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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 redevelopment or <br />rehabilitation is reasonable for projects of this nature; <br />B. That the estimate of the number of individuals who will be employed <br />or whose employment will be retained can reasonably be expected to result <br />from the proposed described redevelopment or rehabilitation; <br />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 <br />described redevelopment or rehabilitation; and <br />E. That the totality of benefits is sufficient to justify the <br />deduction, which satisfies 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 described redevelopment or rehabilitation can be reasonably <br />expected to yield the benefits identified in the Statement of Benefits set <br />forth as Sections 1 through II of the Petition for Personal Property Tax <br />Abatement Consideration and that the Statement of Benefits form prescribed <br />by the State Board of Accounts are sufficient to justify the deduction <br />granted under Section 6 -1.1- 12.1 -3 of the Indiana Code. <br />SECTION IV. The Common Council hereby accepts the report and <br />recommendation of the Human Resources and Economic Development Committee <br />that the area herein described be designated an Economic Revitalization <br />Area and hereby adopts a resolution designating this area as an Economic <br />Revitalization Area for purposes of personal property tax abatement. <br />SECTION V. The designation as an Economic Revitalization Area shall be <br />limited to two (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 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 VIII . This Resolution shall be in full force and effect from <br />and after its adoption by the Common Council and approval by the Mayor. <br />Member of the Common Council <br />PRESENTED / O - / O - S' <br />NOT APPROVED <br />ADOPTED /U -/O a' <br />