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D. That the other benefits about which information <br />was requested are benefits that can be reasonably expected to <br />result from the proposed described redevelopment or <br />rehabilitation; and <br />E. That the totality of benefits is sufficient to <br />,justify the deduction, all of which satisfy the requirements <br />of I.C. 6 -1.1- 12.1 -3. <br />SECTION III. The Common Council hereby determines and <br />finds that the proposed described redevelopment or <br />rehabilitation can be reasonably expected to yield the <br />benefits identified in the Statement of Benefits set forth <br />as sections I through II of the Petition for Real Property <br />Tax Abatement Consideration and that the Statement of <br />Benefits form prescribed by the State Board of Accounts are <br />sufficient to ,justify the deduction granted under Section <br />6- 1.1- 12.1 -3 of the Indiana Code. <br />SECTION IV. The Common Council hereby accepts the <br />report and recommendation of the Human Resources and <br />Economic Development Committee that the area herein <br />described be designated an Economic Revitalization Area <br />and hereby adopts a resolution designating this area as <br />an Economic Revitalization Area for purposes of real <br />property tax abatement. <br />SECTION V. The designation as an Economic <br />Revitalization Area shaZZ be limited to two (2) caZender <br />years from the date of the adoption of this Resolution <br />by the Common Council. <br />SECTION VI. The Common Council hereby determines that <br />the property owner is qualified for and is granted property <br />tax deduction for a period of ten (10) years. <br />SECTION VII. The Common Council directs the City Clerk <br />to cause notice of the adoption of this Declaratory <br />Resolution for Real Property Tax Abatement to be published, <br />said publication providing notice of the public hearing <br />before the Common Council on the proposed confirming of <br />said declaration. <br />SECTION VIII. This Resolution shall be in full force <br />and effect from and after its adoption by the Common Council <br />and approval by the Mayor. <br />PRESENTEd 9 13- 90 <br />NOT APPROVED <br />ADOPTED <br />Member of the tmon C nci2 <br />Office <br />