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HomeMy WebLinkAbout18-18 Designating Property Tax Abatement Petition - Franklin Street Technology Park, LLC TH o45°u 8�d FtAPR k's Office U ✓p W 2018 PEACE aZ x x 1865 KAREE101AH i OWLE_R CITY OF SOUTHBENDC11-YCLERK,SOUTH BEND,IN COMMUNITY INVESTMENT JAMES MUELLER, EXECUTIVE DIRECTOR April 18, 2018 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: Franklin Street Technology Park, LLC Dear Council Member Ferlic: Please find attached the Department of Community Investment's report on a real property tax abatement petition for the above-referenced petitioner. Also attached is a copy of the petition, Statement of Benefits form, and supporting information. The project calls for the construction of three office buildings,located at the intersection of Sample Street and Franklin Street, South Bend. The report contains the Department's findings relative to the above petition. The total cost for the construction is estimated at $3,000,000 over a four year period. The project meets the qualifications for an eight-year real property tax abatement and a representative from Franklin Street Technology Park, LLC will be available to meet with the Committee on Monday, April 23, 2018. 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. Sincer y, f Daniel uckenmeyer Director of Business Development and Economic Resources DANUELJ.BUCKEN.\IEYER AI.KEYNA ALDRIDGE PANIEI.A MEYER TIM CoRCORAN BUSINESS DEVELOPMENT ENCAGETIENT&ECONOMIC EMPOWERN'IENT NEICIiIIORIIOOD DEVEI.OI'\TENT PI.,V\NING&COMNfuNITY RESOURCES EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT 1400S County-City Building 227W.Jefferson Blvd. South Bend,Indiana 46601 p574.235.9371 www.southbendin.gov Filed in Clerk's Office APR 18 2019 X ABATEMENT REPORT 1C E CLERK,S H FOWLER TA CITY C!E SOUTH EVJp, IN TO: SOUTH BEND COMMON COUNCIL FROM: DANIEL BUCKENMEYER SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: Franklin Street Technology Park,LLC DATE: April 18,2018 On Thursday March 291, 2018, a petition from Franklin Street Technology Park, LLC was received and subsequently filed with the City Clerk for real property tax abatement consideration for property to be located at the intersection of Sample Street and Franklin Street, South Bend, IN 46601. 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 the approximately 60,000 sq. ft. three standalone buildings with flexible use space. ➢ The proposed construction will be located on the block bounded by Sample Street, Franklin Street, Garst Street and Lafayette Street adjacent to the main campus of Ignition Park. The new space will be leased out to various small companies for a variety of uses including light manufacturing and assembly, service contractors, distribution companies and technology maintenance and support companies. ➢ In the first phase a building approximately 30,000 sq.ft.will be built as speculative space in anticipation of tenant needs. An additional 30,000 sq.ft. will be designed and added as specific needs and tenants are identified.The space will allow various types of companies to start operations or to expand into larger spaces. This type pf space will complement the larger structures contemplated for Ignition Park. ➢ The project is expected to create approximately 60 indirect jobs in the next five years. ➢ $3,000,000 private investment in the buildings construction. ➢ Land purchase from the Redevelopment Commission for$84,000. ➢ Estimated taxes being paid during eight year abatement period—$137,488 ➢ Estimated taxes being abated during eight year abatement period—$438,512 EMPLOYMENT IMPACT Per the petition,it is estimated that the total project will: EF Clerk's Office ➢ Create sixty(60)indirect jobs 18 2018 ,V4,i i B ABATEMENT QUALIFICATION SOUTH BEND,IN 1. A review of the tax abatements previously granted, finds that the petitioner has not been granted or associated with any previous abatements. 2. The Area Plan Commission has reviewed the petition and finds the property to be properly zoned for the proposed project. 3. 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 an(8)eight-year real property tax abatement under section 2-84.2, Tangible Real Property Tax Abatement. a T11-0 0 0 o -Mo.