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SECTION III. The Common Council hereby determines and finds that the proposed described <br /> redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the <br /> Statement of Benefits, Sections 1 through 3 of the Petition for Real Property Tax Abatement <br /> Consideration and the Memorandum of Agreement between the Petitioner and the City of South <br /> Bend, and that the Statement of Benefits form completed by the petitioner, said form being <br /> prescribed by the State Board of Accounts, is sufficient to justify the deduction granted under <br /> Indiana Code 6-1.1-12.1-3. <br /> SECTION IV. The Common Council hereby accepts the report and recommendation of the <br /> Community Investment Committee that the area herein described be designated as an Economic <br /> Revitalization Area and hereby adopts a Resolution designating the area as an Economic <br /> Revitalization Area for purposes of real property tax abatement. <br /> SECTION V. The designation as an Economic Revitalization Area shall expire on December 31, <br /> 2026. <br /> SECTION VI. The Common Council hereby determines that the property owner is qualified for <br /> and is granted property tax deduction for a period of six(6)years as shown by the schedule outlined <br /> below as well as the attachment pursuant to Indiana Code 6-1.1-12.1-17. <br /> Year 1 - 100% <br /> Year 2 - 90% <br /> Year 3 - 80% <br /> Year 4 - 70% <br /> Year 5 - 60% <br /> Year 6 - 50% <br /> SECTION VII. 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 VIII. 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 /> Sharon McBride, Council President <br /> South Bend Common Council <br /> Attest: <br /> Bianca Tirado, City Clerk <br />