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SECTION III. The Common Council also hereby determines and finds the following: <br />A. That the description of the proposed redevelopment meets the applicable <br />standards for such development. <br />B. That the estimate of the value of the redevelopment is reasonable for projects of <br />this nature; <br />C. That the other benefits about which information was requested are benefits that <br />can be reasonably expected to result from the proposed described redevelopment; and <br />D. That the totality of benefits is sufficient to justify the requested deduction, all of <br />which satisfy the requirements of Indiana Code 6 -1.1- 12.1 -3. <br />E. The deduction will not be allowed unless the dwelling is rehabilitated to meet <br />local 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 confirms its Declaratory Resolution designating <br />the area described herein as a Residentially Distressed Area for the purposes of tax <br />abatement. Such designation is for Real property tax abatement only and is limited to five <br />(5) calendar years from the date of adoption of the Declaratory Resolution by the Common <br />Council. <br />SECTION V. The Common Council hereby determines that the property owner is qualified <br />for and is granted Real property tax deduction for a period of five (5) years, and further <br />determines that the petition complies with Chapter 2, Article 6, of the Municipal Code of the <br />City of South Bend and Indiana Code 6 -1.1 -12.1 et sea. <br />SECTION VI. Upon the effective date of this Resolution, Resolution no.2646 -98 is hereby <br />rescinded. <br />SECTION VII. This Resolution shall be in full force and effect from and after its adoption <br />by the Common Council and approval by the Mayor. <br />Member of the Common Council <br />PRESENTED 1z -111-96 <br />NOT APPROVED 3 <br />ADOPTED Q- i y -4 8 <br />Filed in Clerk's Office <br />DEC - 8 1998 <br />LORETTA J. DUDA <br />CTTYCLEBK, 80. BEND, IN <br />