HomeMy WebLinkAbout17-39 Hoffman Hotel Tax Abatement Compliance Waiver RESOLUTION NO.
A RESOLUTION OF THE CITY OF SOUTH BEND
WAIVING PETITIONER,HOFFMAN HOTEL APARTMENTS
HOUSING PARTNERS,L.P.NON-COMPLIANCE
WITH IND. CODE §6-1.1-12.1.6 ET SEQ.
WHEREAS,Hoffinan Hotel Apartments Housing Partners,L.P.is the owner of real property
in the City of South Bend commonly called 120 W. LaSalle Ave., South Bend, Indiana, on which
Hoffman Hotel Apartments Housing Partners,L.P.,has remodeled a twelve story building formerly
known as Hoffman Hotel,which has been re-purposed as artist housing, and
WHEREAS, in conjunction with Hoffinan Hotel Apartments Housing Partners, L.P.
development of the Hoffinan Hotel, on September 24, 2013, the City of South Bend granted
Hoffman Hotel Apartments Housing Partners,L.P.a ten-year tax abatement which remains in effect
and was codified as Resolution 4286-13, and
WHEREAS,it has come the City of South Bend's attention that Hoffman Hotel Apartments
Housing Partners,L.P. failed to timely file an abatement deduction application with the St. Joseph
County Auditor for the following tax periods: Tax Year 2016(Pay 2017),and,as a result,Hoffman
Hotel Apartments Housing Partners, L.P. may lose the benefit of the ten-year tax abatement for
following: Tax Year 2016 (Pay 2017), and
WHEREAS,pursuant to Ind.Code§ 6-1.1-12.1-11.3 (2017),the City of South Bend has the
authority to waive Hoffman Hotel Apartments Housing Partners, L.P.'s failure to comply with
Indiana's tax abatement laws and, specifically, the authority to waive Hoffman Hotel Apartments
Housing Partners,L.P.'s failure to file a timely or complete abatement deduction application with
the county auditor, and
WHEREAS, the City of South Bend accepts that Hoffman Hotel Apartments Housing
Partners,L.P.'s failure to timely file its abatement deduction application was an excusable mistake
which resulted through inadvertent over-sights, acknowledges that Hoffman Hotel Apartments
Housing Partners, L.P. filed a deduction application promptly after learning of its mistake, and
accepts that Hoffman Hotel Apartments Housing Partners,L.P.is taking steps to avoid this problem
in the future, and
WHEREAS, pursuant to I.C. § 6-1.1-12.1-11.3(c), the City of South Bend has heard and
considered Hoffman Hotel Apartments Housing Partners, L.P.'s request for a waiver of non-
compliance at a duty-called and public meeting of the Council,
Resolution No. (Continued)
NOW, THEREFORE, IT IS HEREBY RESOLVED BY THE CITY OF SOUTH
BEND, INDIANA, THAT:
SECTION 1. Acting pursuant to the authority granted to it by I.C. § 6-1.1.42.1-11.3, the
City of South Bend hereby waives, Hoffman Hotel Apartments Housing Partners, L.P.'s failure to
comply with Indiana's tax abatement laws and, specifically, waives Hoffman Hotel Apartments
Housing Partners, L.P.'s failure to file a timely or complete abatement deduction application with
the county auditor for the following: Tax Year 2016 (Pay 2017).
SECTION 2. The City of South Bend hereby affirms that the ten-year tax abatement
previously granted to Hoffman Hotel Apartments Housing Partners, L.P. as Resolution 4286-13
remains in effect and directs Hoffman Hotel Apartments Housing Partners, L.P. to file this
Resolution for record with the St. Joseph County Auditor and/or St. Joseph County Assessor.
SECTION 3. This Resolution shall be in full force and effect from and after its passage and
approval, as required by law.
Passed and adopted this July_. 2017.
COMMON COUNSEL OF THE CITY
OF SOUTH BEND
By:
ATTEST:
Clerk, City of South Bend
STATE OF INDIANA ) BEFORE THE CITY OF SOUTH BEND
ST. JOSEPH COUNTY ) Filed in Clerk's Office
Subject Real Estate
120 W. LaSalle Ave.
HOFFMAN HOTEL APARTMENTS) South Bend, IN. 466 1 JUN 30 2017
HOUSING PARTNERS,L.P. )
KAREEMAH FOWLER
CITY CLERK,SOUTH REND,IN
Petitioner )
HOFFMAN HOTEL APARTMENTS HOUSING PARTNERS,L.P.
