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Abatement Consideration and that Statement of Benefits form completed by the petitioner, said <br /> form being prescribed by the State Board of Accounts, are sufficient to justify the deduction <br /> granted under Indiana Code 6-1.1-12.1-4.5. <br /> SECTION III. The Common Council hereby accepts the report and recommendation of the <br /> Department of Community Investment and the Community Investment Committee's favorable <br /> recommendation that the area herein described be designated as an Economic Revitalization Area <br /> for purposes of personal property tax abatement and hereby makes such a designation. <br /> SECTION IV. The Common Council determines that such designation is for personal property <br /> tax abatement only and shall expire on December 31, 2027. <br /> SECTION V. The Common Council hereby determines that the property owner is qualified for <br /> and is granted property tax deduction for a period of five (5) years as shown below pursuant to <br /> 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 /> SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption of this <br /> Declaratory Resolution for Personal Property Tax Abatement to be published pursuant to Indiana <br /> Code 5-3-1, said publication providing notice of the public hearing before the Common Council <br /> on the proposed confirming of said declaration. <br /> SECTION VII. 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 /> Canneth Lee, Council President <br /> South Bend Common Council <br /> Attest: <br /> tv(441:0.-1 <br /> Bianca L. Tirado, y Clerk <br /> Office of the City Clerk <br /> Presented by me, the undersigned Clerk of the City of South Bend, to the Mayor of the <br /> City of South Bend, Indiana on the 28th day of Janua , 2025, at 12 o'clock <br /> p.m. <br /> Bianca . Tirado, City Cl <br /> Office of the City Clerk <br /> 'll <br /> Approved and signed by me on the day of Nr...7 , 2025, at 3 o'clock/ .m. <br /> Jame ueller, Mayor <br /> City f South Bend, Indiana <br />