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SECTION III. That the Common Council hereby determines <br /> and finds that the proposed described redevelopment or <br /> rehabilitation can be reasonably expected to yield the benefits <br /> identified in the statement of benefits set forth as sections 1 <br /> through 3 of the Petition for Real Property Tax Abatement <br /> Consideration and that the statement of benefits is sufficient to <br /> justify the deduction granted under Section 6-1.1-12.1-3 of the <br /> Indiana Code. <br /> SECTION IV. That the Common Council hereby accepts the <br /> report and recommendation of the Human Resources and Economic <br /> Development Committee that the area herein described be <br /> designated an Economic Revitalization Area and hereby adopts a <br /> resolution designating this area as an Economic Revitalization <br /> 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 property <br /> tax deduction for a period of three (3) years. <br /> SECTION VII. This Resolution shall be in full force and <br /> effect from and after its adoption by the Common Council and <br /> approval by the Mayor. <br /> Member .f t e Common Council <br /> Filed In Clerk's Office <br /> NOV 161987 <br /> IRENE GAMfitION <br /> P'i:SFNTED ;/-Q3- g CITY CLERK, SO, 8E110, it, <br /> NOT APPROVED n <br /> ADOPTED (1 -se 3-�1 Us LL-0 <br />