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19-24 CBK Land Development Designating Real Property Tax Abatement
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19-24 CBK Land Development Designating Real Property Tax Abatement
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4/3/2019 2:19:31 PM
Creation date
4/3/2019 2:19:22 PM
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City Council - City Clerk
City Council - Document Type
Resolutions
City Counci - Date
4/8/2019
Bill Number
19-24
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FOR USE OF THE DESfGNATING BODY <br /> We find that the applicant meets the general standards In the resolution adapted or to be adopted by this body. Said resolution,passed or to be passed <br /> under IC 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 designation <br /> expires Is <br /> B. The type of deduction that Is allowed in the designated area is limited to: <br /> 1.Redevelopment or rehabilitation of real estate Improvements ❑Yes 0 N <br /> 2.Residentially distressed areas ❑Yes 0 No <br /> C. The amount of the deduction applicable Is limited to$ . <br /> D. Other limitations or conditions(specify) <br /> E. Number of years allowed: []Year 1 ❑Year 2 ❑Year 3 0 Year 4 ❑ Year S (`see below) <br /> ❑Years ❑Year 7 ❑Year 6 ❑Year 9 ElYear 10 <br /> F. For a statement of benefits approved atter June 30,2013,did this designating body adopt an abatement schedule per IC 6.1.1-12.1-177 <br /> ❑Yes ❑No <br /> If yes,attach a copy of the abatement schedule to this form. <br /> If no,the designating body Is required to establish an abatement schedule before the deduction can be determined. • <br /> We have also reviewed the information contained 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(aipnalum end Ulla ofauthodred member of designating body) Telephone number 'Dale dpned(month,day year; <br /> ( ) <br /> Printed name or authorized member of deli5neling body Name of designating body <br /> Attested by(s;pnafure and bite of attester) Pdntod name of attestor <br /> 'if the designating body limits the time period during which an area is an economic revitalization area,that limitation does not limit the length of lime a <br /> taxpayer Is entitled to receive a deduction to a number of years that Is less than the number of years designated under IC 6-1.1-12.1-17. <br /> A. For residentially distressed areas where the Form SB-1/Real Property was approved prior to July 1,2013,the deductions established in IC <br /> 6-1.1-12.1-4.1 remain in effect.The deduction period may not exceed five(6)years. For a Form SB-1/Real Property that is approved after June 30, <br /> 2013,the designating body is required to establish art abatement schedule for each deduction allowed. The deduction perfect may not exceed ten <br /> (10)years. (Sea IC 8-1.1-12.1-17 below.) <br /> B. For the redevelopment or rehabilitation of real property where the Farm SB-1/Real Properly was approved prior to July 1,2013,the abatement <br /> schedule approved by the designating body remains In effect.Fore Form SB-1/Rest Property that is approved alter June 30,2013,the designating <br /> body Is required to establish an abatement schedule for each deduction allowed.(See IC 6-1,1-12.1-17 below,) <br /> IC 6-1.1-12,1-17 <br /> Abatement schedules <br /> 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 <br /> section 4 or 4.5 of this chapter an abatement schedule based on the following factors: <br /> (1) The total amount of the taxpayer's Investment in reel mid personal property, <br /> (2) The number of new full-time equivalent Jobs created. <br /> (3) The average wage of the new employees compared to the state minimum wage. <br /> (4) The Infrastructure requirements for the taxpayer's investment. <br /> (b) This subsection applies to a statement of benefits approved after June 30,2013.A designating body shall establish en abatement schedule <br /> for each deduction allowed under this chapter.An abatement schedule must specify the percentage amount of the deduction for each year of <br /> the deduction. An abatement schedule may not exceed ten(10)years. <br /> (c) An abatement schedule approved for a particular taxpayer before July 1,2013,remains fn effect until The abatement schedule expires under <br /> the terms of the resolution approving the taxpayer's statement of benefits. <br /> Page 2 of 2 <br />
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