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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 personal property tax abatement only <br /> and is limited to three (3) calendar years from the date of adoption of the Declaratory <br /> Resolution by the Common Council. <br /> SECTION II. The Common Council hereby determines that the property owner is <br /> qualified for and is granted personal property tax deduction for a period of five (5) <br /> years as shown by the schedule outlined below as well as the attachment pursuant to <br /> Indiana Code 6-1.1-12.1-17 and further determines that the petition, the Memorandum of <br /> Agreement between the Petitioner and the City of South Bend, and the Statement of <br /> Benefits comply with Chapter 2, Article 6, of the Municipal Code of the City of South <br /> Bend and Indiana Code 6-1.1-12 et seq. <br /> Year 1 - 100% <br /> Year 2 - 90% <br /> Year 3 - 80% <br /> Year 4 - 70% <br /> Year 5 - 60% <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, Council President <br /> South Bend Common Council <br />