08-13-12 Council Agenda & Packet

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7A. The ed our prior actions relating to the designation of this Economic Revitalization Area and find that the applicant meets the general standards esolution previously approved by this body. Said resolution,passed under 10 6-1.1-12.1,provides for the following limitations: gnated area has been limited t o a period of time not 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 to: 1.Redevelopment or rehabilitation of real estate improvements ❑Yes ❑No 2.Residentially distressed areas ❑Yes ❑No 3.Occupancy of a vacant building ©Yes ❑No C. The amount of the deduction applicable is limited to$ 1). Other limitations or conditions(specify) E. The deduction is allowed for years' (see below). 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 and title of authorized member of designating body) Telephone number pate signed(month,day,Ja Attested by(signature and title of attester) Designated body 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 taentitled to receive a deduction to a number of years designated under IC 6-1.12-12.1-4. A. For residentially distressed areas,the deduction period may not exceed five(5)years. B. For redevelopment and rehabilitation or real estate improvements: 1. If the Economic Revitalization Area was designated prior to July 1,2000,the deduction period is limited to three(3),six(6),or ten(10) 2. If the Economic Revitalization Area was designated after June 20,2000,the deduction period may not exceed ten(10)years. C. For vacant buildings,the deduction period may not exceed two(2)years. Page 2 of 9