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REGULAR MEETING <br />JUNE 22, 2015 <br />SECTION I. The Common Council hereby determines and finds that the Petition for Real <br />Property Tax Abatement and the Statement of Benefits form completed by the Petitioner meet <br />the requirements of Indiana Code § 6 -1.1 -12.1 et seq., for tax abatement. <br />SECTION II. The Common Council hereby determines and finds the following: <br />A. That the description of the proposed redevelopment or rehabilitation meets the applicable <br />standards for such development; <br />B. That the estimate of the value of the redevelopment or rehabilitation is reasonable for <br />projects of this nature; <br />C. That the estimate of the number of individuals who will be employed or whose <br />employment will be retained by the Petitioner can reasonably be expected to result from the <br />proposed described redevelopment or rehabilitation; <br />D. That the estimate of the annual salaries of those individuals who will be employed or whose <br />employment will be retained by the Petitioner can be reasonably expected to result from the proposed <br />redevelopment or rehabilitation; <br />E. That the other benefits about which information was requested are benefits that can be <br />reasonably expected to result from the proposed described redevelopment or rehabilitation; and <br />F. That the totality of benefits is sufficient to justify the requested deduction, all of which satisfy <br />the requirements of Indiana Code § 6 -1.1- 12.1 -3. <br />SECTION III. The Common Council hereby determines and finds that the proposed described <br />redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the <br />Statement of Benefits, Sections 1 through 3 of the Petition for Real Property Tax Abatement <br />Consideration and the Memorandum of Agreement between the Petitioner and the City of South Bend, <br />and that the Statement of Benefits form completed by the petitioner, said form being prescribed by the <br />State Board of Accounts, are sufficient to justify the deduction granted under Indiana Code § 6- 1.1 -12.1- <br />3. <br />SECTION IV. The Common Council hereby accepts the report and recommendation of the Community <br />Investment Committee that the area herein described be designated as an Economic Revitalization Area <br />and hereby adopts a Resolution designating this area as an Economic Revitalization Area for purposes of <br />real property tax abatement. <br />SECTION V. The designation as an Economic Revitalization Area shall be limited to two (2) calendar <br />years from the date of the adoption of this Resolution by the Common Council. <br />SECTION VI. The Common Council hereby determines that the property owner is qualified for and is <br />granted property tax deduction for a period of six (6) years as shown by the attachment pursuant to <br />Indiana Code 6 -1.1- 12.1 -17. <br />SECTION Al. The Common Council directs the City Clerk to cause notice of the adoption of this <br />Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana Code § 5 -3- <br />1 and Indiana Code § 6 -1.1- 12.1 -2.5, said publication providing notice of the public hearing before the <br />Common Council on the proposed confirming of said declaration. <br />SECTION VIII. This Resolution shall be in full force and effect from and after its adoption by the Common <br />Council and approval by the Mayor. <br />Member of the Common Council <br />40 <br />