Designating Tax Abatement - Emtech Corporation 3300 W. Sample St. Suite 1100 (5 Year Personal Property)

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the area qualifies as an Economic Revitalization Area. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION-l-, The Common Council hereby determines and finds pursuant to Indiana_ Code 6 -1.1- 12.1 -4.5, that: (a) the estimate of the cost of the new manufacturing equipment is reasonable for equipment of that type; (b) the estimate of the number of individuals that will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed installation of new manufacturing equipment; (c) the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained can be reasonably expected to result from the proposed installation of new equipment; (d) any other benefits about which information was requested are benefits that can be reasonably expected to result from the Proposed installation of new manufacturing equipment; and (e) the totality of benefits requested. is sufficient to justify the deduction SECTION_II_. The Common Council hereby determines and finds that the proposed new manufacturing equipment can be reasonably expected to yield the benefits identified in the Statement of Benefits as set forth in Section 1 through 3 of the Petition for Personal Property Tax Abatement Consideration and that the Statement of Benefits Form completed by the Petitioner, said form being prescribed by the State Board of Accounts, as sufficient to justify the deduction granted under Indiana-Cade 6 -1.1- 12.1 -4.5. S. TTON TTT The Common Council hereby accepts the report and recommendation of the Department of Economic Development, and the Human Resource and Economic Development Committee's favorable recommendation that the area herein described be designated as Economic Revitalization Area for purposes of personal property tax abatement and hereby makes such a designation. SECTION__IV... The Common Council determines that such designation is for personal property tax abatement only and shall be limited to two (2) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION-.._V,_ The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of five (5) years. SECTION_VL. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution to be published pursuant to Indiana_. Code 5 -3 -1, said publication providing notice of public hearing before the Common Council on said declaration. SECTION---VII- This Resolution shall be in full force and effect its adoption by the Common Council and approval by the Mayor. from and after �1 Membot of 19e¢ Common Council D° eignod on.l- to _provide an opportull 1 (t.',, or $S3d C07dIICSl Oei t;:& PRESENTED --i -1a- 93 NOT APPROVED ADOPTED 11 LUil .Wd in Clerk's Office