PETITION FOR WAIVER OF NON-COMPLIANCE
The petitioner, Hoffman Hotel Apartments Housing Partners, L.P., brings this petition
pursuant to Ind. Code § 6-1.1-12.1-11.3 (2017)to respectfully request that the City of South Bend,
Indiana by its City Council, grant Hoffinan Hotel Apartments Housing Partners, L.P. a waiver of
non-compliance concerning the tax abatement previously granted to Hoffman Hotel Apartments
Housing Partners, L.P. for 120 W. LaSalle Ave., South Bend, Indiana. In support of this petition,
Hoffinan Hotel Apartments Housing Partners, L.P. states:
Background
1. Hoffman Hotel Apartments Housing Partners, L.P. is the owner of 120 W. LaSalle
Avenue, South Bend, Indiana. Hoffman Hotel Apartments Housing Partners, L.P. remodeled the
restery building formerly known as the Hoffinan Hotel on the property. Hoffman Hotel Apartments
Housing Partners, L.P. invested over$5 Million in land acquisition and construction costs for the
newly remodeled artist housing building, and created several new jobs.
2. In connection with Hoffman Hotel Apartments Housing Partners, L.P.'s
development of the artist housing the City of South Bend granted Hoffman Hotel Apartments
Housing Partners,L.P.a ten-year tax abatement. The abatement was codified as Resolution 4286-13
A true copy of Resolution 4286-13 is attached to this petition as Exhibit 1.
3. Hoffman Hotel Apartments Housing Partners, L.P. has recently received its Tax
Year 2016 (Pay in 2017)tax bill from the St. Joseph County Treasurer. The bill does not account
for Hoffman Hotel Apartments Housing Partners, L.P.'s abatement and, instead, charges the
company for 120 W. LaSalle Avenue's entire tax liability.
4. Based on discussions with the St. Joseph County Auditor, Hoffman Hotel
Apartments Housing Partners, L.P. has learned that its tax abatement was not recognized by the
Treasurer because Hoffman Hotel Apartments Housing Partners, L.P. did not file an abatement
application in the fall of 2016. This,however, was an instance of excusable and innocent neglect.
5. Each year,the St. Joseph County Assessor is required to send St. Joseph County
property-owners a notice of re-assessment. See I.C. § 6-1.1-4-22. If a property-owner has an active
tax abatement,the property-owner is required to file an annual abatement deduction application with
the Auditor no later than thirty days after the date of the Assessor's re-assessment notice to the
property-owner. See I.C. § 6-1.1-12.1-5(b). The Assessor's re-assessment notices are typically
mailed in the fall preceding the new tax year,making abatement deduction applications due typically
between September and November of the same year that the re-assessment notice is issued.
6. In this case, Hoffman Hotel Apartments Housing Partners, L.P. did not receive a
re-assessment notice from the Assessor for Tax Year 2016 (Pay in 2017). Consequently,Hoffman
Hotel Apartments Housing Partners, L.P. was unaware that it was obligated to file its annual
abatement deduction application within thirty days ofthe date ofthe Assessor's re-assessment notice.
Immediately after learning of this over-sight,Hoffman Hotel Apartments Housing Partners,L.P.filed
is Tax Year 2016 (Pay in 2017) abatement application with the Auditor. True copies of the
company's abatement application and letter to the Auditor are attached to this petition,collectively,
as Exhibit 2.
7. The Auditor has informed Hoffman Hotel Apartments Housing Partners, L.P. that
the Auditor has accepted Hoffinan Hotel Apartments Housing Partners,L.P.'s abatement application
as a valid deduction for next tax year;that is, Tax Year 2017 (Pay in 2018). However,the Auditor
has informed Hoffman Hotel Apartments Housing Partners,L.P.that it must obtain a waiver of non-
compliance from the City of South Bend before the Auditor will apply Hoffman Hotel Apartments
Housing Partners, L.P.'s abatement retroactively to Tax Year 2016 (Pay in 2017).
Request for Waiver
8. Under I.C. § 6-1.1-12.1-11.3, the City of South Bend has authority to waive a
taxpayer's non-compliance with Indiana's tax abatement laws. Included with these powers is the
power to waive a taxpayers'failure to file a timely or complete abatement deduction application with
the county auditor. See I.C. § 6-1.1-12.1-11.3(a)(5).
9. To do so, the City of South Bend must first conduct a public hearing on the
tax-payer's request for a waiver,then pass a resolution waiving the taxpayer's non-compliance. See
I.C. § 6-1.1-12.1-11.3(c). In accordance with these provisions of Indiana law, Hoffman Hotel
Apartments Housing Partners, L.P. respectfully requests the City of South Bend to consider this
petition at a public hearing,then grant Hoffinan Hotel Apartments Housing Partners,L.P. a waiver
of its inadvertent failure to timely file a abatement application with the Auditor for Tax Year 2016
(Pay in 2017).
