HomeMy WebLinkAbout16-85 Tax Abatement RP for GLC SBDC II, LLC227 W. JEFFERSON BOULEVARD
SUITE 1400 S.
SOUTH BEND, IN 46601 -1830
November 9, 2016
CITY OF SOUTH BEND PETE BUTTIGIEG, MAYOR
COMMUNITY INVESTMENT F
Council Member Gavin Ferlic, Chairperson
Community Investment Committee
South Bend Common Council
4th Floor, County City Building
South Bend, IN 46601
RE: Real Property Tax Abatement Petition for: GLC SBDC 11, LLC
Dear Council Member Ferlic:
PHONE: 574/235 -9371
FAx:574/235 -9021
Please find the attached information pertaining to a real property tax abatement petition
for GLC SBDC 11, LLC:
➢ Department of Community Investment's summary report
➢ Copy of the petition
➢ Statement of Benefits form
➢ Supporting information.
The report contains the Department's findings relative to the above petition. The total
cost for the construction is estimated at $7,700,000. The project meets the qualifications
for a (9) nine year real property tax abatement. A representative from GLC SBDC II,
LLC will be available to meet with the Committee on Monday, November 14, 2016.
Should you or any of the other Council members have any questions concerning the
report, or need additional information, please feel free to call me at 235 -5823.
Sincerely, r
Aaron Kobb
Director of Economic Resources
Filed in Clerk's Office
NOV 0 9 2016
KAREEMAH FOWLER
CITY CLERK, SOUTH BEND, IN
PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES
TIM CORCORAN PAMELA C. MEYER BRIAN PAWLOWSICI AARON KOBB
♦pr -�WK. _.
TAX ABATEMENT REPORT i Red in Clerk's Office
NOV 0 9 2016
TO: SOUTH BEND COMMON COUNCIL ,
KAREEAMAH FOWLER
FROM: AARON KOBB CITY CLERK, SOUTH BEND, IN
SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR:
GLC SBDC II, LLC
DATE: November 9, 2016
On Wednesday November 9, 2016, a petition from GLC SBDC II, LLC was received and
subsequently filed with the City Clerk for real properly tax abatement consideration for
property to be located at 23464 Adams Road, South Bend, IN 46628. Pursuant to
Chapter 2, Article 6, Section 2 -84.2 of the Municipal Code of the City of South Bend,
this petition was referred to the Department of Community Investment for purposes of
investigation and preparation of a report determining whether the area qualifies as an
Economic Revitalization Area pursuant to I.C.6 -1.1 -12.1 and whether all zoning
requirements have been met.
The Department of Community Investment has reviewed the petition (a copy of which is
attached), investigated the area, and makes the following report.
PROJECT SUMMARY
➢ Construction of a new approximately 210,000 sq. ft. spec commercial/bulk
distribution facility (and related paving /parking and other improvements) to serve
and support the needs of commercial /distribution users considering South Bend as
a business site
➢ $7,700,000 investment in new building construction
➢ Total project taxes during the nine year abatement period — $1,881,336
➢ Estimated taxes being abated during the nine year abatement period — $733,663
➢ Total taxes to be paid during the nine year abatement period — $1,147,673
EMPLOYMENT IMPACT
Per the petition, it is estimated that the total project will:
➢ Create (10) ten permanent full -time jobs within the first three years, representing
an approximate new annual payroll of $374,400.
PLANNING NEIGHBORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RESOURCES
TIM CORCORAN PAMELA C. MEYER BRIAN PAWLOWSKI AARON KOBB
ABATEMENT QUALIFICATION
A review of the tax abatements previously granted finds that the petitioner has
been granted previous abatements and were deemed to be in compliance.
2. The Building Commissioner has reviewed the petition and finds the property to be
properly zoned for the proposed project/ or a variance will be sought by the
petitioner.
A review of the South Bend Redevelopment designation areas finds that the
property is located in the River West Development Area.
