Designating Tax Abatement - G & M Properties 2216, 2222 & 2230 S. Meade St. (5 Year Real Property)

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H. That the totality of benefits is sufficient to justify the requested deduction, all of which satisfy the requirements of Indiana Code 6 -1.1- 12.1 -3. SECTION III. The Common Council also hereby determines and finds the following: A. The deduction will not be allowed unless the dwelling is rehabilitated to meet local code standards for habitability. B. The deduction will not be allowed unless the dwelling rehabilitation is completed within two (2) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION IV. The Common Council hereby determines and finds that the proposed described redevelopment can be reasonably expected to yield benefits identified in the Statement of Benefits set forth as Sections I through II of the Petition for Real Property Tax Abatement Consideration and that the Statement of Benefits form prescribed by the State Board of Accounts are sufficient to justify the deduction granted under Indiana Code 6 -1.1- 12.1 -3. SECTION V. The Common Council hereby accepts the report and recommendation of the Community and Economic Development Committee that the areas herein described be designated as Residentially Distressed Areas and hereby adopts a Resolution designating these areas as Residentially Distressed Areas for purposes of real property tax abatement. SECTION VI. The designation as a Residentially Distressed Areas shall be limited to two (2) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION VII. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of five (5) years. SECTION VIII. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana Code 5 -3 -1 and Indiana Code 6 -1.1- 12.1 -2.5, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaration. SECTION IX. Pursuant to Indiana Code 6 -1.1- 12.1 -2, the Petitioner must meet all local code standards for habitability as a specific condition of having such properties be designated as residentially distressed areas. SECTION X. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. Member of the Common Council H:\ HOME \MBEITZIN \W P \TAXABATE\ABATES97 \TAG &MRES.ONE PRESENTED NOT APPROVED ADOPTED ( - )3- 9 � Filed in Clerk's Office JUN 9 fl 1997 LORETfAJ. DUDA CITY CLERK, 80. BEND, IN.