10. Hoffinan Hotel Apartments Housing Partners,L.P.'s failure to submit the
abatement deduction application earlier was unintentional and was corrected immediately after
Hoffman Hotel Apartments Housing Partners, L.P. became aware of the problem. The company
has taken steps to ensure that it does not fail to file its deduction application again.
Additionally, Hoffman Hotel Apartments Housing Partners, L.P. would note that it successfully
completed the project and has tried to be a good corporate citizen of the City of South Bend.
Hoffman Hotel Apartments Housing Partners, L.P.'s corporate representative will address any
concerns the City of South Bend may have when this matter comes before the council.
Respectfully submitted,
Pete stino(1 -71
ANDERSON, A & KELLER, P.C.
131 South Taylor
South Bend, Indiana 46601
Telephone: (574) 288-1510 ol O l►'LD CV as CCG(,�, C.®rn
Verification
1 affirm, under the penalties for perjury, that the foregoing representations are true.
Hoffman Hotel Apartments Housing Partners, L.P.'s
By: !�,A
Member, Manager
Date: ;" 3 C> , 2017.
RESOLUTION
4286-13
Passed by the Common Council of the City of South Bend, Indiana
September 23 20
Attest: City Clerk
Attest `�� `" President of Common Council
Presented by me to the Mayor of the City of South Bend.. Indiana
September 24; 20 0
C"-� -�— City Clerk
Approved and signed by me Z 5 �*��B 20 3
RESOLUTION NO.
A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY
RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF
SOUTH BEND, INDIANA, COMMONLY KNOWN AS
120 W. LASALLE STREET
AS AN ECONOMIC REVITALIZATION AREA FOR
PURPOSES OF A(10) TEN-YEAR REAL
PROPERTY TAX ABATEMENT FOR
HOFFMAN HOTEL APARTMENTS HOUSING PARTNERS, L.P.
WHEREAS, the Common Council of the City of South Bend, Indiana, has adopted a
Declaratory Resolution designating certain areas within the City as Economic Revitalization Areas
for the purpose of tax abatement consideration;and
WHEREAS, a Declaratory Resolution designated the area commonly known as 120 W.
LaSalle Street, South Bend,Indiana,and which is more particularly described as follows:
East 87.7 feet Lot 12 Original Plat of South Bend
and which has Key Number 71-08-12-107-002.000-026,as an Economic Revitalization Area;and
WHEREAS,notice of the adoption of a Declaratory Resolution and the public hearing before
the Council has been published pursuant to Indiana Code 6-1.1-12.1-2.5;and
WHEREAS,the Council held a public hearing for the purposes ofhearing all remonstrance's
and objections from interested persons; and
WHEREAS,the Council has determined that the qualifications for an economic revitalization
area have been met.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South
13end, Indiana, as follows:
SECTION I. The Common Council hereby confirms its Declaratory Resolution designating the area
described herein as an Economic Revitalization Area for the purposes of tax abatement. Such
designation is for Real property tax abatement only and is limited to two(2)calendar years from the
date of adoption of the Declaratory Resolution by the Common Council.
SECTION II. The Common Council hereby determines that the property owner is qualified for and
is granted Real property tax deduction for a period of(10) ten years as shown by the attachment
pursuant to Indiana Code 6-1.1-12.1-17 and further determines that the petition,the Memorandum
of Agreement between the Petitioner and the City of South Bend, and the Statement of Benefits
comply with Chapter 2,Article 6,of the Municipal Code of the City of South Bend and Indiana Code
6-1.1-12 ems.
SECTIQN III. This Resolution shall be in full force and effect from and after its adoption by the
Common Council and approved by the Mayor.
Member of the Common Council
Filed in 'Clerk's—Off We
SBDS02UD316305v1 ` Elp
)ENTEq �' �� C-6 T',CLERK, TH SEND,IN
NOT APPRIOArm,
L3 0
,��yv`lTft b,1�i
227 W.JEFFERSON BOULEVARD r: PHONE:574.235-9371
SUITE 1400S. , FAx:574/235-9021
SOUTH BEND.IN 46601-1830 u: ►,.F/ y
a
iR65
CITY OF SOUTH BEND PF.T6 BUTTIGIEG,MAYOR
COMMUNITY INVESTMENT
ScOTr FORD,ExrcuTlvE DIRECTOR
Annual Tax Abatement Reporting
CF-I Attachment
Local Municipal Code Reporting.
