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SECTION III. The Common Council hereby determines and finds that <br />the proposed described redevelopment or rehabilitation can be <br />reasonably expected to yield benefits identified in the Statement <br />of Benefits set forth as Sections I through II of the Petition for <br />Real Property Tax Abatement Consideration and that the Statement of <br />Benefits form prescribed by the State Board of Accounts are <br />sufficient to justify the deduction granted under Indiana Code 6- <br />1.1- 12.1 -3. <br />SECTION IV. The Common Council hereby accepts the report and <br />recommendation of the Community and Economic Development Committee <br />that the area herein described be designated as an Economic <br />Revitalization Area and hereby adopts a Resolution designating this <br />area as an Economic Revitalization Area for purposes of real <br />property tax abatement. <br />SECTION V. The designation as an Economic Revitalization Area <br />shall be limited to two (2) calendar years from the date of the <br />adoption of this Resolution by the Common Council. <br />SECTION VI. The Common Council hereby determines that the property <br />owner is qualified for and is granted property tax deduction for a <br />period of TEN (10) years. <br />SECTION VII. 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 5- <br />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 VIII. 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 />3 <br />PRESENTED <br />NOT APPROVED <br />ADOPTED rj -Ll- 006 <br />Filed In Clerk's Office <br />E 5 2000 <br />LORETTA J. DUDA <br />CRY CLERK, SO. BCH% K <br />