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SECTION III. The Common Council hereby accepts the report and recommendation of the <br />Department of Economic Development, and the Human Resources and Economic <br />Development Committee's favorable recommendation, that the area herein described be <br />designated as Economic Revitalization Area for purposes of personal property tax <br />abatement and hereby makes such a designation. <br />SECTION IV. The Common Council determines that such designation is for personal <br />property tax abatement only and shall be limited to two (2) calendar years from the date <br />of the adoption of this Resolution by the Common Council. <br />SECTION V. The Common Council hereby determines that the property owner is qualified <br />for and is granted property tax deduction for a period of five (5) years. <br />SECTION VI. The Common Council directs the City Clerk to cause notice of the adoption <br />of this Declaratory Resolution to be published pursuant to Indiana Code 5 -3 -1, said <br />publication providing notice of the public hearing before the Common Council on said <br />declaration. <br />SECTION VII. This Resolution shall be in full force and effect from and after its adoption <br />by the Common Council and approval by the Mayor. <br />HIS 16576 <br />PRESENTED / ] /x <br />NOT APPROVED <br />ADOPTED //P <br />of the Common Council <br />Filet! In Clerk's Office <br />ctrr CL-6SK, 30.0.No, IN. <br />