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SECTION III. The Common Council hereby accepts the report and <br />recommendation of the Department of Economic Development, and the Human <br />Resources and Economic Development Committee's favorable <br />recommendation, that the area herein described be designated as Economic <br />Revitalization Area for purposes of personal property tax abatement and <br />hereby makes such a designation. <br />SECTION IV. The Common Council determines that such designation is for <br />personal property tax abatement only and shall be limited to two (2) <br />calendar years from the date of the adoption of this Resolution by the <br />Common Council. <br />SECTION V. The Common Council hereby determines that the property <br />owner is qualified for and is granted property tax deduction for a <br />period of five (5) years. <br />SECTION VI. The Common Council directs the City Clerk to cause notice <br />of the adoption of this Declaratory Resolution to be published pursuant <br />to Indiana Code 5 -3 -1, said publication providing notice of the public <br />hearing before the Common Council on said declaration. <br />SECTION IX. This Resolution shall be in full force and effect from and <br />after its adoption by the Common Council and approval by the Mayor. <br />�, 2�L� <br />ember of ommon Council <br />•PRESENTED I0-I0-9y <br />NOT,,APPROVED <br />ADCHED, <br />Filed in C ierk's Office <br />SEP 2 G 1994 <br />MIEW GAMMON <br />CR'; CLERK, SO. SEND, IN. <br />