20-34 Designating Real Property Tax Abatment for Tri-Pac, Inc

Home Browse Search

FOR USE OF THE DESIGNATING 13ODY We find that the applicant meets the general standards in the resolution adopted or to be adopted by this body. Said resolution, passed or to be passed under I C 6-1.1-12.1, prov ides f or the f ollowng limitations: A The designated area has been limited to a period of time not to exceed calendar years' (see below). The date this designation expires is S. The typeof deduction that isallowed in the designated area is limited to 1. Redevelopment ormhabililation of realestate Improvements D Yes D No 2. Residentially distressed areas D Yes D NO C, The amount of the deduction applicable islimiled toy D. Other limitations or conditions (apeOlty) E. Number of years allowed: D Year ❑ Year2 ❑ Yaai D Yei ❑ Year5 I' seebelow) D Year6 D Year? D Year6 D Yei D Yei F. For a statement of benefits approved afterJune 30, 2013, did this designating body adopt an abatement schedule per IC 6-1.1-12.1-17? ❑ Yes ❑ No If yes, attach a copy of the abatement schedule to this form. If no, the designating body is required to establish an abatement schedule before the deduction can be determined. 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 bene( its is sufficient to justify the deduction described above. Approved Isgnarve e a rztramper a mWWng Telephone number Dale sigrrtd (rmnfh, Wy, ye. Printed nane of adhaizetl nenoer of designating body Name oldesognalln, Cody Aftei W (s,mum arxi Atle a aaesied Rinlei name of alasM *If thedesgnating body limitsthe time period during which an area is aneconomic revitalization area, that limitation does not limit the engdr of times taxpayer is entbled to receive a deduction to a number of years that is leas than the number of years designated under IC 6-1.1-12.1-17. A Forresidermally distressed areas where the Form SB-1/Real Property was approved prior to July 1, 2013, the deductions established in IC 6-1.1-12.14.1 remain In affect_ The deduction period may notexceed five(5)yeam, Fora Form SB-1/Real Property thatisapproved afterJune 30, 2013, the designating body is required toestablish anabalement schedule foreach deduction allowed. The deduction period may notexceed ten (10) years. (See IC 6-1.1-12.1-17 below.) B. For the redevelopment or rehabilitation of real property where the Form SB-1/Real Property was approved prior to July 1, 2013, the abatement schedule approved by the designating body remains in effect. Fora Form SB-1/Real Property that Is approved afterJune 30, 2013, the designating body is required to establish an abatement schedule foreach deduction allowed (See IC 6-1,1-12A.17 below.) IC 6-1.1-12.1-17 Abatement schedules 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 section 4 or 4.5 of this chapter an abatement schedule based on the fallowing factors'. (1) The total amount of the taxpayers investment in real and personal property. (2) The number of new full-time equivalent jobs created. (3) The averagewage of the new employees compared to the slate minimum wage. (4) The infrastructure requirements forthe taxpayers investment. (b) This subsection applies to a statement of benefits approved afterJune W. 2013. A designating body shall establish an abatement schedule for each deduction allowed under this chapter. An abatement schedule must specify the percentage amount of the deduction foreach y earof the deduction. An abatement schedule may not exceed ten (10) years. (c) An abatement schedule approved fora particular taxpayer before July 1, 2013, remains in effect until lheabatement schedule expires under the terms of the resolution approving the taxpayer's statement of benefits. Page 2 of 2