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within five (5) calendar years from the date of the adoption of this Resolution by <br /> the Common Council. <br /> SECTION IV. The Common Council hereby determines and finds that the proposed described <br /> redevelopment can be reasonably expected to yield benefits identified in the Statement of <br /> Benefits and the petition for real property tax abatement consideration and that the Statement of <br /> Benefits form prescribed by the State Board of Accounts are sufficient to justify the deduction <br /> granted under Indiana Code 6-1.1-12.1-3. <br /> SECTION V. The Common Council hereby accepts the report and recommendation of the <br /> Community and Economic Development Committee that the area herein described be designated <br /> as a Residentially Distressed Area and hereby adopts a Resolution designating this area as a <br /> Residentially Distressed Area for purposes of real property tax abatement. <br /> SECTION VI. The designation as a Residentially Distressed Area shall be limited to five (5) <br /> calendar years from the date of the adoption of this Resolution by the Common Council. <br /> SECTION VII. The Common Council hereby determines that the property owner is qualified for <br /> and is granted property tax deduction for a period of five(5)years. <br /> SECTION VIII. 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 IX. Pursuant to Indiana Code 6-1.1-12.1-2, the rehabilitation must meet all local code <br /> standards for habitability as a specific condition of having such property designated as a <br /> residentially distressed area. <br /> SECTION X. 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 /> Member of the Common C ` c <br /> Filed In Clprk',s Office <br /> MOT LERK,6C�it►' ':»' i (fir <br /> ADOP1ED , <br />