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SECTION I. The Common Council hereby determines and finds that the petition for real <br /> property tax abatement and the Statement of Benefits form meet the requirements of Indiana <br /> Code 6-1.1-12.1 et seQ., for tax abatement. <br /> SECTION II. The Common Council hereby determines and finds that the area meets one of the <br /> following conditions as formally established in Ordinance No. 9394-03, which was passed on <br /> February 10, 2003: <br /> A. The area is comprised of parcels that are either unimproved or contain only one (1) <br /> or two (2) family dwellings designed for up to four(4) families, including accessory <br /> buildings for those dwellings; or <br /> B. Any dwellings in the area are not permanently occupied and are: <br /> i. the subject of an order issued under IC 36-7-9; or <br /> ii. evidencing significant building deficiencies; or <br /> C. Parcels of property in the area: <br /> i. have been sold and not redeemed under IC 6-1.1-24 and IC 6-1.1-25; or <br /> ii. are owned by a unit of local government; or <br /> D. A significant number of dwelling units within the area are not permanently <br /> occupied or a significant number of parcels in the area are vacant land; or <br /> E. A significant number of dwelling units within the area are: <br /> i. the subject of an order issued under IC 36-7-9; or <br /> ii. evidencing significant building deficiencies; or <br /> F. The area has experienced a net loss in the number of dwelling units, as documented <br /> by census information, local building and demolition permits, or certificates of <br /> occupancy, or the areas are owned by Indiana or the United States; or <br /> G. The area (plus any areas previously designated under this subsection) will not <br /> exceed ten percent(10%) of the total area within the Council's jurisdiction. <br /> SECTION III. The Common Council also hereby determines and finds the following: <br /> A. That the description of the proposed redevelopment meets the applicable standards <br /> for such development. <br /> B. That the estimate of the value of the redevelopment is reasonable for projects of this <br /> nature; <br /> C. That the other benefits about which information was requested are benefits that can <br /> be reasonably expected to result from the proposed described redevelopment; and <br /> D. That the totality of benefits is sufficient to justify the requested deduction, all of <br /> which satisfy the requirements of Indiana Code 6-1.1-12.1-3. <br /> E. The deduction will not be allowed unless the dwelling is rehabilitated to meet local <br /> code standards for habitability. <br /> F. The deduction will not be allowed unless the dwelling rehabilitation is completed <br /> within five (5) calendar years from the date of the adoption of this Resolution by the <br /> Common Council. <br /> 2 <br />