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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 recommendation, <br />that the area herein described be designated as Economic Revitalization <br />Area for purposes of personal property tax abatement and hereby makes such <br />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 period <br />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 to <br />Indiana Code 5 -3 -1, said publication providing notice of the public <br />hearing before the Common Council on said declaration. <br />SECTION VII. 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 />PRESENTED //- 3- y 2 <br />NOT APPROVED <br />ADOPTED //_ a 3- .9a <br />FAIR IM <br />Filed in Clerk's Office <br />il!OV - 9 <br />