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C. That the estimate of the annual salaries of those individuals who <br />will be employed or whose employment will be retained can be reasonably <br />expected to result from the proposed redevelopment or rehabilitation; <br />D: That the other benefits about which information was requested are <br />benefits that can be reasonably expected to result from the proposed described <br />redevelopment or rehabilitation; and <br />E: That the totality of benefits is sufficient to justify the <br />deduction, all of which satisfy the requirements of I.C. 6 -1.1- 12.1 -3. <br />SECTION III. The Common Council hereby determines and finds that the <br />proposed de— scriSed 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 Real 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 -3 of the Indiana Code. <br />SECTION IV: The Common Council hereby accepts the report and <br />recommen a ion of the Human Resources and Economic Development Committee that <br />the area herein described be designated an Economic Revitalization Area and <br />hereby adopts a 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 Area shall be <br />limited �(2) calendar years from the date of the adoption of this <br />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 <br />of ten ( 10) years. <br />SECTION VII: The Common Council directs the City Clerk to cause notice <br />of the adoption of this Declaratory Resolution for Real Property Tax Abatement <br />to be published, said publication providing notice of the public hearing <br />before the Common Council on the proposed confirming of said declaration. <br />SECTION VIII. This Resolution shall be in full force and effect from <br />and after — t� i option by the Common Council and approval by the Mayor. <br />be hC'6�" <br />e Comr on ouncil <br />