4. A review of the Tax Abatement Ordinance No. 9394 -03 finds that the petitioner
meets the qualifications for a (9) nine -year real property tax abatement under
section 2 -84.2, Real Property Tax Abatement.
RESOLUTION NO.
A RESOLUTION OF THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN
THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS
23464 Adams Road, South Bend, IN 46628
AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A
(9) NINE -YEAR REAL PROPERTY TAX ABATEMENT FOR
GLC SBDC II, LLC
WHEREAS, a petition for real property tax abatement consideration has been filed with
the City Clerk for consideration by the Common Council of the City of South Bend, Indiana;
requesting that the area commonly known as 23464 Adams Road, South Bend, IN 46628 and
which is more particularly described as:
Beg 1505'E of Nw cor of Nw 1/4 thence E 1094' thence S 2640' Thence W 563' thence
N 1430' thence 542' thence N 1196' to POB cont 48.30ac +/- Sec 17 -38 -2e 16/17
NP #7037 and 7038 11 -25 -2015 16/17 Split #9196 10 -30 -2015 15/16 Sph
and which has Key Number 025- 1009 -0146 be designated as an Economic Revitalization Area
under the provisions of Indiana Code 6 -1.1 -12.1 et M., and South Bend Municipal Code Sections
2 -76 et seq., and;
WHEREAS, petitioner has agreed to and has accepted responsibility to report any changes
in the final legal description and to report the final, appropriate Key Number to the Department of
Community Investment and to the Office of the City Clerk; and
WHEREAS, the Department of Community Investment has concluded an investigation and
prepared a report with information sufficient for the Common Council to determine that the area
qualifies as 'an Economic Revitalization Area under Indiana Code 6 -1.1 -12.1, et SeMC ., and South
Bend Municipal Code Sections 2 -76, et SeMc ., and has further prepared maps and plats showing the
boundaries and such other information regarding the area in question as required by law; and
WHEREAS, the Community Investment Committee of the Common Council has reviewed
said report and recommended to the Common Council that the area qualifies as an Economic
Revitalization Area.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South
Bend, Indiana, as follows:
SECTION I. The Common Council hereby determines and finds that the Petition for Real Property
Tax Abatement and the Statement of Benefits form completed by the Petitioner meet the
requirements of Indiana Code § 6 -1.1 -12.1 et seq., for tax abatement.
SECTION II. The Common Council hereby determines and finds the following:
A. That the description of the proposed redevelopment or rehabilitation meets the
applicable standards for such development;
B. That the estimate of the value of the redevelopment or rehabilitation is reasonable
for projects of this nature;
C. That the estimate of the number of individuals who will be employed or whose
employment will be retained by the Petitioner can reasonably be expected to result from the
proposed described redevelopment or rehabilitation;
D. That the estimate of the annual salaries of those individuals who will be employed
or whose employment will be retained by the Petitioner can be reasonably expected to result from
the proposed redevelopment or rehabilitation;
E. That the other benefits about which information was requested are benefits that can
be reasonably expected to result from the proposed described redevelopment or rehabilitation; and
F. That the totality of benefits is sufficient to justify the requested deduction, all of
which satisfy the requirements of Indiana Code § 6 -1.1- 12.1 -3.
SECTION III. The Common Council hereby determines and finds that the proposed described
redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the
Statement of Benefits, Sections 1 through 3 of the Petition for Real Property Tax Abatement
Consideration and the Memorandum of Agreement between the Petitioner and the City of South
Bend, and that the Statement of Benefits form completed by the petitioner, said form being
prescribed by the State Board of Accounts, are sufficient to justify the deduction granted under
Indiana Code § 6-1.1-12.1-3.
SECTION IV. The Common Council hereby accepts the report and recommendation of the
Community Investment Committee that the area herein described be designated as an Economic
Revitalization Area and hereby adopts a Resolution designating this area as an Economic
Revitalization Area for purposes of real property tax abatement.
SECTION V. The designation as an Economic Revitalization Area shall be limited to two (2)
calendar years from the date of the adoption of this Resolution by the Common Council.
