Designating Tax Abatement - Blackthorn Harbor Drive, Orange Rd. , Portside Drive - All the villas at Lake Blackthorn Section II - Coorman Real Estate Group, Inc

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F. The deduction will not be allowed unless the dwelling rehabilitation is completed within five (5) calendar years commencing from July 28. 2008, or the date of the adoption of this Resolution by the Common Council whichever date is later. SECTION IV. The Common Council hereby determines and finds that the proposed described redevelopment can be reasonably expected to yield benefits identified in the Statement of Benefits and the petition for real property tax abatement consideration and that the Statement of Benefits form prescribed by the State Board of Accounts are sufficient to justify the deduction granted under Indiana Code 6-1.1-12.1-3. SECTION V. The Common Council hereby accepts the report and recommendation of the Community and Economic Development Committee that the area herein described be designated as a Residentially Distressed Area and hereby adopts a Resolution designating this area as a Residentially Distressed Area for purposes of real property tax abatement. SECTION VI. The designation as a Residentially Distressed Area shall be limited to five (5) calendar years commencing from July 28, 2008, or the date o the adoption of this Resolution by the Common Council whichever date is later. SECTION VII. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of five (5) years. SECTION VIII. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana Code 5-3-1 and Indiana Code 6-1.1-12.1-2.5, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaration. SECTION IX. Pursuant to Indiana Code 6-1.1-12.1-2, the rehabilitation must meet all local code standards for habitability as a specific condition of having such property designated as a residentially distressed area. SECTION X. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. PRESENTED S -- ~ Z'' ~ NOT APPROVED ~y ADOPTED S ~~L'Da Member of the o on Council 4 Filed In Cfel~ld': C~ifiee MAY - 7 200 JQI~!! VOORD'c CITY CLE~;~:, S0. BEF:D, IN.