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SECTION I. The Common Council hereby confirms its Declaratory Resolution designating the <br /> area described herein as an Economic Revitalization Area for the purposes of tax abatement. Such <br /> designation is for Real property tax abatement only and is limited to three(3) calendar years from <br /> the date of adoption of the Declaratory Resolution by the Common Council. <br /> SECTION II. The Common Council hereby determines that the property owner is qualified for <br /> and is granted Real property tax deduction for up to a period of seven (7) years as shown by the <br /> schedule outlined below as well as the attachment pursuant to Indiana Code 6-1.1-12.1-17 and <br /> further determines that the petition, the Memorandum of Agreement between the Petitioner and <br /> the City of South Bend, and the Statement of Benefits comply with Chapter 2, Article 6, of the <br /> Municipal Code of the City of South Bend and Indiana Code 6-1.1-12 et seq. <br /> Year 1 - 100% <br /> Year 2 - 95% <br /> Year 3 - 90% <br /> Year 4 - 85% <br /> Year 5 - 80% <br /> Year 6- 75% <br /> Year 7- 70% <br /> SECTION III. This Resolution shall be in full force and effect from and after its adoption by the <br /> Common Council and approved by the Mayor. <br /> Sharon McBride, President <br /> South Bend Common Council <br />