04-08-2024 AGENDA PACKET FINAL - Laserfiche WebLink

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FOR USE OF THE DESIGNATING BODY We have reviewed our prior actions relating to the designation of this economic revitalization area and find that the applicant meets the general standards adopted in the resolution previously approved by this body. Said resolution, passed under IC 6-1.1-12.1-2.5, provides for the following limitations as authorized under IC 6-1.1-12.1-2. A.The designated area has been limited to a period of time not to exceed N/A calendar years'(see below). The date this designation expires is 12/31/2026 NOTE:This question addresses whether the resolution contains an expiration date for the designated area. 8. The type of deduction that is allowed in the designated area is limited to. 1 . Installation of new manufacturing equipment; Yes 0 N o 0 Enhanced Abatement per IC 6-1.1-12.1-18 2. Installation of new research and development equipment; Yes N o Check box if an enhanced abatement was approved for one or more of these types. 3. Installation of new logistical distribution equipment. Yes El N o 4. Installation of new information technology equipment;Yes L No C.The amount of deduction applicable to new manufacturing equipment is limited to$ NIA cost with an assessed value of N/A One or both lines may be filled out to establish a limit.if desired.) D.The amount of deduction applicable to new research and development equipment is limited to$ N/A cost with an assessed value of N/A One or both lines may be filled out to establish a limit,if desired.) E. The amount of deduction applicable to new logistical distribution equipment is limited to$ N/A cost with an assessed value of N/A One or both lines may be filled out to establish a limit,if desired) F. The amount of deduction applicable to new information technology equipment is limited to$ N/A cost with an assessed value of N/A One or both lines may be filled out to establish a limit,if desired.) G. Other limitations or conditions(specify) N/A H. The deduction for new manufacturing equipment and/or new research and development equipment and/or new logistical distribution equipment and/or new information technology equipment installed and first claimed eligible for deduction is allowed for: 0 Year 1 0 Year 2 0 Year 3 0 Year 4 Q Year 5 Enhanced Abatement per IC 6-1.1-12.1-18 Number of years approved: Year 6 0 Year 7 Year 8 Year 9 Year 10 Enter one to twenty(1-20)years:may not exceed twenty(20)years.) I. 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? 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. Also we have 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 by:(signature and tide of authorized member of designating body) Telephone number Date signed(month.day,year) Printed name of authorized member of designating body Name of designating body Common Council of the City of South Bend,Indiana Attested by:(signature and title of attester) Printed name of attester 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 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. 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 6-1.1-12.1-18,an abatement schedule may not exceed ten(10)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, Page 2of2