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SECTION I. The Common Council hereby determines and finds pursuant to Indiana Code 6- <br />1.1-12.1-4.5 et sue., that: <br />a. The estimate of the cost of the new manufacturing equipment is reasonable for <br />equipment of that type; <br />b. That the estimate of the number of individuals that will be employed or whose <br />employment will be retained by the Petitioner can reasonably be expected to <br />result from the proposed installation of new manufacturing equipment; <br />c. That the estimate of the annual salaries of those individuals that will be employed <br />or whose employment will be retained by the Petitioner can be reasonably <br />expected to result from the proposed installation of new manufacturing <br />equipment; <br />d. Any other benefits about which information was requested are benefits that can be <br />reasonably expected to result from the proposed new manufacturing equipment; <br />and <br />e. The totality of benefits is sufficient to justify the deduction requested. <br />SECTION II. The Common Council hereby determines and finds that the proposed new <br />manufacturing equipment can be reasonably expected to yield the benefits identified in the <br />Statement of Benefits as set forth in Sections 1 through 3 of the Petition for Personal Property <br />Tax Abatement Consideration and that Statement of Benefits form completed by the petitioner, <br />said form being prescribed by the State Board of Accounts, aze sufficient to justify the deduction <br />granted under Indiana Code 6-1.1-12.1-4.5. <br />SECTION III. The Common Council hereby accepts the report and recommendation of the <br />Department of Community and Economic Development, and the Community and. Economic <br />Development Committee's favorable recommendation, that the area herein described be <br />designated as an Economic Revitalization Area for purposes of personal property tax abatement <br />and hereby makes such a designation. <br />SECTION IV. The Common Council determines that such designation is for personal property <br />tax abatement only and shall be limited to two (2) calendaz yeazs from the date of the adoption of <br />this Resolution by the Common Council. <br />SECTION V. The Common Council hereby determines that the property owner is qualified for <br />and is granted property tax deduction for a period of five (5) years. <br />SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption of <br />this Declaratory Resolution for Personal Property Tax Abatement to be published pursuant to <br />Indiana Code 5-3-1, said publication providing notice of the public hearing before the Common <br />Council on the proposed confirming of said declazation. <br />2 <br />