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(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 manufacturing <br />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 the <br />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 completed <br />by the Petitioner, said form being prescribed by the State Board of Accounts, are sufficient <br />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 qualified <br />for and is granted property tax deduction for a period of five (5) years. <br />SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption <br />of this Declaratory Resolution to be published pursuant to Indiana Code 5 -3 -1, said <br />publication providing notice of the public hearing before the Common Council on said <br />declaration. <br />SECTION VII. This Resolution shall be in full force and effect from and after its adoption <br />by the Common Council and approval by the Mayor. <br />(Revised 11/26/90) <br />PRESENTED -7/— /.? — ?.3 <br />NOT APPROVED <br />ADOPTED /1 11 pY <br />2 <br />Mem er of t e Common Council <br />I signed only to proviae a, <br />opportunity for public d]scussica <br />and Council s.ctl.on on the iesae., <br />in Clerk °s OigBO g <br />MAR 2 5 <br />