Designating Tax Abatement - Center Management corporation 716 N. Niles Ave. (6 Year Real Property)

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(C) If the proposed redevelopment or rehabilitation occurs, the deduction is granted, and a deduction percentage of fifty percent (50%) is assumed, the approximate current year tax rate for the City would be 15.0616. SECTION III. That 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 1 through 3 of the Petition for Real Property Tax Abatement Consideration and that the statement of benefits is sufficient to justify the deduction granted under Section 6-1.1-12.1-3 of the Indiana Code. SECTION IV. That 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. That 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. That the Common Council hereby determines that the property owned is qualified for and is granted property tax deduction for a period of six (6) 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. ember of the Common Counci if PRESENTED /�•-/ 8� Filed In Clerk's Office NOT APPROVED // SEP 91981 ADOPTED 9- 17- p ry 7� 0...6 I �.6L n IRENE GAMMON CITY CLERK, SO. BEND, d?1,