08-25-08 Council Meeting Agenda & Packet

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SECTION III. The Common Council hereby accepts the report and recommendation of the Department of Community and Economic Development, and the Community and Economic Development Committee's favorable recommendation, that the area herein described be designated as an Economic Revitalization Area for purposes of personal property tax abatement and hereby makes such a designation. SECTION IV. The Common Council determines that such designation shall be limited to ten (10) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION V. The Common Council hereby determines that the Petitioner and future tenants located within the economic revitalization area described in this Resolution are qualified for and granted property tax deductions for a period of five (5) years; provided however, neither the Petitioner nor any tenants may receive an economic revitalization area deduction if it receives an enterprise zone investment deduction under I.C. 6- 1.1 -45 for the same property. SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Personal Property Tax Abatement to be published pursuant to Indiana Code 5 -3 -1, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaration. SECTION VII. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. PRESENTED �-LS V V NOT APPROVED ADOPTED - Member of the Common Council Council Ecaai 01-1 ttlis issue, Filed In Clerk's Office AUG 2 U ?003 JOHN VOORDE CITY CLERK, SO. BEND, IN.