SECTION VI. The Common Council hereby determines that the property owner is qualified for
and is granted property tax deduction for a period of nine (9) years as shown by the attachment
pursuant to Indiana Code 6- 1.1- 12.1 -17.
2
SECTION VII. The Common Council directs the City Clerk to cause notice of the adoption of
this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana
Code § 5 -3 -1 and Indiana Code § 6 -1.1- 12.1 -2.5, said publication providing notice of the public
hearing before the Common Council on the proposed confirming of said declaration.
SECTION VIII. This Resolution shall be in full force and effect from and after its adoption by the
Common Council and approval by the Mayor.
Member of the Common Council
PRESENTED ,.
NOT APPROM
ADOPT,
Filed in }Clerk's Office
NOV 0 2016
KAREEMAH FOWLER
CITY CLERK, SOUTH BEND, IN
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City of South Bend_,
Public lnfruhueWrenecua (Off-
ike M,ptojetR irtdofiats)
Has any 504 f "soli been
Me ad?
What is the value of any equipment being purchased In
Indiana for the project?
a
Petition for Incentives
N/A
N/A
Petition must Include o$250 filing fee payable to the City Clerk's Opke or onjine via the City's website at
M10.11southbendin gmr(governme /contentJtax- abatement before processing can be complete
rocs
GenetaJ Tnfamattott .'.
..Project Name
Project Number
taptn ameasregisteredwithSecretaryof
GLC SBDC H, LLC
a °"ear°
Indiana limited liability company
Company
Please see website of Company's affiliate Great Lakes Capital, LLC (www.greaflakescapital.com)
Prbpased Prgjed Information .
Proposed' Mojecipddress
TBD: SW Corner of Adams Road and Mayflower
Parent companqnIame
N/A
South Bend, Indiana 46628
Legal owner
Waggoner's Dairy Farm, Inc.
Site ncrene or eaeage required
--32 Acres +/-
Is the real estate owned or'
Owned
square feet of facility
Approx. 210,000 (or larger)
if leased by whom
N/A
Prirnary Contatx lnfortnatiat .
PdOwycomparw oonts n+une
Ryan C. Rans
ikle
Managing Member
Address ofcompanywMUt
112 West Jefferson Blvd., Suite 200
P11O/e
(574) 251 -4400
cfti4 Mta, Zip
South Bend, Indiana 46601
Email
rrans @greatlakescapital.com
Seac� Oi�dat Information.
Comp"sentoroffldatname
Jeff Smoke
Tide
Director of Development
Address of ayooatact:0fdMkrentfrom
112 West Jefferson Blvd., Suite 200
Phone
(574) 855 -5700
city, state,ZiR
South Bend, Indiana 46601
Email
jsmoke @greatiakescapital.com
Consuttalti I<efafinati+� {Agent.:
tired bushteis wnsuitan legent name
Richard J. Oeahl, Barnes & ThomburgLlP
Consultant release pr/N)
Yes
Address
100 N. Michigan Street, Suite 700
Localeconomi`de"ee°men` partners
0tv' state, ZIP
South Bend, Indiana 46601
Email rdeahl @btlaw.com
Project Ot eci (ewii
Brief description 411 "or
mmpany,pmjecr,and why the
Great Lakes Capital ( "GLC "), the sponsor / affilate of GLC SBDC II, LLC, is a real estate
properwisne —ryfor
development firm with experience in public - private development initiatives. The proposed
economkipowth
project involves an investment of between $7.5 and $8.5 million in the property
acquisition, development and construction of a new commercial distribution facility
containging approximately 210,000 square foot (or more) together with related site
improvements (paving/parking, etc.). The applicant is proposing to make this investment
to construct "spec space" which would be readily available to serve and support the
needs of commercial /distrubiton users considering South Bend as a business site. This
investment will also serve to continue to support the City's initiatives to (a) have move -in
ready options for prospective third -party businesses searching for commercial /distribution
space in the City, and (b) support the overall ability to attract and retain businesses to the
Office
2016
city. Filed in Clerk's
Cerdfledredmolm ft* appropriate
N/A
MFar I in .icrdnentelRnandng
Ie ? whch
Yes (Airport Economic Development Area)
og
Cafy that the SuNdM[ Permit has not bear
No permit issued
lheebvofradduMialoft" oat ,by"
N/A (0)
KAREEMAH
CITY CLERK, SO
WLER
H BEND, IN
If this is a petition for personal, property tax aratenmik has
the been t
N/A
Invesbttent Details
Public lnfruhueWrenecua (Off-
ike M,ptojetR irtdofiats)
Has any 504 f "soli been
Me ad?
