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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 areas herein described be designated <br />as Residentially Distressed Areas and hereby adopts a Resolution designating these areas as <br />Residentially Distressed Areas 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. Pursuant to Indiana Code 6- 1.1- 12.1 -2, the petitioner must meet all local code <br />standards for habitability as specific conditions of having such properties being designated <br />residentially distressed areas. <br />SECTION IX. 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 />MB: taxabate/abates95/tahabitl. res <br />PRESENTED /Q - 1— 7 <br />NOT APPROVED <br />ADOPTED 10-23 —�5 <br />Me er of th mmon Council <br />