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WHEREAS, notice of the adoption of a Declaratory Resolution and the public hearing <br />before the Council has been published pursuant to Indiana Code 6- 1.1- 12.1 -2.5; and <br />WHEREAS, a copy of the notice of adoption of a Declaratory Resolution and a statement <br />containing substantially the same information as a statement of benefits filed with the Council <br />has been filed with each taxing unit that has authority to levy property taxes in the geographic <br />area pursuant to Indiana Code 6 -1.1- 12.1 -2.5; and <br />WHEREAS, the Council held a public hearing on March 14, 2016 for the purposes of <br />hearing all remonstrances and objections from interested persons; and <br />WHEREAS, the Council determined that the qualifications for an economic revitalization <br />area have been met. <br />NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South <br />Bend, Indiana, as follows: <br />SECTION I. The Common Council hereby modifies and confirms its Declaratory <br />Resolution to designate the Property as an Economic Revitalization Area for the purposes of tax <br />abatement. Such designation is for real property tax abatement only and is limited to three (3) <br />calendar years from the date of adoption of the Declaratory Resolution by the Common Council <br />rather than the two (2) calendar year designation due to the size, scope and complexity of the <br />rehabilitation of the property. <br />SECTION 11. The Common Council hereby determines that the property owner is <br />qualified for and is granted real property tax deduction for up to a period of ten (10) years as <br />provided in the alternate abatement scheduled below pursuant to Indiana Code 6 -1.1- 12.1 -17 and <br />further determines that the petition, the Memorandum of Agreement between the Petitioner and <br />the City of South Bend, and the Statement of Benefits comply with Chapter 2, Article 6, of the <br />Municipal Code of the City of South Bend and Indiana Code 6- 1.1 -12 et sea. <br />Real Property <br />Year Abatement <br />1 <br />100% <br />2 <br />100% <br />3 <br />90% <br />4 <br />85% <br />5 <br />85% <br />6 <br />85% <br />7 <br />85% <br />8 <br />60% <br />9 <br />60% <br />10 <br />60% <br />-2- <br />US.105007109.01 <br />