What is the value of any equipment being purchased In
Indiana for the project?
What Is the vahne of any equipment befit
purchased from an of state for the project?
N/A
N/A
N/A
EaU=' time :Perman81tt.1_ndia`na�2e�ide�It Pasitia�s by talerdar Year . `
Calendaryeor 7obsrebined
Towbourly,
wage w/o
fringe or
bonuses
Cumulative iof net NBN fulldme
permanent jobs mated at project
Hourly average wa`e,w /o Totaltra&dng
benetfts orbonusa, of expenditure -
cumulative net new jobs not
cumulative
Total lttobe
trained - not
cumulative
2016 N/A
N/A (Speculative Building)
2017 0
$18+
201& 10
2019',
2021
2422 _
2023
2024
2024
2026
2027
Pram h wa information for new ouris► jp: employees in the following positrons.
Fun time
Pwt *M
Laborers
N/A
N/A
Technical
Managerial
Adnifnlstrad-
a
N/A
Does your comwny have an EEO hiring F'—W
N/A
Are you an EEO employer?
Please list.the number of full time and part time minority and /or female employees for each of
. the last three years:
Plum be your conardtoaxnt to
dWdW and inclusion by detdit your
outreach and reavknw t efforts for the last
three years as well as current poUdes.
year
NIA
N/A
N/A
MTime
Part Time
Full Thne
Part Time
FuOThne
PartTlme
Blade.
Hunk
Asian
Indhn
Female
other
Complete below for Real or Personal Property Tali Abatement only.
Please sign for all requested incentives.
Public Benefit Item:
Information Is required on both the construction companies and the
companies which will provide materials purchased for this project.
Please complete the table below With the ap propriate information. if
you qualify for the points, please enter the full amount of available
points
Qualify
(Yes or No)
Earned Points
Available Points
1
Construction Related iContraetorsl:
A. `
Employ 1.oeal Companles (75 %) -
Yes
20
20
B. ,
Purchase Materials from Local Companies (15 %)
Yes
20
20
C.
Require Employees vs. Independent Contractors
Yes
19
19
D. '
Require Prevailing Wage (Davis Bacon)
No
22
E.
Require Health Benefits
Yes
22
22
F.
Require Pension Benefits
No
18
G.
Maintain Affirmative Action Plan
Yes
20
20
Sub -total Construction Related:
101
141
2
Waite & Benefit Related lOwned:
A.
Pay Target Wage Levels
Yes
33
33
B.
Provide Health Benefits
Yes
34
34
C.
Provide Pension Benefits
Yes
29
29
D.
Provide Training
Yes
26
28
E.
Provide Child Care
No
15
F.
Provide Transportation Assistance
No
14
G.
lProvide Employer Asslsted Housing program
No
9
Sub -total Wage & Benefit Related:
124
162
3
Workdorce Related:
A.
Create New lobs
Yes
42
42
B.
Retain Existing Jobs
Yes
41
41
C.
Maintain Affirmative Action Plan
Yes
35
35
o.
Provide Targeted Hiring Preference
34
Sub -total Workforce Related:
118
152
4
Support a Municipal Facility:
A
Support a SS Municipal Facility (donations to the
zoo, conservatory, museum, etc.)
