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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 />rehabiliation is reasonable for projects of this nature; <br />B. That the estimate of the number of individuals who will <br />be employed or whose employment will be retained can reasonably be <br />expected to result from the proposed described redevelopment or <br />rehabilitation; <br />C. That the estimate of the annual salaries of those <br />individuals who will be employed or whose employment will be <br />retained can be reasonably expected to result from the proposed <br />redevelopment or rehabilitation; <br />D. That the other benefits about which information was <br />requested are benefits that can be reasonably expected to result <br />from the proposed described redevelopment or rehabilitation; and <br />E. That the totality of benefits is sufficient to justify <br />the deduction; all of which satisfy the requirements of I.C. <br />6 -1.1- 12.1 - -3 and which can be reasonably expected to result from <br />the installation of the new manufacturing equipment. <br />SECTION III. The Common Council hereby determines and finds <br />that the proposed new manufacturing equipment can be reasonably <br />expected to yield the benefits identified in the Statement of <br />Benefits as set forth in sections I through II of the Petition for <br />Personal Property Tax Abatement Consideration and that the <br />Statement of Benefits form prescribed by the State Board of <br />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 <br />recommendation of the Human Resources and Economic Development <br />Committee that the area herein described be designated an Economic <br />Rrvitalization Area for purposes of personal property tax <br />abatement and hereby makes such a designation. <br />SECTION The Common Council determines that such <br />designation is for personal property tax abatement only and shall <br />be limited to two (2) calendar years from the date of the adoption <br />of this Resolution by the Common Council. <br />SEC_TIO_N 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 five (5) years. <br />S_E_C_T_IO_N V_II. The Common Council directs the City Clerk to <br />cause notice of the adoption of this Declaratory Resolution for <br />Personal Property Tax Abatement to be published, said publication <br />providing notice of the public hearing before the Common Council <br />on the proposed confirming of said declaration. <br />SECTION VIII. This <br />effect from and after its <br />approval by the Mayor. <br />PRESENTED I I — 14 — <br />NOT APPROVEIJ' <br />ADOPTED -1 i — 1 `( — O <br />Resolution shall be in full force and <br />adoption by the Common Council and <br />Member of the Common Council <br />Filed In Clerk's Offieb <br />NOV 91988 <br />IRENE GAMMON <br />CITY CLERK, SO. BFUn W <br />