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(d) any other benefits about which information was <br />requested are benefits that can be reasonably expected to <br />result from the proposed installation of new manufacturing <br />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 <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 Section 1 through 3 of the Petition for <br />Personal Property Tar: 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 ,_ender Indiana Code 6-1.1-12.1-4.5. <br />SECTION III. The Common Council hereby accepts the report <br />and recommendation of the Department of Economic Development, and <br />the 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 tax <br />abatement and hereby makes such a designation. <br />SECTION IV.. The Common Council determines that such <br />designation is for personal property tax abatement only and shall <br />be limited to two (') calendar years from the date of the adoption <br />of this Resolution by the Common Council. <br />SECTION V. The Common Council hereby determines that the <br />property owner is qualifired 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 -31, said publication <br />providing notice of the public hearing before the Common Council <br />on said declaration. <br />SECTION IX. This Resolution shall be in full force and <br />effect from and after its adoption by the Common Council and <br />approval by the Mayor. <br />Membe t 4Co�m�m:-_m Council <br />1o2— y —9 / <br />1a - 9 -9 i <br />