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SECTION III. The Common Council hereby accepts the report and recommendation of the <br />Department of Community and Economic Development, and the Community and Economic <br />Development Committee's favorable recommendation, that the area herein described be <br />designated as an Economic Revitalization Area for purposes of personal property tax abatement <br />and hereby makes such a designation. <br />SECTION IV. The Common Council determines that such designation is for personal property <br />tax abatement only and shall be limited to two (2) calendar years from the date of the adoption <br />of this Resolution by the Common Council. <br />SECTION V. The Common Council hereby determines that the property owner is qualified for <br />and is granted property tax deduction for a period of five (5) years. <br />SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption of <br />this Declaratory Resolution for Personal Property Tax Abatement to be published pursuant to <br />Indiana Code 5 -3 -1, said publication providing notice of the public hearing before the Common <br />Council on the proposed confirming of said declaration. <br />SECTION VII. 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 />H:\H ONMUABE ITZIN\WP \TAXABATE \RES&APPS\. L F.DLAPS <br />PRESENTED .2. ,2V-7 7 <br />NOT APPROVED <br />ADOPTED ,2,2 q- 1 <br />Member of the Common Council <br />Filed in Clerk's office <br />FEB 1 Ai 1397 <br />2 <br />LOREITA J. OUDA <br />CITY CLERK, SO. BEND, IN, <br />