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F. The deduction will not be allowed unless the dwelling rehabilitation is completed <br />within five (5) calendar years commencing om July 28, 2008, or the date of the <br />adoption of this Resolution by the Common Council whichever date is later. <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 and Economic Development Committee that the area herein described be designated <br />as a 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 five (5) <br />calendar years commencing from July 28, 2008, or the date. o the adoption of this Resolution by <br />the Common Council whichever date is later. <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. <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 lX. 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 />~ t ~~~ `~-~.t F`1 ' i~-~ u s.~ ~ ~1~-~ <br />Member of the Common Council ~'ti <br />PRESENTED ~ ~ I L- "~ <br />NOT APPRO~!ED <br />4 <br />~iied !n ~i~l~~'~ ~~~i~~ <br />MAY - 7 2008 <br />J4! 6Pd VOORDE <br />Cil'Y CLE„R, SA. BEF;D, !N. <br />ADOPTED ' <br />