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Section II. The Common Council hereby determines and finds the following: <br />A. That the description of the proposed redevelopment or <br />rehabilitation meets the applicable standards for such 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 be <br />employed during the construction phase of this development can be <br />reasonably expected to result from the proposed described redevelopment <br />or rehibilitation; <br />D. That the other benefits about which information was requested <br />are benefits that can be reasonably expected to result from the proposed <br />described redevelopment or rehabilitation; and <br />E. That the totality of benefits is sufficient to justify the requested <br />deduction, all of which satisfy the requirements of Indiana Code, § 6 -1.1- <br />12.1-3. <br />Section III. The Common Council hereby determines and finds that the <br />proposed described redevelopment or rehabilitation can be reasonably <br />expected to yield benefits identified in the Statement of Benefits set forth <br />as Section I through II of the Petition for Real Property Tax Abatement <br />Consideration and that the Statement of Benefits form prescribed by the <br />State Board of Accounts are sufficient to justify the deduction granted <br />under Indiana Code, § 6 -1.1- 12.1 -3. <br />SECTION IV. The Common Council hereby accepts the report and <br />recommendation of the Department of Economic Development, and the <br />Human Resources and Economic Development Committee's favorable <br />recommendation, that the area herein described be designated as Economic <br />Revitalization Area for purposes of real property tax abatement and <br />hereby makes such a designation. <br />SECTION V. The Common Council determines that Economic Rivitalization <br />Area shall be limited to two (2) calendar years from the date of the <br />adoption of this Resolution by the Common Council. <br />SECTION VI. The Common Council hereby determines that the property <br />owner is qualified for and is granted property tax deduction for a period of <br />six (6) years. <br />-2- <br />