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F. The area has experienced a net loss in the number of dwelling units, as documented <br />by census information, local building and demolition permits, or certificates of occupancy, or the <br />areas are owned by Indiana or the United States; or <br />G. The area (plus any areas previously designated under this subsection) will not <br />exceed ten percent (10%) of the total area within the Council's jurisdiction. <br />SECTION 1I1. The Common Council also hereby determines and finds the following: <br />A. That the description of the proposed redevelopment meets the applicable standards <br />for such development; <br />B. That the estimate of the value of the redevelopment is reasonable for projects of <br />this nature; <br />C. That the other benefits about which infonnation was requested are benefits that can <br />be reasonably expected to result from the proposed described redevelopment; <br />D. That the totality of benefits is sufficient to justify the requested deduction, all of <br />which satisfy the requirements of Indiana Code 6-1.1-12.1-3; <br />E. That the deduction will not be allowed unless the dwelling is rehabilitated to meet <br />local code standards for habitability; and <br />F. That the deduction will not be allowed unless the dwelling rehabilitation is <br />completed by December 31, 2025. <br />SECTION 1V. 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 Benefits <br />and the petition for real property tax abatement consideration and that the Statement of Benefits <br />form prescribed by the State Board of Accounts are sufficient to justify the deduction granted <br />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 Residentially <br />Distressed Area and hereby adopts a Resolution designating this area as a Residentially Distressed <br />Area for purposes of real property tax abatement. <br />SECTION VI. The designation as a Residentially Distressed Area shall expire on December 31, <br />2025. <br />SECTION VII. The Common Council hereby determines that the property owner is qualified for <br />and is granted a real property tax deduction for a period of five (5) years as shown below pursuant <br />to Indiana Code 6-1.1-12.1-17. <br />Year 1 - 100% <br />Year 2 - 100% <br />Year 3 - WA6