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SECTION II. The Common Council hereby determines and finds <br />the following: <br />A. That the estimate of the value of the redevelopment or <br />rehabilitation is reasonable for projects of this nature; <br />B. That the estimate of the number of individuals who will <br />be employed or whose employment will be retained can reasonably <br />be expected to result from the proposed described redevelopment <br />or rehabilitation; <br />C. That the estimate of the annual salaries of those <br />individuals who will be employed or whose employment will be <br />retained can be reasonably expected to result from the proposed <br />redevelopment or rehabilitation; <br />D. That the other benefits about which information was <br />requested are benefits that can be reasonably expected to result <br />from the proposed described redevelopment or rehabilitation; and <br />E. That the totality of benefits is sufficient to justify <br />the deduction, which satisfies the requirements of I.C. 6 -1.1- <br />12.1-3. <br />SECTION III. The Common Council hereby determines and finds <br />that the proposed described redevelopment or rehabilitation can <br />be reasonably expected to yield the benefits identified in the <br />Statement of Benefits set forth as Sections 1 through II of the <br />Petition for Personal Property Tax Abatement Consideration and <br />that the Statement of Benefits form prescribed by the State Board <br />of Accounts are sufficient to justify the deduction granted under <br />Section 6 -1.1- 12.1 -3 of the Indiana Code. <br />SECTION IV. The Common Council hereby accepts the report <br />and recommendation of the Human Resources and Economic Develop- <br />ment 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 personal property tax abatement. <br />SECTION V. The designation as an Economic Revitalization <br />Area shall be limited to two (2) calendar years from the date of <br />the adoption of this Resolution by the Common Council. <br />SECTION VI. The Common Council directs the City Clerk to <br />cause notice of the adoption of this Declaratory Resolution for <br />Personal Property Tax Abatement to be published, said publication <br />providing notice of the public hearing before the Common Council <br />on the proposed confirming of said declaration. <br />SECTION VIII. This Resolution shall be in full force and <br />effect from and after its adoption by the Common Council and <br />approval by the Mayor. <br />PRESENTED / v / 0 _2� 9 <br />NOT APPROVED <br />ADOPTED <br />2 <br />6�� A Ar%',Z�c <br />ber of the Common Council <br />I-� i Ig6� <br />