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prescribed by the State Board of Accounts, is sufficient to justify the deduction granted under <br /> Indiana Code 6-1.1-12.1-3. <br /> SECTION IV. The Common Council hereby accepts the report and recommendation of the <br /> Community Investment Committee that the area herein described be designated as an Economic <br /> Revitalization Area and hereby adopts a Resolution designating the area as an Economic <br /> Revitalization Area for purposes of real property tax abatement. <br /> SECTION V. The designation as an Economic Revitalization Area shall expire on December 31, <br /> 2029. <br /> SECTION VI. The Common Council hereby determines that the property owner is qualified for <br /> and is granted property tax deduction for a period of ten (10) years as shown by the schedule <br /> outlined below as well as the attachment pursuant to Indiana Code 6-1.1-12.1-17. <br /> Year 1 - 100% <br /> Year 2 -100% <br /> Year 3 - 95% <br /> Year 4 - 95% <br /> Year 5 - 90% <br /> Year 6 - 90% <br /> Year 7—80% <br /> Year 8 -80% <br /> Year 9-70% <br /> Year 10—70% <br /> SECTION VII. The Common Council directs the City Clerk to cause notice of the adoption of <br /> this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana <br /> Code 5-3-1 and Indiana Code 6-1.1-12.1-2.5, said publication providing notice of the public <br /> hearing before the Common Council on the proposed confirming of said declaration. <br /> SECTION VIII. 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 /> Canneth Lee, Council President <br /> South Bend Common Council <br /> Attest: <br /> Bianca Tirado, City Clerk <br /> Office of the City Clerk <br />