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REGULAR MEETING OCTOBER 11,2004 <br /> and this property has Key Number 25-500-19994, be designated as an Economic Revitalization <br /> Area under the provisions of Indiana Code 6-1.1-12.1 et seq., and South Bend Municipal Code <br /> Sections 2-84.2 et seq., and; <br /> WHEREAS, the Department of Community and Economic Development has concluded an <br /> investigation and prepared a report with information sufficient for the Common Council to <br /> determine that the area qualifies as an Economic Revitalization Area under Indiana Code 6-1.1- <br /> 12.1, et sec. and South Bend Municipal Code Sections 2-84.2, et seq., and has further prepared <br /> maps and plats showing the boundaries and such other information regarding the area in question <br /> as required by law; and <br /> WHEREAS, the Community and Economic Development Committee of the Common Council <br /> has 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 Bend, <br /> Indiana, as follows: <br /> SECTION I. The Common Council hereby determines and finds pursuant to Indiana Code 6-1.1- <br /> 12.1-4.5 et seq., that: <br /> a. the estimate of the cost of the new manufacturing equipment is reasonable for equipment <br /> 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 result from the <br /> proposed installation of new manufacturing equipment; <br /> c. That the estimate of the annual salaries of those individuals that will be employed or <br /> whose employment will be retained by the Petitioner can be reasonably expected to result from <br /> the proposed installation of new manufacturing 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; 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 the Statement of Benefits form completed by the <br /> petitioner, said form being prescribed by the State Board of Accounts, are sufficient to justify the <br /> 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 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) calendar years 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 o' <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 declaration. <br /> 11 <br />