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F. That the totality of benefits is sufficient to justify the <br />deduction, all of which satisfy the requirements of I.C. 6 -1.1- 12.1 -3. <br />Section III. The Common Council hereby determines and finds that the <br />proposed described redevelopment or rehabilitation can be reasonably <br />expected to yield benefits identified in the Statement of Benefits set <br />forth as sections I through II of the Petition for Real Property Tax <br />Abatement Consideration and that the Statement of Benefits form prescribed <br />by the State Board of Accounts are sufficient to justify the deduction <br />granted under Section 6 -1.1- 12.1 -3 of the Indiana Code. <br />Section IV. The Common Council hereby accepts the report and <br />recommendation of the Human Resources and Economic Development Committee <br />that the area herein described be designated an Economic Revitalization <br />Area and hereby adopts a resolution designating this area as an Economic <br />Revitalization Area for purposed of real property tax abatement. <br />Section V. The designation as an Economic Revitalization area shall <br />be limited to two (2) calendar years from the date of the adoption of this <br />Resolution by the Common Council. <br />Section VI. The Common Council hereby determines that the property <br />owner is qualified for and is granted property tax deduction for a period <br />of six (6) years. Conditioned on the restriction that a 3 -way liquor <br />license (carry -out) not be allowed on site, and that in the event that <br />said license is approved that the tax abatement would terminate <br />immediately, at that time. <br />Section VII. The Common Council directs the City Clerk to cause <br />notice of the adoption of this Declaratory Resolution for Real Property <br />Tax Abatement to be published, said publication providing notice of the <br />public hearing before the Common Council on the proposed confirming of <br />said declaration. <br />Section VIII. This Resolution shall be in full force and effect from <br />and after its adoption by the Common Council and approval by the Mayor. <br />.-� LA- Common Council <br />'RESENTED 9 3 <br />NOT APPROVED <br />ADOPTED S— le" . 9 3 aiy cry e� <br />