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03-08-10 Council Agenda & Packet
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03-08-10 Council Agenda & Packet
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We have reviewed our prior actions reiating to the designation of this Economic Revitalization Area and find that the applicant meets the general standards <br />adopted in the resolution previously opproved by this body. Said resolution, passed under IC 6.1,9.12.9, provides for the f6lowing limitations: <br />A, The designated area has been ilmlted to a period of time not to exceed calendar years ` (see below). The date this designation <br />expires fs <br />B. The type of deduction that is allowed In the designated area is limited to: <br />1, Redevelopmen4 or rehabilitation of real estate improvements © Yes C No <br />2. Residentially distressed areas ❑ yes ❑ No <br />3, occupancy of a vacant building ( Yes © No <br />C. The amount of the deduction 2pplicabio Is limited to S <br />D, Other limiltatlons or conditions <br />E. The deduction is allowed for <br />years` (see below). <br />We have also reviewed the information contalned in the statement of benefits and find that the estimates and expectations are reasonable and have <br />determined that the totality of benefits is sufficient to justify the deduction described above. <br />Approved tslynalure and 611a of authorized monrber of oss(gaotfng body) Telephone npmbor Gate signed (nronlh, day, year) <br />Atlesled by (sir natum sod fide ofeflasfar) j Desfgnated body <br />If the designating body limits the time period during which an area is an economic revitalization area, it does not limit the length of time a taxpayer is <br />entitled to receive a deduction to a number of years designated under IC 6- 1.12.92.1 -Q. <br />A. For residentially distressed areas, the deduction period may not exceed five (b) years. <br />B. For redevelopment and rehabilitation or real estate improvements: <br />9. If the Economic Revitalization Area was designated pflor to July 1, 2000, the deduction period is limited to three (3), six (6), or ten (10) years. <br />2, it the Economic Revitalization Area was designated after June 20, 2000, the deduction period may not exceed ten (10) years, <br />C. For vacant buildings, the deduction period may not exceed hm (2) years. <br />Page 2 of 2 <br />
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