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WHEREAS, the Community Investment Committee of the Common Council has <br />reviewed said report and recommended to the Common Council that the area qualifies as an <br />Economic Revitalization Area. <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South <br />Bend, Indiana, as follows: <br />SECTION I. The Common Council hereby determines and finds that the Petition for Real <br />Property Tax Abatement and the Statement of Benefits form completed by the Petitioner meet <br />the requirements of Indiana Code § 6 -1.1 -12.1 et seq., for tax abatement. <br />SECTION II. The Common Council hereby determines and finds the following: <br />A. That the description of the proposed redevelopment or rehabilitation meets <br />the applicable standards for such development; <br />B. That the estimate of the value of the redevelopment or rehabilitation is <br />reasonable for projects of this nature; <br />C. That the estimate of the number of individuals who will be employed or <br />whose employment will be retained by the Petitioner can reasonably be expected to result from <br />the proposed described redevelopment or rehabilitation; <br />D. That the estimate of the annual salaries of those individuals who will be <br />employed or whose employment will be retained by the Petitioner can be reasonably expected to <br />result from the proposed redevelopment or rehabilitation; <br />E. That the other benefits about which information was requested are benefits <br />that can be reasonably expected to result from the proposed described redevelopment or <br />rehabilitation; and <br />F. That the totality of benefits is sufficient to justify the requested deduction, <br />all of which satisfy the requirements of Indiana Code § 6- 1.1- 12.1 -3. <br />SECTION III. The Common Council hereby determines and finds that the proposed <br />described redevelopment or rehabilitation can be reasonably expected to yield benefits identified <br />in the Statement of Benefits, Sections 1 through 3 of the Petition for Real Property Tax <br />Abatement Consideration and the Memorandum of Agreement between the Petitioner and the <br />City of South Bend, and that the Statement of Benefits form completed by the petitioner, said <br />form being prescribed by the State Board of Accounts, are sufficient to justify the deduction <br />granted under Indiana Code § 6- 1.1- 12.1 -3. <br />SECTION IV. The Common Council hereby accepts the report and recommendation of <br />the Community Investment Committee that the area herein described be designated as an <br />Economic Revitalization Area and hereby adopts a Resolution designating this area as an <br />Economic Revitalization Area for purposes of real property tax abatement. <br />-2- <br />US.99336767.02 <br />