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SECTION IV. The Common Council hereby accepts the report and <br />recommendation of the Human Resources and Economic Development <br />Committee that the area herein described be designated an Economic <br />Revitalization Area and hereby adopts a Resolution designating <br />this area as an Economic Revitalization Area for purposes of real <br />property tax abatement. <br />SECTION V. The designation as an Economic revitalization Area <br />shall be limited to two (2) calendar years from the date of the <br />adoption of this Resolution by the Common Council. <br />SECTION VI. The Council pursuant to Section 2 -84 of the South <br />Bend Municipal Code finds that ten (10) years is a proper <br />designation in light of the following: <br />(1) 100% of the units will be rented to low income <br />families; <br />(2) $3,450,000 in hard dollar costs is 80% of the <br />$4,000,000 guideline and far exceeds the $1,000,000 <br />guideline for a six (6) year abatement; and <br />(3) The project would be integral part of the <br />neighborhood's larger revitalization plan and the <br />City's redevelopment plans for the area. <br />The Common Council hereby determines that the property owner is <br />qualified for and is granted property tax deduction for a period <br />of ten (10) years. <br />SECTION VII. The Common Council directs the City Clerk to <br />cause notice of the adoption of this Declaratory Resolution for <br />Real Property Tax Abatement to be published pursuant to Indiana <br />Code 5 -3 -1 and Indiana Code 6 -1.1- 12.1 -2.5, said publication <br />providing notice of the public hearing before the Common Council <br />on the proposed confirming of said declaration. <br />SECTION VIII. This Resolution shall be in full force and <br />effect from and after its adoption by the Common Council and <br />approval by the Mayor. <br />NMembe of tW Common Council <br />PRESENTEE R-/0-9'R <br />NOT APPROVED <br />ADOPTED- io -9a, <br />