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Bill No. 23-06 Tax Abatement Property 536 S. Main St SB, IN 46601
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Bill No. 23-06 Tax Abatement Property 536 S. Main St SB, IN 46601
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f.11.1KArv. r <br />We find that the applicant meets the general standards in the resolution adopted or to be adopted by this body. Said res_o:utlon,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 year'(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 No <br />2.Residentially distressed areas Yes 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 0 Year 3 Year 4 Year 5 (*see below) <br />Year 6 0 Year 7 0 Year 8 0 Year 9 Year 10 <br />F. For a statement of benefits approved after June 30,2013,did this designating body adopt an abatement schedule per IC 6-1.1-12.1-17? <br />El Yes LI 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(signature and title of authorized member of designating body) telephone number Date signed(month,day,year) <br />Pnnled name of authorized member of designating body Name of designating body <br />Attested by(signature end title of attester) Printed name of attester <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 time 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(5)years. For a Form SB-1/Real Property that is approved after June 30, <br />2013,the designating body is required to establish an abatement schedule for each deduction allowed. The deduction period may not exceed ten <br />10)years. (See IC 6-1.1-12.1-17 below.) <br />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 <br />schedule approved by the designating body remains In effect.For a Form SB-1IReal Property that is approved after June 30,2013.1he 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 Thal 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 real and 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 taxpayers investment. <br />b) This subsection applies to a statement of benefits approved after June 30,2013. A designating body shall establish an 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 fora particular taxpayer before July 1,2013,remains in effect until the abatement schedule expires under <br />the terms of the resolution approving the taxpayer's statement of benefits. <br />FEb C 1 'eliLli <br />c_1 CLEH''' SOUTH BEND. IN <br />Page 2 of 2
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