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REGULAR MEETING <br />JUNE 24, 1996 <br />and this property has Key Number 23- 1043 -3010, be designated as <br />an Economic Revitalization Area under the provisions of Indiana <br />Code 6 -1.1- 12.1 -1 et sea. and South Bend Municipal Code Sections <br />2 -76 et sear and <br />WHEREAS, the Department of Economic Development has <br />concluded an investigation and prepared a report with information <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, ems., and South Bend Municipal Code Sections 2- <br />76, et sea., and has further prepared maps and plats showing the <br />boundaries and such other information regarding the area in <br />question as required by 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 be <br />employed or whose employment will be retained by the Petitioner <br />can be reasonably expected to result from the proposed <br />installation of new manufacturing equipment; <br />® the estimate of the annual salaries of those individuals <br />who will be employed or whose employment will be retained can be <br />reasonably expected to result from the proposed installation of <br />new equipment; <br />(d) any other benefits about which information was requested <br />are benefits that can be reasonably expected to result from the <br />proposed installation of 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 Statement of <br />Benefits as set forth in Section 1 through 3 of the Petition for <br />Personal Property Tax Abatement Consideration and that the <br />Statement of Benefits Form completed by the Petitioner, said form <br />being prescribed by the State Board of Accounts; are sufficient <br />to justify the deduction granted under Indiana Code 6- 1.1 -12.1- <br />4.5. <br />SECTION III. The Common Council hereby accepts the report <br />and recommendation of the Department of Economic Development, and <br />the Human Resources and Economic Development Committee's <br />favorable recommendation, that the area herein described be <br />designated as Economic Revitalization Area for purposes of <br />personal property tax abatement and hereby makes such a <br />designation. <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 <br />adoption 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 />