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obtained information are benefits that can be reasonably <br /> expected to result from the installation of the new manufactur- <br /> ing equipment. <br /> SECTION II . That the Common Council hereby determines <br /> and finds the following: <br /> (A) If the proposed new manufacturing equipment is <br /> not installed, the approximate current year tax rate <br /> for the City would be $15.0781. <br /> (B) If the proposed new manufacturing equipment is <br /> not installed and no deduction is granted, the <br /> approximate current year tax rate for the City would <br /> be $15 . 0740 . <br /> (C) If the proposed new manufacturing equipment is <br /> installed, the deduction is granted, and a deduction <br /> percentage of eighty percent (80%) is assumed, the <br /> approximate current year tax rate for the City would <br /> be $15 . 0773 . <br /> SECTION III . That the Common Council hereby deter- <br /> mines and finds that the proposed new manufacturing equipment <br /> can be reasonably expected to yield the benefits identified in <br /> the statement of benefits and that the statement of benefits is <br /> sufficient to justify the deduction granted under Section <br /> 6-1. 1-12. 1-4 . 5 of the Indiana Code. <br /> SECTION IV. That the Common Council hereby accepts <br /> the report and recommendation of the Human Resources and <br /> Economic Development Committee that the area herein described <br /> be designated an Economic Revitalization Area for purposes of <br /> personal property tax abatement and hereby makes such a desig- <br /> nation. <br /> SECTION V. That the Common Council determines that <br /> such designation is for personal property tax abatement only <br /> and shall be limited to five calendar years from the date of <br /> the adoption of this Resolution by the Common Council . <br /> SECTION VI . That the Common Council hereby determines <br /> that the property owner is qualified for and is granted prop- <br /> erty tax deduction for a period of five (5) years . <br /> SECTION VII . That the Common Council directs the City <br /> Clerk to cause notice of the adoption of this Resolution to be <br /> published, said publication providing notice of the public <br /> hearing before the Common Council on said declaration. <br /> SECTION VIII . 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 /> (embe/of the Common Co cif <br /> Filed In Clerk's Office <br /> DEC 161987 <br /> PRESENTED I a a IRENE GAMMON <br /> NOT APPROVED CITY CI UM, SO. BEND, IN. <br /> ADOPTED Ia-3- \ -%'7 <br /> -2- <br />