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D. That the other benefits about which information <br />was requested are benefits that can be reasonably expected <br />to 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 hereaby 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 6- <br />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 and <br />hereby adapts a resolution designating this area as an <br />Economic Revitalization Area for purposes of real property <br />tax abatement. <br />SECTION V. The designation as an Economic <br />Revitalization Area shall be limited to two (2) calendar <br />years from the date of the adoption of this Resolution by <br />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 six (6) 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 said <br />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 i%-, J-61'0 <br />NOT APPROVED <br />ADOPTED y_ ,3 _Gv <br />-- - c - - - - - - - - - -- <br />Member of he mon Council <br />Filed in Clerk's Office <br />APR 9 1990 <br />