09-12-16 Council Packet and Agenda

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Pagd 2 of 2 We find that the appllcaht meets the,general standards In the resolution adopted or to be adopted by this body. Sald resolution, passed or to be passed under tG 6 -1.1 -12.1, provides for the following limitations: A. The designated area has been limited to a perod of time not to exceed calendar yeare (see below): The date this designation expires is 'B. The type o {deduction that is allowed In tfie designated area Is limited to: 1. Redeveloprhent of rehabilitation of real estate imprdvetnents ❑ Yes ❑ No 2. Residdntially distressed areas p Yes ❑ No C. The amount bf the deduction applcable Is limited to $ D. Other limitations or conditions (specify) E. Numbdrof years allowed: ❑ Year 1 p Year 2 Q Year 3 (] Year 4 ❑ Years ('see below) DYear6 ❑ Year7 ❑ Year D Year Q Year 10 F. Fora statement of benefits approved Mtr. June 30, 2013, did this designating body adopt an abatement schedule per IC 6-11.1-12.1-17? ❑Yes 11 NO If yes, attach a copy of the abalementscbedule to this form. If no, the designating body is required to establish an abatement §chedule before the deduction can be determined. We have also revigwed the Information contained in the statement of benefits and find that the estimates ond.expectations are reasonable and have determined that the totality of benefits Is sufBctent to justify the deduction described above. Approved (slgnatme tine jw&,daul wLwd member ordedgmang body) Telephonwatimber Date signed (nmM, day, year) Printed name of aupwdzed mainberof designetir gbody Name of desibnalire body AttestQd by (sfgnaarreandA1e oraltes(er) Printed name of attester • If the designating bddyOmits the time petlod durifig which an area Is an economic revitalization area, that limitation does not limit the length of time a taxpayer is entitled to receive a deduction to a number of years that is less than the number of years designated under Its 6 -1.1 -12.1 =17. A. For residentially distressed areas where the Form SB- 11Real Properly was approved prior to July 1, 2013, the deductions. established in IC 6- 4.1- 12:1 -4:1 remain In effect. The deduction period may not exceed five (5) years. Fora'Fdrm SB- 11Real Property Ihat Is approved after June 30, 2013, the designating body ls required to establish an abatement schedule for each deduction slowed. The deduction period may not exceed ten (10) years, (See IC 6.1 .142.1 -17 below.) S. Foy the redevelopment or rehabilitation of real property where the form SBA/Real Properly wbs approvedtirior to July 1, 2013, the abal'emeht schedule approved by designating body remains in effect. Fore Form S13- flReal Properly that is approved after June 90, 2013, the designating body is regt lrsd to establish an abatement schedule for each deduction allowed. (See IC 6 -1.1- 12.1 -17 below,) IC 6.1.1- 12.1 =97 Abdidment behedules $eq.17. (a) A designating body may provide to a business that Is established In or relocated to p revitdlzation area and that receives a dedubdon under section 4 or 4.5 of this chapter an abatement schedule based on the foilowing factors; l (1) The total amount of the taxpayer's Investment in real and personal property. (2) The numbef of new full -time equivalent Jobs created. (3) The average wage of The new employees compalr ed to the slate minimum wage. (4) The Infrastructure requirements for the taxpayer's Investment. (b) This subsection applies to a statemenl* tienefils approved after Jurie 30, 2013. A desighpdng body shall establish an abatement schedule for each 0edueflon allowed under this chap(ej An ik batement schedule trust specify the percentage amount of )h® deduction for each year of We deduction. An abatement schedule may not bxceed ten (10) years. (c) )4n dba)ement schedule approved for a particular taxpayer befdie July 1, 2013, remains in effect until the-abaletnent schedule expires under the terms of the resolution approving the taxpayer's statement of benefits: Pagd 2 of 2