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02-24-14 Council Agenda & Packet
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02-24-14 Council Agenda & Packet
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2/20/2014 2:27:01 PM
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3/6/2014 1:20:35 PM
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City Council - City Clerk
City Council - Document Type
Agendas
City Counci - Date
2/24/2014
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We have reviewed our prior actions relating to the designation of this Economic Revitalization Area and find that the applicant meets the general standards <br />adopted in the resolution previously approved by this body. Said resolution, passed 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 <br />expires is calendar years • (see below). The date this designation <br />, <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 />3. Occupancy of a vacant building ❑ Yes ❑ No <br />C. The amount of the deduction applicable is limited to $ <br />D. Other limitations or conditions <br />E. The deduction is allowed for <br />years' (see below). <br />F. Did the designating body adopt an alternative deduction schedule per IC 6 -1.1- 12.1 -17? ❑ Yes ❑ No <br />If yes, attach a copy of the alternative deduction schedule to this form. <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 ofdesignating body) Telephone number Date signed (month, day, year) <br />( ) <br />Attested by (signature and title olaftesler) <br />Designated body <br />` If the designating body limits the time period during which an area is an economic revitalization area, it does not limit the length of time a taxpayer is <br />entitled to receive a deduction to a number of years designated under IC 6- 1.12 - 12.1 -4. <br />A. For residentially distressed areas, the deduction period may not exceed five (5) years. <br />B. For redevelopment and rehabilitation or real estate improvements: <br />1. If the Economic Revitalization Area was designated prior to July 1, 2000, the deduction period is limited to three (3), six (6), or ten (10) years. <br />2. If the Economic Revitalization Area was designated after June 20, 2000, the deduction period may not exceed ten (10) years. <br />C. For vacant buildings, the deduction period may not exceed two (2) years. <br />Page 2 of 2 <br />
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