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REGULAR MINUTES APRIL 27,1998 <br />Economic Revitalization Area under Indiana Code 6 -1.1- 12.1 -1, et <br />seq." and South Bend Municipal Code Sections 2 -76 et sea. and has <br />further prepared maps and plats showing the boundaries and such <br />other information regarding the area in question as required by <br />law; and <br />WHEREAS, the Human Resources and Economic Development <br />Committee of the Common Council has reviewed said report and <br />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 <br />City of South Bend, Indiana, as follows: <br />SECTION I. The Common Council hereby determines and finds <br />pursuant to Indiana Code 6 -1.1- 12.1 -4.5, that: <br />(a) the estimate of the cost of the new manufacturing <br />equipment is reasonable for equipment of that type; <br />(b) the estimate of the number of individuals that will <br />be employed or whose employment will be retained by <br />the Petitioner can be reasonably expected to result <br />from the proposed installation of new manufacturing <br />equipment; <br />(c) the estimate of the annual salaries of those <br />individuals who will be employed or whose employment <br />will be retained can be reasonably expected to result <br />from the proposed installation of new equipment; <br />(d) any other benefits about which information was <br />requested are benefits that can be reasonably <br />expected to result from the proposed installation of <br />new manufacturing equipment; and <br />(e) the totality of benefits is sufficient to justify the <br />deduction requested. <br />SECTION II. The Common Council hereby determines and finds <br />that the proposed new manufacturing equipment can be reasonably <br />expected to yield the benefits identified in the State of Benefits <br />as set forth in Section 1 through 3 of the Petition for Personal <br />Property Tax Abatement Consideration and that the Statement of <br />Benefits form completed by the Petitioner, said form being <br />prescribed by the State Board of Accounts, are sufficient to <br />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 <br />recommendation of the Department of Economic Development, and the <br />Human Resources and Economic Development Committee's favorable <br />recommendation, that the area herein described be designated as <br />Economic Revitalization Area for purposes of personal property tax <br />deduction for a period of five (5) years. <br />SECTION IV. The Common Council determines that such <br />designation is for personal property tax abatement only and shall <br />be limited to two (2) calendar years from the date of the adoption <br />of this Resolution by the Common Council. <br />SECTION V. The Common Council hereby determines that the <br />property owner is qualified for and is granted property tax <br />deduction for a period of five (5) years. <br />SECTION VI. The Common Council directs the City Clerk to <br />cause notice of the adoption of this Declaratory Resolution to be <br />published pursuant to Indiana Code 5 -3 -1, said publication <br />providing notice of the public hearing before the Common Council on <br />said declaration. <br />ECTION VII. This resolution shall be in full force and <br />effect from and after its adoption by the Common Council and <br />approval by the Mayor. <br />/s/ Sean Coleman <br />