- O O 0 10 O n 0 0 O O O N 7 M M n r N lY �• i n0000 o mom n d °o_o o n n °o °o C= W U-E } 000 'od' M Nm �J 7 N eD m ili ) CV YQ 00 ZJ_ m o 0 o to o o Y } O N m V N N r W c m v ici Q W ui i°�n ml°o°o°OO m a°a °o°°o U C m y coo o in o m 0 o kkk } 0 6 0 a m m N N o vi n r N N O l O o 0 o o f O A O°O m O O O o O o O O o°°m v° : N m U N N co J NMO°o°o o° non coo ZW� oon am w o N mm Y m m o0o m �i o 8 al i�o� ncr v Q V coo Q m m N N m n m m N m n Q ^ R N r N n r N m m m LL 2 N lV U �� x Q O o N l 0 0 0 o o coo O O O N l7 m N N m N 800mmwm� O ~ O y 0 0 O O ~�N O O m M a 0 N n N N N N N m N VI m N m V o ° vg Ln n n nr v nvcoM N N H No o o al0000 0 coo aoc y 3 ml oo0onoo0 0 Q o W cc m o c C d o o c o o o o o o Q o od oo m c o �z '� 0000c000 0 ;cc lo ,,}^i d o } 7 o N r r E u, r r A r ti n r n i vI a O N N U C � .1G m 'o aci°o°OO m °o °coo° m 00000000 o m 'y o c uF �i 0 0 o z•o ml o°o_°o_o°_°o o°o_°o_ ct ai { O O O m N N N o o Midn n n nnnnnnnn n d Q N N N r m 2 ` d i L C ~ � i G x c O o coo c o o % o o o o o o o o O C - U F- o � o „-6 y u YI �N°vin corm ?w n EE d a o o cL Z Q v o ro o 0 o m m _ d d C w N° ~ C d Y t E o N � { o v d y 1 adi c.o l d o v j c ? o m_ E` c � t m U m y 3 an d =v d X U d d N y N m y d m Um�m ?+a 3 d X x m t� d m y m t0 an d O O N Q Q C yAz cL 2 mUDU W t N NRN 7 41 y icy 9 Co U m • I i i '7c;id in Clerk's Office PROJECT OVERVIEW APR 18 2018 I i.• r; Llv'A i FOWLER _'OUTH BEND,IN Franklin Street Technology Park LLC proposes to construct approximately 60,000 sqft of flexible use -- space in three phases concluding in 2022. The proposed construction will be located on a block just south of the county jail bounded by Sample Street, Franklin Street,Garst Street and Lafayette Street adjacent to the main campus of Ignition Park. The intent is to lease the space to various small companies for a variety of uses including light manufacturing and assembly, service contractors, distribution companies and technology maintenance and support companies. Based on an estimate of one employee per 1,000 sqft of space, it is estimated that the project will support the employment of 60 people. The first phase, (approx. 30,000 sqft)will be built as speculative space in anticipation of tenant needs. An additional 30,000 sqft of space will be designed and added as specific needs and tenants are identified.The space, as constructed, will allow various types of companies to start operations or to expand into larger spaces.This type of space will complement the larger and higher-end structures contemplated for Ignition Park. I j I c 5 t 9 BILL NO. 18-18 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 Intersection of Sample St. and Franklin St., South Bend, IN 46601 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF AN (8) EIGHT-YEAR REAL PROPERTY TAX ABATEMENT FOR Franklin Street Technology Park, 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 portions of the property located at the intersection of Sample Street and Franklin Street, South Bend, Indiana which is more particularly described as follows: Parcel I: Lot Numbered One (1) as shown on the recorded Plat of Studebaker Corridor Fourth Minor Subdivision, recorded May 7, 1993 as Document Number 9315731 in the Office of the Recorder of St. Joseph County, Indiana. Parcel II: Lots Numbered Fifty-three (53) and Fifty-four (54) as shown on the recorded Plat of South Bend City, as platted by Samuel Morrison, now a part of the City of South Bend, in St. Joseph County, Indiana. Parcel III: Lots Numbered Fifty-five (55) and Fifty-six (56) as shown on the recorded Plat of South Bend City, as platted by Samuel Morrison, now a part of the City of South Bend, in St. Joseph County, Indiana. Parcel IV: Lots Numbered Fifty-seven (57), Fifty-eight(58), Fifty-nine (59), Sixty (60), Seventy-one (71), Seventy-two (72), Seventy-three (73) and Seventy-four (74) all as shown on the recorded Plat of South Bend City, platted by Samuel Morrison, now within and a part of the City of South Bend, Indiana. and which have Key Numbers 018-8002-0061, 018-8002-0070, 018-8002-0071, 018-8002-0073, 018-8002-0074, 018-8002-0075, 018-8002-0076, 018-8002-0077, 018-8002-0078, 018-8002- 0079, 018-8002-0094, 018-8002-0096, 018-8002-0097, 018-8002-0098, 018-8002-0099, 018- 8002-0100,018-8002-0101,018-8002-0102,and 018-8002-0104,and be designated as an Economic Revitalization Area under the provisions of Indiana Code 6-1.1-12.1 et sue., and South Bend Municipal Code Sections 2-76 et seq., 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 sue., and South Bend Municipal Code Sections 2-76, et seq., 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 1. 