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SECTION V. The designation as an Economic Revitalization Area shall be limited to three (3) <br />calendarears from the date of the adoption of this Resolution bythe Common Council.Y p <br />SECTION VI. The Common Council hereby determines that the property owner is qualified for <br />and is granted vacant building property tax deduction for a period of five(5) years outlined below <br />as well as shown by the attachment pursuant to Indiana Code 6-1.1-12.1-17. <br />Year 1 - 100% <br />Year 2 - 100% <br />Year 3 - 100% <br />Year 4- 100% <br />Year 5 - 100% <br />SECTION VII. The Common Council directs the City Clerk to cause notice of the adoption of <br />this Declaratory Resolution for a Vacant Building Real Property Tax Abatement to be published <br />pursuant to Indiana Code § 5- 3-1 and Indiana Code § 6-1.1-12.1-2.5, said publication providing <br />notice of the public hearing before the Common Council on the proposed confirming of said <br />declaration. <br />SECTION VIII. 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 />4