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REGULAR MEETING APRIL 23, 2001 <br />and South Bend Municipal Code Sections 2 -76, et sea., and has further prepared maps and plats <br />showing the boundaries and such other information regarding the area in question as required by law; <br />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 <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 the <br />requirements of Indiana Code 6 -1.1 -12.1 et. sea., 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 the <br />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 whose <br />employment will be retained by the Petitioner can reasonably be expected to <br />result from the proposed described redevelopment or rehabilitation; <br />D. That the estimate of the annual salaries of those individuals who will be <br />employed of whose employment will be retained by the Petitioner can be <br />reasonably expected to result from the proposed redevelopment or <br />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 <br />redevelopment or rehabilitation; and <br />F. That the totality of benefits is sufficient to justify the requested deduction, all <br />of which satisfy the requirements of Indiana Code 6- 1.1- 12.1 -3 and Indiana <br />law generally. <br />SECTION III. The Common Council hereby determines and finds that the proposed described <br />redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the <br />Statement of Benefits set forth as Sections I through II of the Petition for Real Property Tax <br />Abatement Consideration and that the Statement of Benefits form prescribed by the State Board of <br />Accounts are sufficient to justify the deduction granted under Indiana Code 6 -1.1- 12.1 -3. <br />SECTION IV. The Common Council hereby accepts the report and recommendation of the <br />Community and Economic Development Committee that the area herein described be designated as <br />an 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 />SECTION V. The designation as an Economic Revitalization Area shall be limited to two <br />(2) calendar years from the date of the adoption of this Resolution by the Common Council. <br />SECTION VI. The Common Council hereby determines that the property owner is qualified <br />for and is granted property tax deduction for a period of three (3) years. <br />SECTION VII. The Common Council directs the City Clerk to cause notice of the adoption <br />of this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana <br />