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REGULAR MEETING <br />APRIL 14,1997 <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 be expected to result from the <br />proposed described 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 -1.1- 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 />SECTION VI. The Common Council hereby determines that the <br />property owner is qualified for and is granted property tax <br />deduction for a period of ten (10) years. <br />SECTION VII. The Common Council directs the City Clerk to cause <br />notice of the adoption of this Declaratory Resolution for Real <br />Property Tax Abatement to be published pursuant to Indiana Code <br />5 -3 -1 and Indiana Code 6 -1.1- 12.1 -2.5, said publication providing <br />notice of the public hearing before the Common Council on the <br />proposed confirming of said declaration. <br />SECTION VIII. This Resolution shall be in full force and effect <br />from and after its adoption by the Common Council and approval by <br />the Mayor. <br />/s/ Roland Kelly <br />Member of the Common Council <br />A public hearing was held on the resolution at this time. <br />Council Member Broden reported that the Personnel and Finance <br />Committee had met on this resolution and recommended it to the <br />Council favorable. Robert Wozny, a representative of Corporate <br />Services, made the presentation for the resolution. He indicated <br />they planned to build a 50,000 square foot building to expand <br />their printing business, which would allow them to become more <br />competitive in the marketplace. He estimated the cost of the new <br />building would be $1,000,000. Council Member Coleman made a <br />motion to adopt this resolution, seconded by Council Member <br />Broden. The resolution was adopted by a roll call vote of nine <br />ayes. <br />1 <br />1 <br />u <br />