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(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 from the proposed installation of new manu- <br />facturing 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 -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 for purposes of personal property <br />tax 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 the pro- <br />perty owner is qualified for is granted property tax deduction <br />for 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 VII. This Resolution shall be in full force and effect <br />from and after its adoption by the Common Council and approval by <br />the Mayor. <br />PRE8ENuo <br />NOT APPROVED <br />ADOPTED <br />k4 _,3_9a <br />'Y -/3 - l.Q <br />Member of the Common Council <br />I signed Cn! 7 to r_,C is <br />2nd CouDC11 ac"i:2oll :-� <br />Filed in Clerk's Office <br />FEB 2 7 !SG2 <br />