5046-23 Confirming Res., 1144 Corby Blvd., SB., IN 10 Yr. Real Property Tax Abatement

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FOR U!E OF THE DOMINATING powY I We find that the applicant meets the general standards in the resolution adopted or to be adopted oy this body Said resolution,passed or to be passed under IC 6-1 I-12.1,provides for the following limitations. .A The designated area nae oeen limited to a penod of time not to exceed N/A calendar years' `see ie/ouvi The date this designation expires is 12/31/2026 NOTE This question addresses whether the resolution contains an expiration date for the designated area B The type of deduction that is allowed in the designated area is limited to. 1 Redevelopment or rehabilitation of real estate improvements Yes UNo 2.Residentially distressed areas 1_Yes M No C The amount of the deduction applicable is limited to s N/A Other limitations o, conditions,`„ cmy' N/A E. Number of years allowed 0 Year I O Year 2 ❑Year 3 0 Year 4 ❑ Year 5 ('see below) O Year'e ❑Year 7 ❑'fear 3 ❑Year 9 12C Year 10 F For a statement of benefits approved after June 30,2013.did anis designating body adopt an abatement scneduie per IC 6-1 1-i 1-177 yes ❑No if yes.attach a copy of the abatement schedule to this font/. if no the designating body is required to establish art 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 benefits is sufficient to justify the deduction described above. Approved( g t re and title of authorized member of designating body) Telephone number I Dara-i ed(mon Jay.year) Pnrt e.f 3uthorizs m 3meet of des:;n ring holy Name of,ipsi0natin0 hndy LtAibn Common Council of the City of South Bend,Indiana Attested ignature an,title ofatt-.•_r) Pante ame of attester r % f �/I/ , - / •If t.e designating holy I'' he me period ng which an area is an economic revitalization area.that tion does not limit the length of time a taxpayer is entitled to rec-111,a a deduction to a number of years that is less than the number ofyears des) g�under IC 6-1 1-12 1-17 A. For residentially distressed areas where the Form SB-1/Real Property was approved prior to July 1.2013,the deductions established in IC 6-1 1-12.1-4 1 remain in effect.The deduction period may not exceed five(5)years. Fora Form SB-1/Real Property that is approved after June 30 2013,the designating body is required to establish an abatement schedule for each deduction allowed. Except as provided in IC 6-1 1-12.1-18.the deduction period may not exceed 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.For a Form SB-1iReal Property that is approved after June 30.2013,the designating body is required to establish an abatement schedule for each deduction.allowed.(See IC 6-1.1-12.1-17 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 following factors: (1) The total amount of the taxpayer's investment in real and personal property. (2) The number of new full-time equivalent jobs created. (3) The average wage of the new employees compared to the state minimum wage. (4) The infrastructure requirements for the taxpayer's investment. (b;This subsection applies to a statement of benefits approved after June 30,2013. 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 for each year of the deduction. Except as provided in IC 8-1 1-12..1-13,an abatement schedule may not exceed ten(101 years. (c)An abatement schedule approved for a particular taxpayer before July 1,2013.remains in effect until the abatement schedule expires under the terms of the resolution approving the taxpayer's statement of benefits. r>/./ ' • in Ciffic� ' {AN 'C? O? SpUT��N� /N/ Page 2of2