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Economic Development, and the Human Resources and Economic Development <br />committee's favorable recommendation, that the area herein described be <br />designated as Economic Revitalization Area for purposes of personal property tax <br />abatement and hereby makes such a designation. <br />SECTION IV. The Common Council determines that such designation is for personal <br />property tax abatement only and shall be limited to two (2) calendar years from <br />the date of the adoption of this Resolution by the Common council. <br />SECTION V. The Common Council determines that the property owner is qualified <br />for 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 <br />adoption of this Declaratory Resolution to be published pursuant to Indiana Code <br />5 -3 -1, said publication providing notice of the public hearing before the Common <br />Council on said declaration. <br />SECTION IX. This Resolution shall be in full force and effect from and after its <br />adoption by the Common Council and approval by the Mayor. <br />PRESENTED <br />NOT APPROVED <br />ADOPTED 9 —/3 -93 <br />Membe•-Comm o" n Council <br />I signed only to provioe xu <br />opportunity for public discussion <br />and Council action on the issue. <br />Filed in Clerk's Office <br />AUG 7 <br />