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SECTION II. That the Common Council hereby determines and finds that <br /> the estimate of the number of individuals that will be employed or whose <br /> employment will be retained and the estimate of the annual salaries of <br /> these individuals and the estimate of the value of the redevelopment or <br /> rehabilitation of the other benefits about which the Common Council has <br /> obtained information are benefits that can be reasonably expected to <br /> result from the installation of the new manufacturing equipment. <br /> SECTION III . That the Common Council hereby determines and finds the <br /> following: <br /> (A) If the proposed new manufacturing equipment is not installed, the <br /> approximate current year tax rate for the City would be $15 .0781; <br /> (B) If the proposed new manufacturing equipment is not installed and <br /> no deduction is granted, the approximate current year tax rate for the <br /> City would be $15. 0764; <br /> (C) If the proposed new manufacturing equipment is installed, the <br /> deduction is granted, and a deduction percentage of eighty percent ( 80%) <br /> is assumed, the approximate current year tax rate for the City would be <br /> $15.0773 . <br /> SECTION IV. That the Common Council hereby determines and finds that <br /> the proposed new manufacturing equipment can be reasonably expected to <br /> yield the benefits identified in the statement of benefits as set forth in <br /> sections 1 through 3 of the Petition for Personal Property Tax Abatement <br /> Consideration and the statement of benefits is sufficient to justify the <br /> deduction granted under Section 6-1. 1-12. 1-4. 5 of the Indiana Code. <br /> SECTION V. That the Common Council determines that such designation <br /> is for personal property tax abatement only and shall be limited to five <br /> calendar years from the date of the adoption of this resolution by the <br /> Common Council. <br /> SECTION VI. That the Common Council directs the City Clerk to cause <br /> notice of the adoption of this resolution to be published, said <br /> publication providing notice of the public hearing before the Common <br /> Council on said declaration. <br /> SECTION VII . 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 /> a. / Cam- / / i <br /> (ember : he ommon Cou' •il <br /> PRESEN1 O //-. 3 - g ? <br /> NOT APPROVED /1 <br /> ADOPTED 1/- as -Sy� Q,o es. -- .0 <br />