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from the proposed installation of new manufacturing <br />equipment; <br />(c) the estimate of the annual salaries of those <br />individuals who will be employed or whose employment <br />will be retained can be reasonably expected to result <br />from the proposed installation of new equipment; <br />(d) any other benefits about which information was <br />requested are benefits that can be reasonably expected <br />to result form the proposed installation of new <br />manufacturing equipment; and <br />(e) the totality of benefits is sufficient to justify <br />the deduction requested. <br />SECTION II. The Common Council hereby determines and finds that <br />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 Section 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 <br />to justify the deduction granted under Indiana Code 6- 1.1 -12.1- <br />4.5. <br />SECTION III. 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 <br />Economic Revitalization Area of purposes of personal property tax <br />abatement and hereby makes such a designation. <br />SECTION IV. The Common Council determines that such designation <br />is for personal property tax abatement only and shall be limited <br />to two (2) calendar years from the date of the adoption of this <br />Resolution by the Common Council. <br />SECTION V. The Common Council hereby determines that he property <br />owner is qualified for and is granted property tax deduction for <br />a period of five (5) years. <br />SECTION VI. The Common Council directs the City Clerk to cause <br />notice of the adoption of this Declaratory Resolution to be <br />published pursuant to Indiana Code 5 -3 -1, said publication <br />providing notice of the public hearing before the Common Council <br />on said declaration. <br />SECTION IX. <br />from and after <br />the Mayor. <br />PRESENTED 7- a �- 9 <br />NOT APPROM- <br />ADOPTED 7- 27—Y,? <br />This Resolution shall be in full force and effect <br />its adoption by the Common Council and approval by <br />iM a -Y:L-A� - <br />MembeiV of t Common Council <br />signed only to provide an <br />opportunity for public discussicn <br />end Coimril Action nn the JBauA. <br />Filed in U` 4CL <br />JUN! r <br />