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Economic Revitalization Area for purposes of real property tax abatement. <br />SECTION V. The designation as an Economic Revitalization Area shall be limited to <br />three (3) calendar years from the date of the adoption of this Resolution by the Common <br />Council. The Common Council determines to make the three (3) calendar year designation rather <br />than the two (2) calendar year designation due to the size and scope and the complexity of the <br />rehabilitation of the property. <br />SECTION VI. The Common Council hereby determines pursuant to Indiana Code 6 -1.1- <br />12.1 -17 that the property owner is qualified for and is granted a property tax deduction for a <br />period of ten (10) years as provided in the following alternate abatement schedule: <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 />SECTION VII. The Common Council directs the City Clerk to cause notice of the <br />adoption of this Declaratory Resolution for Real Property Tax Abatement to be published <br />pursuant to Indiana Code § 5 -3 -1 and Indiana Code § 6- 1.1- 12.1 -2.5, said publication providing <br />notice of the public hearing before the Common Council on the proposed confirming of said <br />declaration. <br />SECTION VIII. This Resolution shall be in full force and effect from and after its <br />adoption by the Common Council and approva <br />PP"SE NIT W '� -4-1 S' <br />.T, APPROVI <br />US.99336760.02 <br />-3- <br />` '-' gS Office <br />Filed r, <br />ty <br />2015 <br />CITY 11--IiJtI`'$M' SOUTH BEND, IN <br />