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Consideration and that 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 6-1.1-12.1-4.5. <br /> SECTION III. The Common Council hereby accepts the report and recommendation of the <br /> Department of Community Investment, and the Community Investment Committee's favorable <br /> recommendation,that the area herein described be designated as an Economic Revitalization Area <br /> for purposes of personal property tax abatement and hereby makes such a designation. <br /> SECTION IV. The Common Council determines that such designation is for personal property tax <br /> abatement only and shall be limited to two (2) calendar years from the date of the adoption of this <br /> Resolution by the Common Council. <br /> SECTION V. The Common Council hereby determines that the property owner is qualified for and <br /> is granted property tax deduction for a period of(5) five years as shown below pursuant to Indiana <br /> Code 6-1.1-12.1-17. <br /> Year 1-100% <br /> Year 2- 90% <br /> Year 3- 80% <br /> Year 4- 70% <br /> Year 5- 60% <br /> SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption of this <br /> Declaratory Resolution for Personal Property Tax Abatement to be published pursuant to Indiana <br /> Code 5-3-1,said publication providing notice of the public hearing before the Common Council on <br /> the proposed confirming of said declaration. <br /> SECTION VII. This Resolution shall be in full force . •. - ' : us and after its adoption by the <br /> Common Council and approval by the Mayor. <br /> Tim Scott, Couw'resident <br /> South Bend Common Council <br />