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0116, be designated as an Ecoi <br />provisions of Indiana Code 6 -: <br />Municipal Code Section 2 -76 el <br />WHEREAS, the Department <br />concluded an investigation any <br />sufficient for the Common Cou: <br />qualifies as an Economic Revi- <br />6 -1.1- 12.1 -1, et seq., and So <br />76 et sea.. and has further pr, <br />boundaries and such other inf, <br />question as required by law; , <br />omic Revitalization Area under the <br />,1- 12.1 -1 et sea., and South Bend <br />sea.: and <br />f Economic Development has <br />prepared a report with information <br />cil to determine that the area <br />alization Area under Indiana Code <br />th Bend Municipal Code Sections 2- <br />pared maps and plats showing the <br />rmation regarding the area in <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. - 12.1 -4.5, that: <br />(a) <br />the estimate of the <br />cost of the new manufacturing <br />equipment is reasonable <br />for equipment of that type; <br />(b) <br />the estimate of the <br />number of individuals that will be <br />employed or whose employment <br />will be retained by the <br />Petitioner can be reasonably <br />expected to result from <br />the proposed installation <br />of new manufacturing <br />equipment; <br />(c) <br />the estimate of the <br />annual salaries of those <br />individuals who will <br />be employed or whose employment <br />will be retained car <br />be reasonably expected to result <br />from the proposed i <br />stallation of new equipment; <br />(d) <br />any other benefits about <br />which information was <br />requested are benefits <br />that can be reasonably expected <br />to result from the proposed <br />installation of new <br />manufacturing equipment; <br />and <br />(e) <br />the totality of benefits <br />is sufficient to justify the <br />deduction requested <br />SECTION II. The Common <br />that the proposed new manufac <br />expected to yield the benefit <br />Benefits as set forth in Sect <br />Personal Property Tax Abateme <br />Statement of Benefits form co: <br />being prescribed by the State <br />to justify the deduction gran <br />4.5. <br />SECTION III. The Common <br />and recommendation of the Dep� <br />the Human Resources and Econoi <br />favorable recommendation, tha- <br />designated as Economic Revita. <br />personal property tax deducti, <br />ouncil hereby determines and finds <br />uring equipment can be reasonably <br />identified in the State of <br />on 1 through 3 of the Petition for <br />t Consideration and that the <br />pleted by the Petitioner, said form <br />Board of Accounts, are sufficient <br />ed under Indiana Code 6- 1.1 -12.1- <br />Council hereby accepts the report <br />rtment of Economic Development, and <br />is Development Committee's <br />the area herein described be <br />ization Area for purposes of <br />n for a period of five (5) years. <br />SECTION IV. The Common ouncil determines that such <br />designation is for personal p operty tax abatement only and shall <br />be limited to two (2) calenda years from the date of the <br />adoption of this Resolution b the Common Council. <br />SECTION V. The Common Cc <br />property owner is qualified ft <br />deduction for a period of five <br />acil hereby determines that the <br />and is granted property tax <br />(5) years. <br />1 <br />1 <br />