09-12-16 Council Packet and Agenda

Home Browse Search

FOR USE OF DESIGNATING BODY We find that the applicant meets the.gener9l standards in the resolution adopted or to be adopted by this body. Said resolution, passed or to be passed under iC 6 -1.1 -12.1, provides for the following limitations: A. The designated area has been limited to a period of umenot to exceed calendar years' (see below). The date this designation expires Is B. The type of deduction that Is allowed in the designated area Is limited for 1. Redevelopment or rehabilitation of real estate improvements ❑ Yes ❑ No 2. Residentially 8letressed areas ❑ Yes ❑ No C. The amount of the deduction applicable is limited to $ D. Other fimitetlons or conditions (specHy) E. Number of years allowed: ❑ Year 1 ❑ Year 2 ❑ Year 3 ❑ Year d ❑ Year 5 (" see below) ❑ Year 6 ❑Year? ❑Year ❑ Year 9 ❑ Year 10 F. For a statement of benefits approved after June 30, 2013, did this designating body adopt an abatement schedule per IC 6-1.1- 12.1 -17? ❑ Yes ❑ No if yes, attach a copy of the abatement schedule to this form. If no, the designating body is required to establish an abatement schedule before the deduction can be determined. We have also reviewed the information contained in the statement of benefits and find that the estimates and expectations are reasonable and have determined that the totality of benefits is sufficient to Justify the deduction described above. Approved (signature apd Bits ofeugwrized member of designating body) Telephone mm"r Dale signed (month, day, year) Printed nerve of aulhorized member of designaf body Name of designating body Attest9d by (sVrialare and fille ofaftester) Printed name of attester ' if the designating body limits the time period during which an area is an economic revitalization area, that imitation does not Omit 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 Ili 6 -1.1. 12.1 -17. A. For residentially distressed areas where the Form SO- 1/Reai Properly was approved prior to July 1, 2013, the deductions established in IC 6 -1,1- 12,1 -4.1 remain in effect. The deduction period may not exceed five (5) years. Fora Form SB- 1/Real Property that Is approved after June 30, 2013; the designating body is required to establish an abatement schedule for each deduction allowed. The deduction period may not exceed ten (10) yeats. (See IC 6. 1.1.12.1 -17 below.) B. For the redevelopment or rehabilitation of real property where the Form SB- 1/Real Property was approved pdoetoJuly 1, 2013, the abatement schedule approved by the designating body remains in effect. For is Form SB-1 /Real Property that is approved after June 30, 2013, the designating body is required to establish an abatement schedule for each deduction allowed. (See IC 6.1.1- 12.1 -17 below.) IC 6-1.1- 12.1-17 Abatement khedules Sec. 17. (a) A designating body may provide to a business that is established In or relocated to a revitalization area and that receives a deduction under section 4 or 4.5 of this chapter an abatement schedule based on the following factors: i (1) The total amount of lire taxpayer's investment h real and personal properly. (2) The number of new fill -time equivalent jobs creased. (3) The average wage of the new employees compared to the slate minimum wage. (4) The infrastructure requiremdritsfor the taxpayer's lnvesbwnl. (b) This subsection applies to a stalegient of benefits approved after June 30, 2013. A designating body shall establish an abatement schedule for each deduction allowed under this chaptey. An abatement schedule must specify the percentage amount of the deduction for each year of life deduction. An abatement schedule may not exceed ten (10) years. (c) An abatement schedule approved for a particular hr4wer before July 1, 2013, remains In effect until the abatement schedule expires under the terms; of the resolution approving the taxpayers statemenl of benefits. Page 2 of 2