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WHEREAS, the Human Resources and Economic Development Committee of the <br />Common Council has reviewed said report and recommended to the Common Council <br />that the area qualifies as an Economic Revitalization Area. <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of <br />South Bend, Indiana, as follows: <br />SECTION I. The Common Council hereby determines and finds pursuant to Indiana <br />Code 6- 1.1- 12.1 -4.5, that: <br />(a) the estimate of the cost of the new manufacturing equipment is reasonable for <br />equipment of that type; <br />(b) the estimate of the number of individuals that will be employed or whose <br />employment will be retained by the Petitioner can be reasonably expected to result <br />from the proposed installation of new manufacturing equipment; <br />(c) the estimate of the annual salaries of those individuals who will be employed <br />or whose employment will be retained can be reasonably expected to result from <br />the proposed installation of new equipment; <br />(d) any other benefits about which information was requested are benefits that can <br />be reasonably expected to result from the proposed installation of new <br />manufacturing equipment; and <br />(e) the totality of benefits is sufficient to justify the deduction requested. <br />SECTION II. The Common Council hereby determines and fords that the proposed new <br />manufacturing equipment can be reasonably expected to yield the benefits identified in <br />the Statement of Benefits as set forth in Section 1 through 3 of the Petition for Personal <br />Property Tax Abatement Consideration and that the Statement of Benefits Form <br />completed by the Petitioner, said form being prescribed by the State Board of Accounts <br />are sufficient 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 recommendation of <br />the Department of Economic Development, and the Human Resources and Economic <br />Development Committee's favorable recommendation, that the area herein described be <br />designated as Economic Revitalization Area for purposes of personal property tax <br />abatement and hereby makes such a designation. <br />2 <br />