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^ . ` <br /> . <br /> and the estimate of the annual salaries of those individuals <br /> and the estimate of the value of the redevelopment or <br /> rehabilitation and any other benefits about which the body <br /> designating the economic revitalization area requires <br /> information are benefits that can be reasonably expected to <br /> result from the proposed described redevelopment or <br /> rehabilitation, <br /> SECTION II , That the Common Council hereby determines <br /> and finds the following: <br /> (A) If the proposed redevelopment or rehabilitation <br /> does not occur the approximate current year tax rate <br /> for the City would be $ ; <br /> (B) If the proposed redevelopment or rehabilitation <br /> does occur and no deduction is granted , the approximate <br /> current year tax rate for the City would be $ & <br /> (C) If the proposed redevelopment or rehabilitation <br /> Occurs the deduction is granted , and a deduction <br /> percentage of fifty percent (n0%} is assumed , the <br /> approximate current year tax rate for the City would <br /> be $ . <br /> SECTION III . That the Common Council hereby determines <br /> and finds that the proposed described redevelopment or <br /> rehabilitation can be reasonably expected to yield the <br /> benefits identified in the statement of benefits set <br /> forth as sections 1 through 3 of the Petition for Real <br /> Property Tax Abatement Consideration and that the <br /> statement of benefits is sufficient to justify the <br /> deduction granted under Section 6-1 . 1-1 . 1-3 of the <br /> Indiana Code. <br /> SECTION IV. That 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 <br /> and hereby adopts a resolution designating this area as <br /> an Economic Revitalization Area for purposes of reel <br /> property tax abatement. <br /> SECTION V. That the designation as an Economic <br /> Revitalization Area shall be limited to two (2) <br /> calendar years from the date of the adoption of this <br /> Resolution by the Common Council . <br /> SECTION VI . That the Common Council hereby determines <br /> that the property owner is qualified for and is <br /> granted property tax deduction for a period nf_________ <br /> ( ) years. <br /> , <br />