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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 <br />or rehabilitation meets that applicable standards for <br />such development; <br />B. That the estimate of the value of the redevelopment <br />or rehabilitation is reasonable for projects of this <br />nature; <br />C. That the estimate of the number of individuals who <br />will be employed or whose employment will be retained <br />by the Petitioner can reasonably be expected to result <br />from the proposed described redevelopment or <br />rehabilitation; <br />D. That the estimate of the annual salaries of those <br />individuals who will be employed or whose employment <br />will be retained by the Petitioner can be reasonably <br />expected to result from the proposed redevelopment of <br />rehabilitation; <br />E. That the other benefits about which information was <br />requested are benefits that can be reasonably expected <br />to result from the proposed described redevelopment or <br />rehabilitation; and <br />F. That the totality of benefits is sufficient to <br />justify the requested deduction, all of which satisfy <br />the requirements 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 <br />for Real Property Tax Abatement Consideration and that the <br />Statement of Benefits form prescribed by the State Board of <br />Accounts are sufficient to justify the deduction granted under <br />Indiana Code 6 -1.1- 12.1 -3. <br />SECTION IV. The Common Council hereby accepts that report and <br />recommendation of the Human Resources and Economic Development <br />Committee that the area herein described be designated an <br />Economic Revitalization Area and hereby adopts a Resolution <br />designating this area as an Economic Revitalization Area for <br />purposes of real property tax abatement. <br />SECTION V. The designation as an Economic Revitalization Area <br />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 <br />property owner is qualified for and is granted property tax <br />deduction for a period of ten (10) years. <br />SECTION VII. The Common Council directs the City Clerk to cause <br />notice of the adoption of this Declaratory Resolution for Real <br />Property Tax Abatement to be published pursuant to Indiana Code <br />5 -3 -1 and Indiana Code 6 -1.1- 12.1 -2.5, said publication providing <br />notice of the public hearing before the Common Council on the <br />proposed confirming of said declaration. <br />SECTION VIII. <br />from and after <br />the Mayor. <br />MSENTED <br />NOT APPROWD <br />7- P 7- 9;? <br />This Resolution shall be in full force and effect <br />its adoption by the Common Council and approval by <br />-'m o a� <br />Membe of Common Council <br />(211 sTgned only to provide an Filed in Clerk's Office <br />opportunity for public dlccwc Ion�___� <br />and Council action on the ieetm- <br />JUN 1 51992 <br />ADOPTED 7— e? 7_9 Q 1 GTTYCLERK. S0. BEND, IN <br />