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Consideration and the Memorandum of Agreement between the Petitioner and the City of South <br /> Bend, and that the Statement of Benefits form completed by the petitioner, said form being <br /> prescribed by the State Board of Accounts, are sufficient to justify the deduction granted under <br /> Indiana Code § 6-1.1-12.1-3. <br /> SECTION IV. The Common Council hereby accepts the report and recommendation of the <br /> Community Investment Committee that the area herein described be designated as an Economic <br /> Revitalization Area and hereby adopts a Resolution designating this area as an Economic <br /> Revitalization Area for purposes of real property tax abatement. <br /> SECTION V. The designation as an Economic Revitalization Area shall be limited to four (4) <br /> calendar years from the date of the adoption of this Resolution by the Common Council. <br /> SECTION VI. The Common Council hereby determines that the property owner is qualified for <br /> and is granted property tax deduction for a period of(8) eight years as shown by the schedule <br /> outlined below as well as the attachment pursuant to Indiana Code 6-1.1-12.1-17. <br /> Year 1 - 100% <br /> Year 2 - 100% <br /> Year 3 - 95% <br /> Year 4 - 90% <br /> Year 5 - 85% <br /> Year 6 - 80% <br /> Year 7—75% <br /> Year 8 - 70% <br /> SECTION VII. The Common Council directs the City Clerk to cause notice of the adoption of <br /> this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana <br /> Code § 5-3-1 and Indiana Code § 6-1.1-12.1-2.5, said publication providing notice of the public <br /> hearing before the Common Council on the proposed confirming of said declaration. <br /> SECTION VIII. This Resolution shall be in full force and effect from and after its adoption by the <br /> Common Council and approval by the Mayor. <br /> Tim Scott, Council President <br /> South Bend Common Council <br />