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duction percentage of fifty percent (50%) is assumed, the approx- <br /> imate current year tax rate for the City would be 15 . 0779 . <br /> SECTION III : That the Common Council hereby determines and <br /> finds that the proposed described redevelopment or rehabilitation <br /> can be reasonably expected to yield the benefits identified in the <br /> statement of benefits set forth as section 1 through 3 of the Pe- <br /> tition for Real Property Tax Abatement Consideration and that the <br /> statement of benefits is sufficient to justify the deduction grant- <br /> ed under Section 6-1 . 1-1 . 1-3 of the Indiana Code . <br /> SECTION IV: That the Common Council hereby accepts the re- <br /> port and recommendation of the Human Resources and Economic De- <br /> velopment Committee that the area herein described be designated <br /> an Economic Revitalization Area and hereby adopts a resolution <br /> designating this area as an Economic Revitalization Area for pur- <br /> poses of real property tax abatement . <br /> SECTION V: That the designation as an Economic Revitalization <br /> Area shall be limited to two (2) calender years from the date of <br /> the adoption of this Resolution by the Common Council. <br /> SECTION VI : That the Common Council hereby determines that <br /> the property owner is qualified for and is granted property tax <br /> deduction for a period of six ( 6 ) years . <br /> SECTION VII : This Resolution shall be in force and effect <br /> from and after its adoption by the Common Council and approval by <br /> the Mayor. <br /> ( " ii '. r -a. <br /> ember/r. f the Common Cot' <br /> Off <br /> .. . , Sys Ot;kt{ S Utl@c6. <br /> PRESENTED /o -�6 -g 2 <br /> NOT APPROVED OCT C. 1 1987 <br /> ADOPTED /p ,-a 6 - gJ ■p.,Assppypppp PA <br /> -2 <br />