Designating Tax Abatement - South Bend Associates LP 105 E. Jefferson Blvd. (10 Year Real Property)

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E. That the totality of benefits is sufficient to justidy 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 III of the Petition for real property tax abatement consideration and that the completed 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 Commitee that the area hearin 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 an Economic Revitalization Area shall be limited to two (2) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION VI. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of ten (10) years. SECTION VII. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. PRESENTED a 3 NOT APPROVED ADOPTED S- a3' &FS ftlltuber f the Common Council Nr MAY 18 1988 p Jr.