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E. The deduction will not be allowed unless the dwelling is rehabilitated to meet local <br />code standards for habitability. <br />F. The deduction will not be allowed unless the dwelling rehabilitation is completed <br />within five (5) calendar years from the date of the adoption of this Resolution by the <br />Common Council. <br />SECTION IV. 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 <br />Benefits and the petition for real property tax abatement consideration and that the Statement of <br />Benefits form prescribed by the State Board of Accounts are sufficient to justify the deduction <br />granted 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 and Economic Development Committee that the area herein described be designated <br />as a Residentially Distressed Area and hereby adopts a Resolution designating this area as a <br />Residentially Distressed Area for purposes of real property tax abatement. <br />SECTION VI. The designation as a Residentially Distressed Area shall be limited to five (5) <br />calendar years from the date of the adoption of this Resolution by the Common Council. <br />SECTION VII. 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. <br />SECTION VIII. 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 IX. Pursuant to Indiana Code 6 -1.1- 12.1 -2, the rehabilitation must meet all local code <br />standards for habitability as a specific condition of having such property designated as a <br />residentially distressed area. <br />SECTION X. 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 />Member of t25ynmon Council <br />PRESENTED -, 7i ��'j. -Oi> <br />NOT APPROVED <br />ADOPTED <br />Filed In Clerk's Office <br />JOHN <br />