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and its Confirming Resolution No. 4597-16 designating the area described herein as an Economic <br /> Revitalization Area for the purpose of a personal property tax abatement. Such designation is <br /> limited to three (3) calendar years from the date of adoption of the Declaratory Resolution No. <br /> 4596-16 by the Common Council. <br /> SECTION III. 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 as shown below and further <br /> determines that the petition, the Statement of Benefits and the Memorandum of Agreement <br /> between the Petitioner and the City of South Bend comply with Chapter 2, Article 6, of the <br /> Municipal Code of the City of South Bend and Indiana Code 6-1.1-12 et seq. <br /> Year 1 — 100% <br /> Year 2— 80% <br /> Year 3 —60% <br /> Year 4—40% <br /> Year 5 —20% <br /> SECTION IV. 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 /> 2 <br />