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WHEREAS, notice of the adoption of a Declaratory Resolution and the public <br /> hearing before the Council has been published pursuant to Indiana Code 6-1.1-12.1-2.5; <br /> and <br /> WHEREAS, the Council held a public hearing for the purposes of hearing all <br /> remonstrances and objections from interested persons; and <br /> WHEREAS, the Council has determined that the qualifications for an economic <br /> revitalization area have been met. <br /> NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of <br /> South Bend, Indiana, as follows: <br /> 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 three (3) calendar years from the date of adoption of the Declaratory <br /> Resolution by the Common Council. <br /> SECTION 11. The Common Council hereby determines that the property owner is <br /> qualified for and is granted a real property tax deduction for a period of(10) ten years as <br /> shown below and further determines that the petition, the Memorandum of Agreement <br /> between the Petitioner and the City of South Bend, and the Statement of Benefits comply <br /> with Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana <br /> Code 6-1.1-12 et seq. <br /> Year 1 - 100% <br /> Year 2 - 100% <br /> Year 3 - 100% <br /> Year 4— 100% <br /> Year 5 — 100% <br /> Year 6—95% <br /> Year 7—95% <br /> Year 8—95% <br /> Year 9—90% <br /> Year 10—90% <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 /> Tim Scott, Counci sident <br /> South Bend Common Council <br /> PRESFNTED `J OIL,' � <br /> J <br />