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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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City Council - City Clerk
City Council - Document Type
Agendas
City Counci - Date
2/24/2014
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DocuSign Envelope ID: DBFlC726- DE714282-AE01- AD6D18F646AD <br />Page 2 of 2 <br />We have reviewed our prior actions relating to the designation Of this Economic Revitalization Area and find that Ins applicentmeek the general standards <br />adopted in the resolution previously approved by this body. Said resotullon, passed under IC 6 -1.1 -12.1, provides for the following llmitallons: <br />A. The designated area has been limited to a period of time not 10 exceed calendar years - (see below). The date this designation <br />expires I6 <br />B, The type of deduelion that 9 allowed in the designated area is limited lo: <br />1. Redevelopmanl or rehabilitation of real estate improvements ❑YCS ❑rile <br />2. Residentially distressed areas 0Yes ❑ No <br />3. Occupancy olavacant building ❑Yes ❑No <br />C. The amount of the deduction applicable is limited to 5 <br />0. Other fimllatlons or conditions (span /y) <br />E. The deduction is allowed for years• faee below). <br />We have also reviewed the Information contained in the statement of bene0ls and gM that the estimates and expenzgons am reasonable and have <br />determined that the unattly of bene0la is sufficient to justify the deduction described above. <br />Aporwsd(slyeawm end R loo /.u/hetlzcd mmno.c of doegnoWg body) <br />TBI.pIx. numb., <br />Date "not lamn0, day, ye on <br />Mast¢d by lsrgrertPe IDWldle.frougi i <br />Desigmurd bury <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 uxpayar is <br />entitled to receive a deduction to a number of years designated under ID 6- 1,12 - 12.14, <br />A. For residen0ally 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 Revilelization Area was designated prior l0 July 1. 2000, the deduction period Is limited to three (g), six (6). or ten (10) years. <br />Z If the Economic RovlWlizatlon Area was designated after June 20. 2000. the deduction period may not exceed ten (10) years. <br />C. Pot vacant buildngs, the deduction period may not exceed Me (2) years. <br />Page 2 of 2 <br />
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