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SECTION III . 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 IV. That the Common Council hereby accepts the report and <br /> recommendation of the Human Resources and Economic Development Committee <br /> that the area herein described be designated an Economic Development area <br /> for purpose of personal property tax abatement and hereby makes such a <br /> designation. <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 /> .his• 1 i -.all t A li A. <br /> embe '/ of the Common Coun, <br /> NOT APPROVED <br /> ADOPTED // -a 3 -$2 <br /> • <br />