26-11 Designating Resolution - Real Property Tax Abatement for Wharf Partners LLC

Home Browse Search

FOR USE OF THE DESIGNATING BODY 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 IC 6-1 1 12 I, provides for the following limitations A The designated area has been limited to a period of time not to exceed 6 calendar years' (see below) The date this designation expires is 12/31/2029 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 t 1 Redevelopment or rehabilitation of real estate improvements ./ Yes _No 2- Residentially distressed areas Yes No 3 New agricultural improvement Yes No C The amount of the deduction is limited to$N/A D Other limitations or conditions(specify) N/A E Number of years allowed Year 4 Year 5 'see Year 1 Year 2 Year 3 ( below) ❑ ❑ ❑ ❑ ❑ Ili Q Year 6 ❑Year 7 ❑Year 8 ❑Year 9 ❑Year 10 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? Q 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 benefits is sufficient to Justify the deduction described above Approved(signature and title of authonzed member of designating body) Telephone Number Date Signed(month.day;year) (574) Pnnted Name of Authonzed Member of Designating Body Name of Designating Body 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 In accordance with IC 6-1 1-12 -17,where the Form SB-1/Real Property was approved after June 30,2013, the designating body is required to establish an abatement schedule for each deduction allowed The deduction period should be as follows A For residentially distressed areas,the deduction period may not exceed ten(10)years B For the redevelopment or rehabilitation of real property,the deduction period may not exceed ten(10)years C For a new agricultural improvement,the deduction period may not exceed five(5)years 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 taxpayers investment in real and personal property (2) The number of new full-time equivalent lobs created (3) The average wage of the new employees compared to the state minimum wage (4) The infrastructure requirements for the taxpayers investment (5)In the case of a deduction for new farm equipment or new agricultural improvement,an agreement by the deduction applicant to predominately use the area for agncultural purposes for a period specified by the designating body (b) This subsection applies to a statement of benefits approved after June 30,20'13 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 subsection(d)and section 18 of this chapter,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 taxpayers statement of benefits (d)An abatement schedule for new farm equipment or new agricultural improvement may not exceed five(5)years Page 2 of 2