84
Name of facility
Sub -total Municipal Fadlity:
84
Sub -total from Above:
343
539
The undersigned owner(s) of real pr , located within the City of South Bend, herby petition the Common Council of the City
of South Bend for a real and/ V-1d' property tax abatement consideration and pursuant to LC., 61.1- 12,1 -1, et sea„ and
Bepal Code Sec 2 -76 et sea., for this petition state the above.
Spbmitted gY= T - Date: October 31, 2016
For Staff Use Only Below This Line
What is the current assessed value?
RealProperlyc
9, /oo
Personal Property;
What is the projected assessed value?
Real Property;
Perso -i Property:
What is the tax kevnumbar for, thlsproject?
What Is ft, six digit NaiCS code? -T
Muse attach a CaoVe map and street view of the loatfon.
Please list the amount of real and PersonalpropectrUxes.
paid for the last five years when applicable.
Real Property Taxes:
personalProperty1raza:
Yearone
L/S✓75'
YearTwo
T:3 g-S"
Yearihree
y7oa
Yoe Four
y �o
Year Five
3 9-7q
Please fill out the following Public Benefit Summary information' and add to total from above.
Y or N
Points
Points
Public Benefit item:
S
A.
Redevelop Site that has Special Needs
No
49
e.
Develop Based on Local University Research
No
35
C.
Achieve a Physical Element of a Plan
Yes
36
36
Subtotal Project Related:
36
36
120
6
Super Size Prolects(point values are cumulative):
A.
100% to 199%
Yes
of S
25
B.
200% to 299%
Yes
(o g
68
C.
300% to 399%
Yes
65
D.
400% and Over
Yes
$–�
52
Sub -total Super Size Projects:
210
7 Pay for Municipal Infrastructure:
A. Pay for Oversizing or Upgrading
S. Pay for 26.50% of Extension Cost
C. Pay for 51-75% of Extension Cost
D. Pay for 76- 100% of Extension Cost
Sub -total Infrastructure Related:
14
26
39
52
131
Total from Applicant Section:
3Y3
539
Total from Staff section:
A C{
461
Total Public Benefit Points:
S'S.-F
1000
Filed in Clerk's Office
STATEMENT OF BENEFITS NOV p A 2016
REAL ESTATE IMPROVEMENTS
" State Form 51767 (R6110 -14)
Prescribed by the Department of Local Government Fin nce KAREEMAH FOWLER
This statement is being completed for real property that qualifies under a11p)
((Redevelopment or rehabilitation of real estate improvements (IC 6 -1 - -
❑ Residentially distressed area (IC 6 -1.1- 12.1 -4.1)
INSTRUCTIONS:
20L-17 PAY 20J8
FORM SB -1 l Real Property
PRIVACY NOTICE
Any information concerning the cost
of the property and specific salaries
paid to individual employees by the
Fowner is confidential per
IC 6.1.1- 12.1 -5.1.
1. This statement must be submitted to the body designating the Economic Revitalization Area prior to the public hearing if the designating body requires
information from the applicant in making its decision about whether to designate an Economic Revitalization Area. Otherwise, this statement must be
submitted to the designating body BEFORE the redevelopment or rehabilitation of neat property for which the person wishes to claim a deduction.
2. The statement of benefrts form must be submitted to the designating body and the area designated an economic revitalization area before the initiation of
the redevelopment or rehabilitation for which the person desires to claim a deduction.
3. To obtain a deduction, a Form 3221RE must be filed with the County Auditor before May 10 in the year in which the addition to assessed valuation is
made or not later.than thirty (30) days after the assessment notice is mailed to the property ownerif it was mailed after April 10. A property owner who
failed to file a deduction application within the prescribed deadline may file an application between March 1 and May 10 ofa subsequent, year.
4. A property owner who files for the deduction must provide the County Auditor and designating body with a Form CF- 11Reat Property. The Font CF- 11Rea1
Property should be attached to the Form 3221RE when the deduction is first claimed and then updated annually for each year the deduction is applicable.
