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F. That the totality of benefits is sufficient to justify the requested deduction, all of which <br />satisfy the requirements of Indiana Code 6 -1.1- 12.1 -3. <br />SECTION III. The Common Council hereby determines and finds that the proposed described <br />redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the <br />Statement of Benefits set forth as Sections I through II of the Petition for Real Property Tax <br />Abatement Consideration and that the Statement of Benefits form prescribed by the State Board of <br />Accounts are sufficient to justify the deduction granted under Indiana Code 6 -1.1- 12.1 -3. <br />SECTION IV. The Common Council hereby accepts the report and recommendation of the <br />Human Resources and Economic development Committee that the area herein described be <br />designated as an Economic Revitalization Area and hereby adopts a Resolution designating this <br />area as an Economic Revitalization Area for purposes of real property tax abatement. <br />SECTION V. The designation as an Economic Revitalization Area shall be limited to two (2) <br />calendar years from the date of the adoption of this Resolution by the Common Council. <br />SECTION VI. The Common Council hereby determines that the property owner is qualified for <br />and is granted property tax deduction for a period of 10 years. <br />SECTION VII. 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 VIII. This Resolution shall be in full force and effect from and after its adoption by <br />the Common Council and approval by the Mayor. <br />PRESENTED y- N Gr % <br />NOT APPROVED / <br />ADOPTED -//_ I zl- 97 <br />7Z , <br />Member of the Common Co <br />Fllpc. in Clerk's Office <br />MAR 1 7 1997 <br />.DRETTA J. DUDA <br />30.8END, N. <br />