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(C) If the proposed redevelopment or <br /> rehabilitation occurs, the deduction is <br /> granted, and a deduction percentage of fifty <br /> percent (50%) is assumed, the approximate <br /> current year tax rate for the City would be <br /> SECTION III . That the Common Council hereby <br /> determines and finds that the proposed described redevelopment <br /> or rehabilitation can be reasonably expected to yield the <br /> benefits identified in the statement of benefits set forth as <br /> sections 1 through 3 of the Petition for Real Property Tax <br /> Abatement Consideration and that the statement of benefits is <br /> sufficient to justify the deduction granted under Section <br /> 6-1. 1-12 . 1-3 of the Indiana Code. <br /> SECTION IV. That the Common Council hereby accepts <br /> the report and recommendation of the Human Resources and <br /> Economic Development Committee that the area herein described <br /> be designated an Economic Revitalization Area and hereby adopts <br /> a resolution designating this area as an Economic <br /> Revitalization Area for purposes of real property tax abatement. <br /> SECTION V. That the designation as an Economic <br /> Revitalization Area shall be limited to two (2) calendar years <br /> from the date of the adoption of this Resolution by the Common <br /> Council . <br /> SECTION VI . That the Common Council hereby determines <br /> that the property owner is qualified for and is granted <br /> property tax deduction for a period of three (3) years . <br /> SECTION VII . 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 /> timber/of the. ommon Cou( 1 <br /> PRESENTED /O -/a - 87 sed In Clerk's Office <br /> NOT APPROVED <br /> ADOPTED /D - 2- 22 OCT 71987 <br /> IRENE GAMMON <br /> 'TY CLERK, SO. Rrer, <br /> -4- <br />