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result from the proposed installation of new manufacturing <br />equipment; and <br />E. The totality of benefits is sufficient to justify the <br />deduction requested. <br />SECTION II. The Common Council hereby determines and finds <br />that 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 Sections 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 to <br />justify the deduction granted under Indiana Code §6 -1.1- 12.1 -4.5. <br />SECTION III. That the Common Council hereby accepts the <br />report and recommendation of the Department of Economic <br />Development, and the Human Resources and Economic Development <br />Committee's favorable recommendation, that the area herein <br />described be designated an Economic Revitalization Area for <br />purposes of personal property tax abatement and hereby makes such <br />designation. <br />SECTION IV. The Common Council determines that such <br />designation if for personal property tax abatement and shall be <br />limited to Two (2) calendar years from the date of the adoption of <br />this Resolution by the Common Council. <br />SECTION V. The Common Council hereby determines that the <br />property owner is qualified for and is granted property tax <br />deduction for a period of Five (5) years. <br />SECTION VI. The Common Council directs the City Clerk to <br />cause notice of the adoption of this Declaratory Resolution to be <br />published pursuant to Indiana Code §5 -3 -1 -1 et seq, said <br />publication providing notice of the public hearing before the <br />Common Council on said declaration. <br />SECTION IX. 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 />Me� of e Common Council <br />ffI signed only to provide an <br />opportunity for public disc.; ^ion <br />-and Council action on the issue. <br />Page 3 of 3 Pages <br />RESENTED 5/ -�2 $ -% a <br />NOT APPROVW <br />Filed in Clerk's Office <br />MAR 2 0 3? <br />