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within three (3) calendar years from the date of the adoption of this Resolution by <br />the Common Council. <br />SECTION IV. The Common Council hereby determines and finds that the proposed described <br />redevelopment can be reasonably expected to yield benefits identified in the Statement of <br />Benefits and the petition for real property tax abatement consideration and that the Statement of <br />Benefits form prescribed by the State Board of Accounts are sufficient to justify the deduction <br />granted under Indiana Code 6-1.1-12.1-3. <br />SECTION V. The Common Council hereby accepts the report and recommendation of the <br />Community Investment Committee that the area herein described be designated as a <br />Residentially Distressed Area and hereby adopts a Resolution designating this area as a <br />Residentially Distressed Area for purposes of real property tax abatement. <br />SECTION VI. The designation as a Residentially Distressed Area shall be limited to three (3) <br />calendar years from the date of the adoption of this Resolution by the Common Council. <br />SECTION VII. 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. <br />Year 1 —100% <br />Year 2 —100% <br />Year 3 —100% <br />Year 4 —100% <br />Year 5 —100% <br />SECTION VIII. The Common Council directs the City Clerk to cause notice of the adoption of <br />this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana <br />Code 5-3-1 and Indiana Code 6-1.1-12.1-2.5, said publication providing notice of the public <br />hearing before the Common Council on the proposed confirming of said declaration. <br />SECTION IX. Pursuant to Indiana Code 6-1.1-12.1-2, the rehabilitation must meet all local code <br />standards for habitability as a specific condition of having such property designated as a <br />residentially distressed area. <br />SECTION X. 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 />y� <br />KarenWhite, President <br />. <br />South end Common Council <br />