Sec.2-84.13
4DfF—M.O„
1. The names of local company and/or minority contractors used during the renovation of the real
property and /or installation of new personal property for which the tax abatement was received?
D.G• Co>.�E � TCn., a c_
3_3� L�
2. The number of minority persons hired for full or part-time jobs,please specify if the position was
either temporary or permanent, since the completion of the project for which the tax abatement was
given?
PLANNING NEIGHI)ORHOOD ENGAGEMENT BUSINESS DEVELOPMENT ECONOMIC RF.souRCF.S
JITIN KAIN PAMELA C.MEYER CHRIS FIELDING BROCK 7..EEB
APPLICATION FOR DEDUCTION FROM ASSESSED VALUATION 20_PAY 20_
OF STRUCTURES IN ECONOMIC REVITALIZATION AREAS (ERA)
State Form 18379(R13/1-16) FORM 3221 RE
Prescribed by the Department of Local Government Finance
INSTRUCTIONS:
1. This form is to be filed in person or by mail with the County Auditor of the county in which the property is located.
2. To obtain this deduction,a Form 322/RE must be filed with the County Auditor before May 10 in the year in which the addition to assessed valuation(or
new assessment)is made,or not later than thirty(30)days after the assessment notice is mailed to the property owner if it was mailed after April 10. if the
properly owner misses the May 10 deadline in the initial year of assessment,he can apply between March 1 and May 10 of a subsequent year for the
remainder.of the abatement term.(See also 1C 6-1.1-12.1-11.3 concerning the failure to file a timely application.)
3. A copy of the Form 11,the approved Form SB-1/Real Property,the resolution adopted by the designating body,and the Form CF-1/Real Property must
be attached to this application.
4. The Form CF-1/Real Property must be updated annually and provided to the County Auditor and the designating body for each assessment year in which
the deduction is applicable.
5. Please see IC 6-1.1-12.1 for further instructions.
6. Taxpayer completes Sections 1,If and IIi below.
T If property located in an economic revitalization area is also located in an allocation area as defined in)C 36-7-14-39 or IC 36-7-15.1-26,an application fo!
the property tax deduction may not be approved unless the Commission that designated the allocation area adopts a resolution approving the application
(IC 6-1.1-12.1-2(k)).
8. Except for deductions related to redevelopment or rehabilitation of real property in a county containing a consolidated city.a deduction for the
redevelopment or rehabilitation of real property may not be approved for the following facilities(IC 6-1.1-12.1-3):
a. Private or commercial golf course j. Any facility,the primary purpose of which is(a)retail food and beverage
b. Country club service;(b)automobile sales or service;or(c)other retail:(unless the
c. Massage parlor facility is located in an economic development-target area established
g under iC 6-1.1-12.1-7).
d. Tennis club k. Residential,unless the facility is a multi-family facility that contains at
e. Skating facility,including roller skating,skateboarding or ice skating least 20%of the units available for use by low and moderate income
f Racquet sport facility(including handball or racquef ball court) individuals,or unless the facility is located in an economic development
g. Hot tub facility target area established under IC 6-1.1-12.1-7,or the area is designated
h. Suntan facility as a residentially distressed area which is required to meet conditions as
Y cited in 1C 6-1.1-12.1-2(c)(f &2).
i. Racetrack i. Package liquor store[see IC 6-1.1-12.1-3(e)(12))
SECTION I-DESCRIPTION OF PROPERTY
The owner hereby applies to the County Auditor for a deduction pursuant to IC 6-1.1-12.1-5 beginning with the assessment date January 1,20_.
County Township DLGF taxing district number Key number
St. Joseph
Name of owner Legal description from Form 11
Hoffman Hotel Apartments Housing Partners,L.P.
Property address(number and street.city.state,and ZiP code) Date of Form 11 (month.day,year)
120 W. LaSalle Ave, Mgr office, South Bend, IN 46601
Type of structure Use of structure
12 story building 48 Apartment Units
Governing body that approved ERA designation Dale ERA designation approved(noWA days year) Resolution number
City of South Bend Common Council 9/30/13 _- 4286-13
SECTION II-VERIFICATION OF OWNER OR REPRESENTATIVE
Signature f owner o esent we(1 r eb certify that It ra resentations on this application are true.) Date signed(month,day.year)
05/17/16
Printed irame of owner or re set the Address(number and street.city.state,and ZIP code)
William J Hollingsworth 4000 W. 106th St, Suite 125-146, Carmel, IN 46032
SECTIONIII-STRUCTURES AUDITOR'
A.Rehabilitation structure 1.Assessed valuation AFTER rehabilitation $
2.Assessed valuation BEFORE rehabilitation $
3.Difference in assessed valuation(Line 1 minus Line 2) $
4.Assessed valuation eligible for deduction $
(for the increase in AN from the rehabilitation,not including
the increase in AN from the reassessment of the entire
structure)
B.New structure 1.Assessed valuation S
2.Assessed valuation eligible for deduction S __-
SECTION N-VERIFICATION OF ASSESSING OFFICIAL
1 verity that the above described structure was assessed and the owner was notified on with the
effective date of the assessment being January 1,20 ,and that the assessed valuations in Section III are correct.
