10-27-14 Council Agenda & Packet

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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 -12.1, provides for the following limitations: A. The designated area has been limited to a period of time not to exceed expires Is calendar years' (see below). The dale this designation B. The type of deduction that is allowed in the designated area is limited to: 1. Redevelopment or rehabilitation of real estate Improvements m Yes ❑ No 2. Residentially distressed areas 0 Yes 13 No C. The amount of the deduction applicable is limited to $ D. Other limitations or conditions (specify) E. The deduction is allowed for (see below). F. Did the designating body adopt an alternative deduction schedule per IC 6 -1.1. 12.1 -177 ❑ Yes ❑No If yes, attach a copy of the alternative deduction schedule to this form. 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. Date and M1'lle of attested ' 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 entitled to receive a deduction to a number of years designated under IC 6-1.1- 12.1 -4. A. For residentially distressed areas, the deduction period may not exceed five (5) years. B. For redevelopment and rehabilitation or real estate improvements: 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. 2. If the Economic Revitalization Area was designated after June 30, 2000. and is not in a residentially distressed area, the tledudion period may not exceed ten (10) years. Page 2 of 2