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petitioner meet the requirements of I.C. 6 -1.1- 12.1 -1 et <br />sea., and South Bend Municipal Code Sectin 2 -76. <br />SECTION II. The Common Council hereby determines and <br />finds 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 <br />retained can reasonably by expected to result from <br />the proposed described redevelopment of <br />rehabilitation; <br />C. That the estimate of the annual salaries of those <br />individuals who will be employed or whose <br />employment will be retained can be reasonably <br />expected to result from the proposed redevelopment <br />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 <br />all.of which satisfy the requirements of I.C., 6 -1.1- 12.1 -3. <br />SECTION III. The Common Council hereby determines and <br />finds that the proposed new manufacturing equipment can be <br />reasonably expected to yield the benefits identified in the <br />statement of benefits as set forth in sections 1 through 3 <br />of the Petition for Personal Property Tax Abatement <br />Consideration and that the statement of benefits is <br />sufficient to justify the deduction granted under Section 6- <br />1.1- 12.1 -4.5 of the Indiana Code. <br />SECTION IV. The Common Council hereby accepts the <br />report and recommendation of the Human Resources and <br />Economic Development Committee that the area herein <br />described be designated an Economic Revitalization Area for <br />purposes of personal property tax abatement and hereby makes <br />such a designation. <br />SECTION V. The Common Council determines that such <br />designation is for personal property tax abatement only and <br />shall be limited to two (2) calendar years from the date of <br />the adoption of this Resolution by the Common Council. <br />SECTION VI. The Common Council hereby determines that <br />the property owner is qualified for and is granted property <br />tax deduction for a period of five (5) years. <br />SECTION VII. This Resolution shall be in full force <br />and effect from and after its adoption by the Common Council <br />and approval by the Mayor. <br />PRESENTED M ol a) m � C-- L�—( <br />NOT APPROVED Me er o the Common Council <br />ADOPTED may <br />