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SECTION I. The Common Council hereby confirms its Declaratory Resolution <br />designating the area described herein as an Economic Revitalization Area for the <br />purposes of tax abatement. Such designation is for Real Property tax abatement only and. <br />is limited to (4) four calendar years from the date of adoption of the Declaratory <br />Resolution by the Common Council rather than the (2) two calendar year designation due <br />to the size, scope, and complexity of this project <br />SECTION II. The Common Council hereby determines that the property owner is <br />qualified for and is granted real property tax deduction for up to a period of ten (10) years <br />as provided in the alternate abatement schedule below pursuant to Indiana Code 6 -1.1- <br />12.1-17 and further determines that the petition, the Memorandum of Agreement between <br />the Petitioner and the City of South Bend, and the Statement of Benefits comply with <br />Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code <br />6- 1.1 -12 et seq. <br />Real Property <br />Year Abatement <br />1 <br />100% <br />2 <br />100% <br />3 <br />100% <br />4 <br />100% <br />5 <br />100% <br />6 <br />95% <br />7 <br />95% <br />8 <br />95% <br />9 <br />95% <br />10 <br />95% <br />SECTION III. This Resolution shall be in full force and effect from and after its <br />adoption by the Common Council and approved by the Mayor. <br />PRESENTED - 23 -1-1 <br />NO? APPROVED <br />,2DOPTFO 1 - 23 - 1'1 <br />Member of the Common Council <br />Filed in Clerk's Office <br />IKAREEI,AAH FOWL ER <br />CITY CLERK, SOUTH BEND, IN <br />