Designating Tax Abatement - Olive South Bend L.L.C. NW corner of Olive Road & Old Clevlenad Rd (Real Property)

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SECTION V. The designation as an Economic Revitalization Area shall be limited to two (2) calendar years from the date of the adoption of this Resolution by the Common Council. SECTION VI. In light of the risks to be taken by the Petitioner without guaranties for this nine million dollar project, the Common Council hereby determines that the project meets the standards for a special exception tax abatement consideration under Section 2 -84 of the South Bend Municipal Code. The petitioner accordingly must identify the end use(s) prior to final action on the Confirmatory Resolution which shall specify the duration of the tax abatement. SECTION VII. The Common Council directs the City Clerk to cause notice of the adoption of this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana Code 5 -3 -1 and Indiana Code 6 -1.1- 12.1 -2.5, said publication providing notice of the public hearing before the Common Council on the proposed confirming of said declaration. SECTION VIII. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approval by the Mayor. Member of the Common Council PRESENTED I -11 -99 NOT APPROVED ADOPTED /- J/.9 9 A5 Arne