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REGULAR MEETING JLJNE�8, 1998 <br />sufficient for the Common Council to determine that the area <br />qualifies as an Economic Revitalization Area under Indiana Code <br />6 -1.1- 12.1 -1, et seq., and South Bend Municipal Code Sections 2- <br />76, et seq., and has further prepared maps and plats showing the <br />boundaries.and such other inf9rmation regarding the area in <br />question as required by law; and <br />Whereas, the Community and Economic Development Committee of <br />the Common Council has reviewed said report and recommended to <br />the Common Council that the area qualifies as an Economic <br />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 that <br />the Petition for Real Property Tax Abatement and the Statement of <br />Benefits form completed by the Petitioner meet the requirements <br />of Indiana Code 6 -1.1- 12.1 -1'7et seq., and qualifies under the <br />relevant provisions of South Bend Municipal Code Sections 2 -76 et <br />seq., for tax abatement. <br />SECTION II. The Common Council hereby determines and finds the <br />following: <br />A. That the description of the proposed redevelopment or <br />rehabilitation meets the applicable'standards for such <br />development. <br />B. That the estimate of the value of the redevelopment or <br />rehabilitation is reasonable for 'projects of this nature; <br />C. That the estimate of the number of individuals who will <br />be employed or whose employment will be retained by the <br />Petitioner can reasonably lie expected to result from the <br />proposed described redevelopment or rehabilitation; <br />D. That the estimate of the annual salaries of those <br />individuals who will be employed or whose employment will be <br />retained by the Petitioner can be reasonably expected to <br />result from the proposed redevelopment or rehabilitation. <br />E. That the other benefits about which information was <br />requested are benefits that can be reasonably expected to <br />result from the proposed described redevelopment or <br />rehabilitation; and <br />F. That the totality of benefits is sufficient to justify <br />the requested deduction, all of which satisfy the <br />requirements of Indiana Code 6 -11- 12.1 -3. <br />SECTION III. The Common Council hereby determines and finds that <br />the proposed described redevelopment or rehabilitation can be <br />reasonably expected to yield benefits identified in the Statement <br />of Benefits set forth as Sections I through II of the Petition <br />for Real Property Tax Abatement Consideration and that the <br />Statement of Benefits form prescribed by`'the State Board of <br />Accounts are sufficient to justify the deduction granted under <br />Indiana Code 6 -1.1- 12.1 -3. <br />SECTION IV. The Common Council hereby accepts the report and <br />recommendation-of the Human Resources and Economic Development <br />Committee that the area herein described be designated an <br />Economic Revitalization Area and hereby adopts a Resolution <br />designating this area as an Economic Revitalization Area for <br />purposes of real property tax abatement. <br />SECTION V. The designation as an Economic Revitalization Area <br />shall be limited to two (2) calendar years from the date of the <br />adoption of this Resolution by'the Common Council. <br />1 <br />1 <br />1 <br />