Designating Tax Abatement - 402-404 E. South St. (10 Year Real Property)

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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 owner is qualified for and is granted property tax deduction for a period of ten (10) 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. /&my4 o0 the Common Couv� Filed in Clerk's Office 11-a3 g7 NOV 161987 NOT APPROVED IRENE GAMMON ADOPTED frIv l - 3 .8 ) , Os0 r cLi_c0 CIIY CLERK, SO. BEND, IN.