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(3) There are approximately twelve (12) new individuals who will <br />be employed at the Project as a result of the new real and <br />personal property improvements constituting the Project. <br />(4) The other benefits about which information has been presented <br />to this Council are benefits that can be reasonably expected to <br />result from the construction of the Project. <br />(5) The totality of benefits is sufficient to justify the granting of real <br />property tax abatement to the Applicant through the deduction <br />provided by the Act. <br />SECTION III. The two Form SB -Is have been submitted by the Applicant and <br />reviewed and approved by Council. <br />SECTION IV. Real and personal property tax deductions for the Project are hereby <br />approved. The period for both the real and personal property tax <br />deductions under the Act for the Project shall be ten (10) years, <br />utilizing such schedule provided in the Act provided, however, the <br />effectiveness of the designation may be terminated by this Council in <br />the accordance with the Act. <br />SECTION V. Under the authority of the Act, the Council or its designee may survey <br />and evaluate the Project for compliance with investment figures <br />contained within this Resolution. The Council may reduce the amount <br />of the authorized deduction or rescind the deduction in its entirety, <br />and/or require repayment of all or a portion of the deduction received <br />by the Applicant for failure to achieve the benefits identified in this <br />Resolution, or for failure to respond to the mandatory survey. <br />SECTION VI. Pursuant to the Act, the Council shall cause to be filed a certified copy <br />of this Resolution with the Morgan County Auditor. <br />SECTION VII. This Resolution shall be in full force and effect immediately upon its <br />adoption. <br />[The remainder of this page is intentionally blank] <br />K <br />