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SECTION III. The Common Council hereby determines and finds that the proposed described <br />redevelopment can be reasonably expected to yield benefits identified in the Statement of <br />Benefits set forth as Sections I through II of the Petition for Real Property Tax Abatement <br />Consideration and that the Statement of Benefits form prescribed by the State Board of Accounts <br />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 />Community and Economic Development Committee that the area herein described be designated <br />as a Residentially Distressed Area and hereby adopts a Resolution designating this area as a <br />Residentially Distressed Area for purposes of real property tax abatement. <br />SECTION V. The designation as a Residentially Distressed 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 <br />for and is granted property tax deduction for a period of five (5) 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 />Me ryr p of th ommon Council <br />MB: taxabate /tagreat l . res <br />PRESENTED 7--/d - 9 <br />NOT APPROVED w <br />ADOPTED? /0 - 9S AS lY)O�J� � <br />FRO in Clerk's Office <br />L JUL 10 1895 <br />EBENERAMMON <br />CIYCLERK,50. BEN0,13 <br />