IC 6- 1.1- 12.175.1(b)
5. For a Fort SB- 11Real Property that is approved after June 30, 2013, the designating body is required to establish an abatement schedule for each
deduction allowed. For a Form SB- 11Real Property that is approved prior to July 1, 2013, the abatement schedule approved by the designating body
remains in effect. iC 6-1.1- 12.1 -17
SECTION
•. •
Name of taxpayer.... .
GLC SBDC ii, LLC
Address of taxpayer (number and street city, state, and ZIP code)
c/o Great Lakes Capital Management, LLC; 112 West Jefferson Blvd., Suite 200; South Bend, IN 46601
Name of contact person
I Telephone number
E -mail address
Jeff Smoke, Director of Develo ment
( 574) 855 -5700
1 jsmoke @greatlakescapital.com
SECTION 2 LOCATION AND DESCRIPTION
OF PROPOSED PROJECT
Name of designating body
Resolution number
Common Council of City of South Bend
Location of property
County
DLGF taxing district number
SW Corner of Adams Road and Mayflower, South Bend
St. Joseph
71 -003
Description of real property improvements; redevelopment, or rehabilitation (use additional sheets if necessary)
Estimated start date (month, day, year)
Proposed investment of at least $7,700,000 in the development and construction of a commercial distribution "spec'
March, 2017
facility containing approximately 210,000 square feet (or more)
Estimated completion date (month, day, year)
Dec. 31, 2018
SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES
AS RESULT OF PROPOSED PROJECT
Current number Salaries Number retained
Salaries Number additional Salaries
0.00 $0.00
10.00 $360,000.00
SECTION 4 ESTIMATED TOTAL COST AND
VALUE OF PROPOSED PROJECT
REAL ESTATE IMPROVEMENTS
COST ASSESSED VALUE
Current values
Plus estimated values of proposed project
7,700,000.00
Less values of any property being replaced
Net estimated values upon completion of pr o ect
7,700,000.00
SECTION 5 WASTE CONVERTED AND OTHER
BENEFITS PROMISED BY THE TAXPAYER
Estimated solid waste converted (pounds)
Estimated hazardous waste converted (pounds)
Other benefits
SECTION
•
t here y ce ' th the representations in this statement are true.
Signature au o presentative
Date signed (month, day, year)
1-11
1
October 31, 2016
Printed n tho' resentative
Title
Ryan C. ans
Managing Member of Manager
Page 1 of 2
Page 2 of 2
FOR USE OF DESIGNATING :i•
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 calendar years* (see below). The date this designation
expires Is
B. The type of deduction that is allowed in the designated area is limited to:
1. Redevelopment or rehabilitation of real estate improvements ❑ Yes ❑ No
2. Residentially distressed areas ❑ Yes ❑ No
C. The amount of the deduction applicable is limited to $
D. Other limitations or conditions (specify)
E. Number of years allowed: ❑ Year 1 ❑ Year 2 ❑ Year 3 ❑ Year 4 ❑ Year 5 (*see below)
❑ 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?
❑ 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 Sfte ofauthodzed memberof designating body)
Telephone number
Date signed (month, day, year)
Printed name of authorized member of designating body
Name of designating body
Attested by (signature and Site ofaffester)
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.
A. For residentially distressed areas where the Form SB- 11Real Property was approved prior to July 1, 2013, the deductions established in IC
6-1.1 -12.1 -4.1 remain in effect. The deduction period may not exceed five (5) years. For a Form SB-i /Real Property that is approved after June 30,
2013, the designating body is required to establish an abatement schedule for each deduction allowed. The deduction period may not exceed ten
(10) years. (See IC 6-1.1- 12.1 -17 below.)
B. For the redevelopment or rehabilitation of real property where the Form SB- 11Real Property was approved prior to July 1, 2013, the abatement
schedule approved by the designating body remains in effect. For a Form SB- 11Real Property that is approved after June 30, 2013, the designating
body is required to establish an abatement schedule for each deduction allowed. (See IC 6-1.1- 12.1 -17 below.)
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. 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.
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