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SECTION III . That the Common Council hereby determines and finds that <br /> the proposed described redevelopment or rehabilitation can be reasonably <br /> expected to yield the benefits identified in the statement of benefits set <br /> forth as sections 1 through 3 of the Petition for Real Property Tax <br /> Abatement Consideration and that the statement of benefits is sufficient <br /> to justify the deduction granted under Section 6-1.1-12. 1-3 of the Indiana <br /> Code. <br /> SECTION IV. That the Common Council hereby accepts the report and <br /> recommendation of the Human Resources and Economic Development Committee <br /> that the area herein described be designated an Economic Revitalization <br /> Area and hereby adopts 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 Revitalization Area <br /> shall be limited to two ( 2) calendar years from the date of the adoption <br /> of this resolution by the Common Council. <br /> SECTION VI . That the Common Council hereby determines that the <br /> property owner is qualified for and is granted property tax deduction for <br /> a period of 10 years. <br /> SECTION VII . This resolution shall be in full force and effect from <br /> and after its adoption by the Common Council and approval by the Mayor. <br /> 404 -014 41/,4 A <br /> %mber 0 the .o on Cou;.i <br /> red In Clerk's Office <br /> OCT 71987 <br /> PRESENTED /0 - / °� - $ 2 I go h GAMM <br /> NOT APPROVED 'T CLERK, S®, Brr3 <br /> ADOPTED <br />