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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 area herein described be designated as a <br />Residentially Distressed Area and hereby adopts a Resolution <br />designating this area as a Residentially Distressed Area for <br />purposes of real property tax abatement. <br />SECTION VI. The designation as a Residentially Distressed Area <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 />notice of the public hearing before the Common Council on the <br />proposed confirming of said declaration. <br />SECTION IX. Pursuant to Indiana Code 6 -1.1- 12.1 -2, the <br />rehabilitation must meet all local code standards for <br />habitability as a specific condition of having such property be <br />designated as a residentially distressed area. <br />SECTION X. This Resolution shall be in full force and effect <br />from and after its adoption by the Common Council and approval by <br />the Mayor. <br />Member of the Common Council <br />PRESENTED JAN e n <br />9 20-0-1 <br />NOT APPROVED <br />ADOPTED Z'� ?'' =i. " +.A. 0ilu9 <br />