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SECTION III. Thp Common Council hereby accepts the report <br />and recommendation of the Department of Economic Development, <br />and the Human Resources and Economic Development Committee's <br />favorable recommendation, that the area herein described be <br />designated as Economic Revitalization Area for purposes of <br />personal property tax abatement and hereby makes such a <br />designation. <br />SECTION IV. The Common Council determines that such designation <br />is for personal porperty tax abatement only and shall be <br />limited to two (2) calendar years from the date of the adoption <br />of this Resolution by the Common Council. <br />SECTION V. The Common Council hereby determines that the <br />property owner is qualified for and is granted property tax <br />deduction for a period of five (5) years. <br />SECTION VI. The Common Council directs the City Clerk to cause <br />notice of the adoption of this Declaratory Resolution to be <br />published pursuant to Indiana Code 5 -3 -1, said publication <br />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 <br />from and after its adoption by the Common Council and approval <br />by the Mayor. <br />PRESENTED S- a - 9 1 ( 3) <br />NOT APPROVED <br />ADOPTED <br />3 -a0 -9I <br />Filed in Clerk's Office <br />flflRll- V1991 <br />