Signature of assessing official I Printed name of assessing official Date(month day,year)
CONTINUED ON THE REVERSE SiDE
STATEMENT OF BENEFITS 20_PAY 20_
x� REAL ESTATE IMPROVEMENTS
State Form 51767(116l 10-14) FORM S13-1 I Real Property
Prescribed by the Department of Local Government Finance PRIVACY NOTICE
This statement is being completed for real property that qualifies under the following Indiana Code(check one box): Any information concerning the cost
Redevelopment or rehabilitation of real estate improvements IC 6-1.1-12.1-4 of the property and specific salaries
(� p P ( ) paid to individual employees by the
❑Residentially distressed area(IC 6-1.1-12.1-4.1) property owner is confidential per
IC 6-1.1-12.1-5.1.
INSTRUCTIONS:
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 real property for which the person wishes to claim a deduction.
2. The statement of benefits 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 alter the assessment notice is mailed to the property owner if it was mailed after April 10. A property owner who
failed to file a deduction application within the prescribed deadline may rile an application between March 1 and May 10 of a subsequent year
4. A property owner who files for the deduction must provide the County Auditor and designating body with a Form CF-1/Real Property. The Form CF-I/Real
Property should be attached to the Form 3221RE when the deduction is first claimed and than updated annually for each year the deduction is applicable.
IC 6-1.1-12.1-5.1(b)
5. For a Form SB-1/Real 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-1/Real 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
Hoffman Hotel Apartments Housing Partners, L.P.
Address of taxpayer(number and street,city,state.and ZiP code)
4000 W. 106th Street, Suite 125-146
Name of contact person Telephone number E-mail address
William J. Hollingsworth ( 317 ) 557-9942 vfioiiingswonhoequaidevelopmentccm
SECTION DESCRIPTION OF PROPOSED PROJECT
Name of designating body Resolution number
City of South Bend
Location of property County DLGF taxing district number
120 W. LaSalle Ave, South Bend, IN 46601 St. Joseph
Description of real property Improvements,redevelopment,or rehabilitation(use additional sheets if necessary) Estimated start dale(month,day.year)
48 Apartment units 10/11/14
Estimated completion date(month,day
5/1/16
SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT
Curren)number Salaries Number retained Salaries Number additional Sala r es
1.00 $35,000.00 1.00 $35,000.00
SECTION 4 ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT
REAL ESTATE IMPROVEMENTS
_ COST ASSESSED VALUE
Current values ea4.200.00
Plus estimated values of proposed project _ 1.500.000.00
Less values of any property being replaced
Net estimated values upon completion of project 2.WA.200.00
SECTION • r AND OTHER BENEMS PROMISED
Estimated solid waste converted(pounds) i Estimated hazardous waste converted(pounds)
Other benefits ——— -- - -
SECTION •
I hereby certify that the representations in this statement are true.
Signature of authatized representative Date signed(month,day.year)
� 15/15/16
Printed name of authorized represenMrive Title
William J. Hollingsworth Sole Member of the G.P.
Page 1 of 2
-..FPR,USE.OF THEDESIGNATING :sra
We find that the applicant meets the general standards In the resolution adopted or to be adopted by this body. Said resolution,passed or to be passed
under IC 6-1.1-12.1,provides for the following limitations:
A. The designated area has been limited to a period of time not to exceed calendar years' (see below). The date this designation
expires is
B. The type of deduction that is allowed in the designated area is limited to:
1.Redeve)opment or rehabilitation of real estate improvements ❑Yes ❑No
2.Residentially distressed areas ❑Yes ❑No
C. The amount of the deduction applicable is limited to$
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 title of authorized member of designating body) Telephone number Dale signed(month,day,year)
Printed name of authorized 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.
A. For residentially distressed areas where the Form SB-1/Real 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-1/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-1/Real Property was approved prior to July 1,2013,the abatement
schedule approved by the designating body remains in effect. For a Form SB-1/Real 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 estab'ished 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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