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information regarding the area in question as required by law; and <br /> WHEREAS, the Community and Economic Development Committee of the <br /> Common Council has reviewed said report and recommended to the Common Council <br /> that the area qualifies as an Economic Revitalization Area. <br /> NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of <br /> South Bend, Indiana, as follows: <br /> SECTION 1. The Common Council hereby determines and finds pursuant to Indiana <br /> Code 6-1.1-12.1-4.5 et sect., that: <br /> a. the estimate of the cost of the new manufacturing equipment is reasonable <br /> for equipment of that type; <br /> b. That the estimate of the number of individuals that will be employed or <br /> whose employment will be retained by the Petitioner can reasonably be <br /> expected to result from the proposed installation of new manufacturing <br /> equipment; <br /> C. That the estimate of the annual salaries of those individuals that will be <br /> employed or whose employment will be retained by the Petitioner can be <br /> reasonably expected to result from the proposed installation of new <br /> manufacturing equipment; <br /> d. any other benefits about which information was requested are benefits that <br /> can be reasonably expected to result from the proposed new <br /> manufacturing equipment; 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 <br /> the Statement of Benefits as set forth in Sections 1 through 3 of the Petition for Personal <br /> Property Tax Abatement Consideration and that Statement of Benefits form completed by <br /> the petitioner, said form being prescribed by the State Board of Accounts, are sufficient <br /> to justify the deduction granted under Indiana Code 6-1.1-12.1-4.5. <br /> SECTION III. The Common Council hereby accepts the report and recommendation of <br /> the Department of Community and Economic Development, and the Community and <br /> Economic Development Committee's favorable recommendation, that the area herein <br /> described be designated as an Economic Revitalization Area for purposes of personal <br /> property tax abatement and hereby makes such a designation. <br /> SECTION IV. The Common Council determines that such designation is for personal <br /> property tax abatement only and shall be limited to two (2) calendar years from the date <br />