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REGULAR MEETING JANUARY 26, 1998 <br />area within the Council's jurisdiction. <br />SECTION III. The Common council also hereby determines and finds <br />the following: <br />A. That the description of the proposed redevelopment meets <br />the applicable standards for such development. <br />B. That the estimate of the value of the redevelopment is <br />reasonable for projects of this nature. <br />C. That the other benefits about which information was <br />requested are benefits that can be reasonably expected <br />to result from the proposed described redevelopment; and <br />D. That the totality of benefits is sufficient to justify <br />the requested deduction, all of which satisfy the <br />requirements of Indiana code 6 -1.1- 12.1 -3. <br />E. The deduction will not be allowed unless the dwelling is <br />rehabilitated to meet local code standards for <br />habitability. <br />F. The deduction will not be allowed unless the dwelling <br />rehabilitation is completed within the five (5) calendar <br />years from the date of adoption of this Resolution by <br />the Common Council. <br />SECTION III. The Common Council also hereby determines and finds <br />the following: <br />A. The deduction will not be allowed unless the dwelling is <br />rehabilitated to meet local code standards for habitability. <br />B. The deduction will not be allowed unless the dwelling <br />rehabilitation is completed within five (5) calendar years <br />from the date of the adoption of this Resolution by the <br />Common Council. <br />C. That the description of the proposed redevelopment meets <br />the applicable standards for such development. <br />D. That the estimate of the value of the redevelopment is <br />reasonable for projects of this nature; <br />E. That the other benefits about which information was <br />requested are benefits that can be reasonably expected to <br />result from the proposed described redevelopment; and <br />F. That the totality of benefits is sufficient to justify <br />the requested deduction, all of which satisfy the <br />requirements of Indiana Code 6 -1.1- 12.1 -3. <br />SECTION IV. The Common Council hereby determines and finds that <br />the proposed described redevelopment can be reasonably expected <br />to yield benefits identified in the Statement of Benefits and the <br />petition for real property tax abatement consideration and that <br />the Statement of Benefits form prescribed by the State Board of <br />Accounts are sufficient to justify the deduction granted under <br />Indiana Code 6 -1.1- 12.1 -3. <br />SECTION V. The Common Council hereby accepts the report and <br />recommendation of the Community and Economic Development <br />Committee that the areas herein described be designated as <br />Residentially Distressed Areas and hereby adopts a Resolution <br />designating these areas as Residentially Distressed Areas for <br />purposes of real property tax abatement. <br />SECTION VI. The designation as a Residentially Distressed Areas <br />shall be limited to five (5) calendar years from the date of the <br />adoption of this Resolution by the Common Council. <br />SECTION VII. The Common Council hereby determines that the <br />property owner is qualified for and is granted property tax <br />deduction for a period of five (5) years. <br />SECTION VIII. The Common Council directs the City Clerk to cause <br />notice of the adoption of this Declaratory Resolution for Real <br />Property Tax Abatement to be published pursuant to Indiana Code <br />5 -3 -1 and Indiana Code 6 -1.1- 12.1 -2.5, said publication providing <br />