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D. That the other benefits about which information was requested are <br />benefits that can be reasonably expected to result from the proposed <br />described redevelopment or rehabilitation; and <br />E. That the totality of benefits is sufficient to justify the deduction; <br />all of which satisfy the requirements of I.C. 6 -1.1- 12.1 -3 and which <br />can be reasonably expected to result from the installation of the new <br />manufacturing equipment. <br />SECTION III. The Common Council hereby determines and finds that the <br />proposed described redevelopment or rehabilitation can be reasonably expected <br />to yield the benefits identified in the Statement of Benefits set forth as <br />Sections I through II of the Petition for Personal Property Tax Abatement <br />Consideration and that the Statement of Benefits form prescribed by the State <br />Board of Accounts are sufficient to justify the deduction granted under <br />Section 6 -1.1- 12.1 -4.5 of the Indiana Code. <br />SECTION IV. The Common Council hereby accepts the report and recom- <br />mendation of the Human Resources and Economic Development Committee that the <br />area herein described be designated an Economic Revitalization Area for <br />purposes of personal property tax abatement and hereby makes such a <br />designation. <br />SECTION V. The Common Council determines that such designation is for <br />personal property tax abatement only and shall be limited to two (2) calendar <br />years from the date of the adoption of this Resolution by the Common Council. <br />SECTION VI. The Common Council hereby determines that the property <br />owner is qualified for and is granted property tax deduction for a period of <br />five (5) years. <br />SECTION VII. The Common Council directs the City Clerk to cause notice <br />of the adoption of this Declaratory Resolution for Personal Property Tax <br />Abatement to be published, said publication providing notice of the public <br />hearing before the Common Council on the proposed confirming of said <br />declaration. <br />SECTION VIIS. This Resolution shall be in full force and effect from and <br />after its adoption by the Common Council and approval by the Mayor. <br />Me the Commo 2V ncil <br />eGnf4 In PIw.L9w ft":__ <br />