Designating Tax Abatement - The Tech Centre Building 710 - 720 S. Fellows St. (3 Year Real Property)

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D. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation; and E. That the totality of benefits is sufficient to justify the deduction, all of which satisfy the requirements of I.C. 6- 1.1- 12.1 -3. SECTION III. The Common Council hereby determines and finds that the proposed described redevelopment or rehabilitation can be reasonably expected to yield the benefits identified in the Statement of Benefits set forth as sections I through II of the Petition for Real Property Tax Abatement Consideration and that the Statement of Benefits form prescribed by the State Board of Accounts are sufficient to justify the deduction granted under Section 6- 1.1- 12.1 -3 of the Indiana Code. SECTION IV. The Common Council hereby accepts the report and recommendation of the Human Resources and Economic Development Committee that the area herein described be designated an Economic Revitalization Area and hereby adopts a resolution designating this area as an Economic Revitalization Area for purposes of real property tax abatement. SECTION V. The designation as be limited to two (2) calendar years Resolution by the Common Council. an Economic Revitalization Area shall form the date of the adoption of this SECTION VI. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of three (3)years. SECTION VII. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Real Property Tax Abatement to be published, said publication providing notice to the public hearing before the Common council on the proposed confirming of said declaration. SECTION VIII. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. ember of the C n Counci Filed in Clerk's Office AUr 3 1990 PRESENTED NOT APPROVED ADOPTED q_ ay - Cl()