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SECTION III. The Common Council also hereby determines and finds the following: <br />A. That the description of the proposed redevelopment meets the applicable standards <br />for such development. <br />B. That the estimate of the value of the redevelopment is reasonable for projects of this <br />nature; <br />C. That the other benefits about which information was requested are benefits that can <br />be reasonably expected to result from the proposed described redevelopment; and <br />D. That the totality of benefits is sufficient to justify the requested deduction, all of <br />which satisfy the requirements of Indiana Code 6-1.1-12.1-3. <br />E. The deduction will not be allowed unless the dwelling is rehabilitated to meet local <br />code standards for habitability. <br />F. The deduction will not be allowed unless the dwelling rehabilitation is completed <br />within five (5) calendar years from the date of the adoption of this Resolution by the <br />Common Council. <br />SECTION IV. The Common Council hereby confirms its Declaratory Resolution designating <br />the area described herein as a Residentially Distressed Area for the purposes of tax abatement. <br />Such designation is for Real property tax abatement only and is limited to five (5) calendar years <br />from the date of adoption of the Declaratory Resolution by the Common Council. <br />SECTION V. The Common Council hereby determines that the property owner is qualified for <br />and is granted Real property tax deduction for a period of five (5) years, and further determines <br />that the petition complies with Chapter 2, Article 6, of the Municipal Code of the City of South <br />Bend and Indiana Code 6-1.1-12.1 et seq. <br />SECTION VI. This Resolution shall be in full force and effect from and after its adoption by the <br />Common Council and approval by the Mayor. <br />~ ~ <br />Member of the Common Council <br />~ _ z~- oq <br />ORESENTED <br />NOT APPROVED <br />ADOPTf.D ~ ` Z\O ^ ~~ <br />3 <br />~i~t'?s~ d~ ~~tii`~~'~ ~~ift~8 <br />;~ " r 2008 <br />JC«itd VQOR~E <br />CITY C' -~" : ~. cpsD, IN. <br />