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REGULAR MEETING <br />APRIL 14, 2014 <br />a the estimate of the cost of the new manufacturing equipment is reasonable for <br />equipment of that type; <br />b. That the estimate of the number of individuals that will be employed or whose <br />employment will be retained by the Petitioner can reasonably be expected to <br />result from the proposed installation of new manufacturing equipment; <br />c. That the estimate of the annual salaries of those individuals that will be employed <br />or whose employment will be retained by the Petitioner can be reasonably <br />expected to result from the proposed installation of new manufacturing <br />equipment; <br />d. any other benefits about which information was requested are benefits that can be <br />reasonably expected to result from the proposed new manufacturing equipment; <br />and <br />e. the totality of benefits is sufficient to justify the deduction requested. <br />SECTION 1I. The Common Council hereby determines and finds that the proposed new <br />manufacturing equipment can be reasonably expected to yield the benefits identified in the <br />Statement of Benefits and Petition for Tax Incentives completed by the petitioner, said form <br />being prescribed by the State Board of Accounts, are sufficient to justify the deduction granted <br />under Indiana Code 6-1.1- 12.1 -4.5. <br />SECTION BI. The Common Council hereby accepts the report and recommendation of the <br />Department of Community Investment, and the Community Investment Committee's favorable <br />recommendation, that the area herein described be designated as an Economic Revitalization <br />Area for purposes of personal property tax abatement and hereby makes such a designation. <br />SECTION IV. The Common Council determines that such designation is for personal property <br />tax abatement only and shall be limited to two (2) calendar years from the date of the adoption of <br />this Resolution by the Common Council. <br />SECTION V. The Common Council hereby determines that the property owner is qualified for <br />and is granted property tax deduction for a period of five (5) years as shown by the attachment <br />pursuant to Indiana Code 6-1.1- 12.1 -17; provided however, the Petitioner may not receive an <br />economic revitalization area deduction if it receives an enterprise zone investment deduction <br />under I.C. 6- 1.1 -45 for the same property. <br />SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption of <br />this Declaratory Resolution for Personal Property Tax Abatement to be published pursuant to <br />Indiana Code 5 -3 -1, said publication providing notice of the public hearing before the Common <br />Council on the proposed confirming of said declaration. <br />29 <br />