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addressing residentially distressed areas set forth in IC, 6- 1.1- 12.1 -2 and the <br />provisions of subsection (c) below, maybe considered for a Base Phase -In Credit <br />of five (5) years. <br />(b) No Bonus Phase-In Credits. No additional phase -in credits will be allowed for <br />single - family residential construction. <br />(e) Residentially distressed area designation. The grant of a residentially distressed <br />area designation is subject to the following conditions: <br />(1) The deduction will not be allowed unless the dwelling is constructed to <br />meet the local code standards for habitability. <br />(2) If a designation application is filed, the Council may require that the <br />construction be completed within a reasonable period. <br />See 2 -81 Real Property Tax Phase -In - Bonus Criteria— 'Years 1 through 3 -- FOR <br />INVESTMENT /CONSTRUCTION /L OCATION <br />In addition to the base tax phase -in earned as a result of achieving their Primary Project <br />impacts, businesses may earn additional real property tax phase -in credits for each of years one <br />(1) through three (3) by meeting any of the following criteria during the construction phase of the <br />project. <br />(a) Local Contractor Usage <br />Additional phase -in credits may be earned if the project utilizes local contractors. <br />(1) Local Contractor engagement measure <br />Determined by calculating the percentage of project construction labor <br />dollars for real property improvements expended within the facility <br />footprint via local contractors. <br />(2) Target Criteria <br />The local contractor utilization within the facility footprint <br />(i) Equals or exceeds 80 %. 2 years <br />(ii) Equals 100 %. 3 years <br />(b) Construction Wages <br />Additional phase -in credits may be earned if the project meets or exceeds Phase - <br />in Prevailing Wage Standards. <br />13 <br />