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being prescribed by the State Board of Accounts, are sufficient <br />to justify the deduction granted under Indiana Code 6- 1.1 -12.1- <br />4.5. <br />SECTION III. The Common Council hereby accepts the report and <br />recommendation of the Department of Economic Development, and the <br />Human Resources and Economic Development Committee's favorable <br />recommendation, that the area herein described be designated as <br />an Economic Revitalization Area for purposes of personal,property <br />tax abatement and hereby makes such a designation. <br />SECTION IV. The Common Council determines that such designation <br />is for personal property tax abatement only and shall be limited <br />to two (2) calendar years from the date of the adoption of this <br />Resolution by the Common Council. <br />SECTION V. The Common Council hereby determines that the <br />property owner is qualified for and is granted property tax <br />deduction for a period of five (5) years. <br />SECTION VI. The Common Council directs the City Clerk to cause <br />notice of the adoption of this Declaratory Resolution to be <br />published pursuant to Indiana Code 5 -3 -1, said publication <br />providing notice of the public hearing before the Common Council <br />on said declaration. <br />SECTION VII. This Resolution shall be in full force and effect <br />from and after its adoption by the Common Council and approval by <br />the Mayor. <br />PRESENTED o? -�27 -96 <br />NOT APPROVED <br />ADOPTED <br />Me er kf Xommon Council <br />Flied In Clerk's Office <br />LEB 14 199a <br />