the <br />proposed installation of new equipment; <br />D. Any other benefits about which information was <br />requested are benefits that can be reasonably expected to <br />result from the proposed installation of new manufacturing <br />equipment; and <br />E. The totality of benefits is sufficient to justify the <br />deduction requested. <br />SECTION II. The Common Council hereby determines and finds <br />that the proposed new manufacturing equipment can be reasonably <br />expected to yield the benefits identified in the Statement of <br />Benefits as set forth in Sections 1 through 3 of the Petition For <br />Personal Property Tax Abatement Consideration and that the <br />Statement Of Benefits Form completed by the Petitioner, said Form <br />being prescribed by the State Board of Accounts, are sufficient to <br />justify the deduction granted under Indiana Code §6 -1.1- 12.1 -4.5. <br />SECTION III. That the Common Council hereby accepts the <br />report and recommendation of the Department of Economic <br />Development, and the Human Resources and Economic Development <br />Committee's favorable recommendation, that the area herein <br />described be designated an Economic Revitalization Area for <br />purposes of personal property tax abatement and hereby makes such <br />designation. <br />SECTION IV. The Common Council determines that such <br />Page 2 of 3 Pages <br />