4866-20 Designating Real Property Tax Abatement for Commonwealth Dev. Corp.

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Fund in Clerk's Office AUG JhWN M. JONES CITY CLERK, SOUTH BEND, FOR USE OF THE DESIGNATING GODY We Ind mal the applicant meals the general standards In the resolution adopted or to be adopted by this body. Said resolution, passed or to be passed under IC 6-1.1-12.1, provides for the following imitations. A. The designated area has been limited to a period of time not to exceed calendar years• (see below). The dale this designation expires is B. The type of deduction thatis allowed In the designated area is Ilmlted to: 1. Redevelopment or mhataHlallon of real estate Improvements ❑ Yes ❑ No 2 Residentially distressed areas C] Yes ❑No C. The amount of the deduction applicable Is limited to b D. Other Writers or conditions (apecsfyf E. Number of years allowed: ❑ Year s [1 Year 2 C] Year 3 ❑Yew4 [3 Year 5(' see below) ❑ Year s ❑ Yew 7 0Yars ❑Yearg [3 Year 10 F For a statement of benefits approved soar June 3Q 2013, dict this designating body adopt an abatement schedule per IC 61.1-02.1477 Yes [] No If yes, attach a copy of the abatement schedule to this forth. If no, the dealgneting body is required to establish an abatement schedule before the deduction can be determined. We have also reviewed the informatlon contained in the statement of benefit and find that the esdmales and expectations are reasonable and have determined that the totality of banaAN Is sufficient to Dustily the deduction described shove. APPnevea(flpnetun end filo a/aepwmd,nwMer d dadilex,; Addy) Te,licse number pee aynee (morin, day, yaad Prxead rums tleuawmxa0 mambas WeWpnablp eddy Nama breugnalbg bevy Alleebe by (Ngni lum and ape ofaaesoy PO'sid Mme Nateaer ' If the elasIgnoting bady limits the time pedod during wNch an area Is an economlc revile zsllon ares, that limitation does not limit the lentil of 1l me a taxpayer Is anit(Is d to receive a dedupten to a number of years that Is less than me number of years designated under IC 6-1.1.12.1-17. A. For residentially distressed areas where the Form SB-VReal Propend was approved pdor to July 1, 2013, the deducllana established In IC 6-1.142.1.4.1 remain In eaed. The deduction period may not exceed five (5) years. Fora Form SB-jlReal Property that Is approved a8er June 30, 2013, the designating body Is required to establish an abatement schedule for each deduction allowed. The deduction period may not exceed ten (10) yawn. (See IC &1.1-121-17 below.) B. For the redevelopment or rah inflImon of reel property where the Farm S&11Beat Property was approved plot to Jury$, 2013, the abatement schedule approved by the designating body remains In eased. Fore Form S&1IReal Property that Is approved after June 30, 2013, the dealgnwing body le required to establish an sbalemenlachedule for each deduction allowed. (See IC &1.1-12.1-17 below.) ]CO -1.1-12.1-17 Abatement schedules Sao. 17. (a) A dealgnabng body may provide to a business that Is established In or allocated to a revllaloatlen area and met receives a deduction under section 4 or 4.5 of this chapter an abatement schedule based an the following factors: (1) The total amount of the laxpayees Investment In real and personal property. (2) The number of new lull -time equivalent jobs created. (3) The average wage of the new employees compared to the stale minimum wage. (4) The lnirasbuolure requirements for the taxpayer's Investment. (b) This subsection applies W a stefemenl of benefits approved after June 30, 2013. Adesignating body shell establish an abatement schedule for each deductlon allowed under this chapter. An abatement schedule must specify the percentage amount of the deduction for each year of the deduction. Ah abatement schedule may not exceed ten (10) years. (c) An abatement schedule approved for a particular taxpayer before July 1,2013, remains In ededunfY the abatement schedule expires under the tame of the resolution approving the taxpayees statement oflumefits. Page 2 of 2