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SECTION II. The Common Council hereby determines and finds <br />the following: <br />A. That the estimate of the value of the <br />redevelopment or rehabilitation is reasonable for <br />projects of this nature; <br />B. That the estimate of the number of individuals who <br />will be employed or whose employment will be retained <br />can reasonably be expected to result from the proposed <br />described redevelopment or rehabilitation; <br />C. That 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 redevelopment or rehabilitation; <br />D. That the other benefits about which information <br />was requested are benefits that can be reasonably <br />expected to result from the proposed described <br />redevelopment or rehabilitation; and <br />E. That the totality of benefits is sufficient to <br />justify the deduction, all of which satisfy the <br />requirements of I.C. 6 -1.1- 12.1 -3. <br />SECTION III. The Common Council hereby determines and <br />finds that the proposed described redevelopment or <br />rehabilitation can be reasonably expected to yield the benefits <br />identified in the Statement of Benefits set forth in sections I <br />through II of the Petition for Real Property Tax Abatement <br />Consideration and that the Statement of Benefits form <br />prescribed by the State Board of Accounts are sufficient to <br />justify the deduction granted under Section 6 -1.1- 12.1 -3 of the <br />Indiana Code. <br />SECTION IV. The Common Council hereby accepts the report <br />and recommendation of the Human Resources and Economic <br />Development Committee that the area herein described be <br />designated an Economic Revitalization Area and hereby adopts a <br />resolution designating this area as an Economic Revitalization <br />Area for purposes of real property tax abatement. <br />SECTION V. The designation as an Economic Revitalization <br />Area shall be limited to two (2) calendar years from the date <br />of the adoption of this Resolution by the Common Council. <br />SECTION VI. The Common Council hereby determines that the <br />property owner is qualified for and is granted property tax <br />deduction for a period of three (3) years. <br />SECTION Vii. The Common Council directs the City Clerk to <br />cause notice of the adoption of this Declaratory Resolution for <br />Real Property Tax Abatement to be published, said publication <br />providing notice of the public hearing before the Common <br />Council on the proposed confirming of said declaration. <br />SECTION VIII. 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 />Member of t Common ncil <br />62480 <br />"ism" <br />NOT APPROVED <br />-2- <br />ADCP ";FD 1,9 - <br />