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09-13-10 Council Agenda & Packet
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09-13-10 Council Agenda & Packet
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10/1/2010 2:29:05 PM
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9/9/2010 10:23:46 AM
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City Council - City Clerk
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We have reviewed our prior actions relating to the designation of this Economic Revitalization Area and Lind that the applicant meets the general standards <br />adopted in khe resolution previously approved by this body. Said resolution, passed under 1C 6-1.1-12.1, provides for the following limitations: <br />A. The designated area has been limited to a period of time not to exceed calendar years * (see below). The date this designaiion <br />expires is <br />8. The type of deduction that is allowed in the designated area is limited to: <br />1. Redevelopment or rehabilitation of real estate improvements ^ Yes ^ hio <br />2. Residentially distressed areas ^ Yes ^ No <br />3. Occupancy of a vacant building ^ Yes ©No <br />G. The amount of the deduction applicable is limited to $ <br />d. Other limitations or conditions {specify) <br />The deduction is allowed for <br />years* (see below}, <br />We have also reviewed the information contained in the statement of benefits and find thatthe estimates and expectations are reasonable and have <br />determined that the totality of benefits 'rs sufficient to justify the deduction described above. <br />Approved (signature and title of authorized member of designating body} ~ Telephone number Date signed (month, day, year) <br />Attested by (signature and tiffe of attesfer} ~ Designated 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 taxpayor is <br />entitled to receive a deduction to a number of years designated under IC 8-1.12-12.1-4. <br />A. For residentially distressed areas, the deduction period may oak exceed five (5) years. <br />B. For redevelopment and rehabilitation or rea! estate improvements: <br />1. If the 1=canomic Revitalization Area was designated prior to July 1, 2Dt]0, khe deduction period is limited to three {3), six {fi), or ten (1ff) years. <br />2. if the Enanomic Revitalization Area was designated afiter June 2d, 21300, the deduction period may not exceed ten {10) years. <br />C. For vacant buildings, the deduction period may not exceed two (2} years. <br />Page 2 of 2 <br />
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