The Common Council confirms certain findings made in Resolution No. 89-R3 for designation of the real estate described above as an economic revitalization area which findings are as follows, to-wit:
(A) The real estate described in Res. 89-R3 is located within the jurisdiction of the Common Council for the purposes set forth in IC 6-1.1-12.1-2; and
(B) The property designated as an economic revitalization area has become undesirable for or impossible for normal development and occupancy because of a lack of development, cessation of growth, deterioration of improvements or character of occupancy, age obsolescence, substandard buildings, or other factors which have impaired values or which prevent a normal development of property or use of property or any area where a facility or a group of facilities that are technologically, economically or energy obsolete are located and where the obsolescence may lead to a decline in employment and tax revenue.
(C) It would be of benefit to the citizens of the city to provide a tax abatement as authorized by IC 6-1.1-12.1 in order to encourage and stimulate the development of the area now designated as an economic revitalization area.
(D) The area so designated is zoned as a manufacturing area and property zoned for the purposes indicated.
(E) The owners of the real estate and tangible personal property within the economic revitalization extra should be entitled to all deductions as authorized by IC 6-1.1-12.1 for new manufacturing equipment and redevelopment or rehabilitation of real estate within the area.
(Res. 89-R3, passed 11-13-89; Am. Res. 89-R6, passed 12-28-89)