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REGULAR MEETING <br />MARCH 23, 1998 <br />G. The area (plus any areas previously designated under <br />this subsection) will not exceed ten percent (10 %) of the <br />total area within the Council's jurisdiction. <br />SECTION III. The Common Council also hereby determines and finds <br />the following: <br />A. That the description of the proposed redevelopment meets <br />the applicable standards for such development. <br />B. That the estimate of the value of the redevelopment is <br />reasonable for projects of this nature; <br />C. That the other benefits about which information was <br />requested are benefits that can be reasonably expected to <br />result from the proposed described redevelopment; and <br />D. That the totality of benefits is sufficient to justify <br />the requested deduction, all of which satisfy the <br />requirements of Indiana Code 6 -1.1- 12.1 -3. <br />E. The deduction will not be allowed unless the dwelling is <br />rehabilitated to meet local code standards for habitability. <br />F. The deduction will not be allowed unless the dwelling <br />rehabilitation is completed within five (5) calendar years <br />from the date of the adoption of this Resolution by the <br />Common Council. <br />SECTION IV. The Common Council hereby determines and finds that <br />the proposed described redevelopment can he reasonably expected <br />to yield benefits identified in the Statement of Benefits and the <br />petition for real property tax abatement consideration and that <br />the Statement of Benefits form prescribed by the State Board of <br />Accounts are sufficient to justify the deduction granted under <br />Indiana Code 6 -1.1- 12.1 -3. <br />SECTION V. The Common Council hereby accepts the report and <br />recommendation of the Community and Economic Development <br />Committee that the area herein described be designated as a <br />Residentially Distressed Area and hereby adopts a Resolution <br />designating this area as a Residentially Distressed Area for <br />purposes of real property tax abatement. <br />SECTION VI. The designation as a Residentially Distressed Area <br />shall be limited to five (5) calendar years from the date of the <br />adoption of this Resolution by the Common Council. <br />SECTION VII. The Common Council hereby determines that the <br />property owner is qualified for and is granted property tax <br />deduction for a period of five (5) years. <br />SECTION VIII. The Common Council directs the City Clerk to cause <br />notice of the adoption of this Declaratory Resolution for Real <br />Property Tax Abatement to be published pursuant to Indiana Code <br />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 <br />proposed confirming of said declaration. <br />SECTION IX. Pursuant to Indiana Code 6 -1.1- 12.1 -2, the <br />rehabilitation must meet all local code standards for <br />habitability as a specific condition of having such property be <br />designated as a residentially distressed area. <br />SECTION X. This Resolution shall be in full force and effect <br />from and after its adoption by the Common Council and approval by <br />the Mayor. <br />Is/ Sean Coleman <br />Member of the Common Council <br />A public hearing was held on the resolution at this time. <br />Council Member Kelly reported that the Community and Economic <br />Development Committee had met on'this resolution and recommended <br />it to the Council favorable. Mike Urbanski, 17844 State Road 23, <br />a representative of Garden Homes, made the presentation for the <br />