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 fords 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 four (4) 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(8) eight years as shown by the schedule outlined below as well as the attachment pursuant to Indiana Code 6-1.1-12.1-17. Year 1 - 100% Year 2 - 100% Year 3 - 95% Year 4 - 90% Year 5 - 85% Year 6 - 80% Year 7—75% Year 8 - 70% 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. Tim Scott, Council President South Bend Common Council City of South Bend o�sou'rirg�Q Petition for Incentives Petition must include a$250(ling fee payable to the City Clerk's Office or online via the City's website at 1855 http://southbendin.gov/government/content/tax-abatement before processing can be complete General Information Project Name 900Franklin Project Number Legal name as registered with Secretary of Franklin Street Technology Park LLC Buslnessstructure Indiana Limited Liability Company Company website 900Franklin Street.com Proposed Project Information Proposed project address 900 Franklin Street Parent company name Five Corners LLC City,state,Zip South Bend, IN 46601 Legal owner Site acreage or acreage required 4.5 acres Is the real estate owned or to be owned Square feet of facility 160,000 If leased by whom Primary Contact Information Primary company contact name Charles Hayes Title Managing Member Address of company contact 814 Marietta Street Phone 574-233-1296 City,State,Zip South Bend, IN 46601 Email cshayes @telecompark.com Senior Official Information Company senior official name Charles S Hayes rtle Managing Member Address of company contact(if different from Phone abovel City,State,Zip Email Consultant Information/Agent Hired business consultant/agent name Consultant release(Y/N) Address Local economic development partners a raval Y N City,State,Zip Email Project Overview Brief description of your company,project,and why the See Attached property is necessary for economic growth Filed in Clerk's Office MAR 2 9 2018 KAREEMAH FOWLER CITE CLERK,SOUTH BEND,IN Certified Technology Park appropriate Yes Is the project in a Tax Incremental Financing River West IF r whi h Certify that the Building Permit has not been Yes Number of residential units created by n/a If this is a petition for personal property tax abatement,has n/a the equipment been installed Investment Details Public Infrastructure needs(Off- Has any 504 funding been What is the value of any equipment being purchased in What is the value of any equipment being site of project in dollars) received? Indiana for the project? purchased from out of state for the project? New Proiect Investments Calendar Year 2016 2017 2018 2019 2020 2021 2022 2023 Land Acquisition $84,000 Building Lease Payments Building Purchase Costs New Building Construction $1,500,000 $750,000 S 750,000 Existing Building Improvements New Machinery&Equipment Special Tooling/Retooling New Furniture/Fixtures New Computer/IT Hardware New Software On-site Rail Infrastructure On-site Fiber Infrastructure TOTAL $p $0 $84,000 $0 $1,500,000 $750,000 $750,000 $0 Full-Time Permanent Indiana-Resident Positions by Calendar Year Calendar Year Jobs retained Total hourly Cumulative#of net NEW full time Hourly average wage,w/o Total training Total#to be wage w/o permanent jobs created at project benefits or bonuses,of expenditure- trained-not fringe or cumulative net new jobs not cumulative bonuses cumulative 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Provide hourly wage information for new employees in the following positions. Full time Part time Laborers Technical Managerial Administrative Who will e It e individual responsible for coordinating With WorkOne an recruitin ? Does your company have an EEO hiring policy? Are you an EEO employer? Please list the number of full time and part time minority and/or female employees for each of Please describe your commitment to the last three years: diversity and inclusion by detailing your outreach and recruitment efforts for the last Year three years as well as current policies. Full Time Part Time Full Time Part Time Full Time Partrime Black Hispanic Asian Indian Female Other Complete below for Real or Personal Property Tax 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. Qualify Please complete the table below with the appropriate information. If (yes or No) Earned Points Available Points you qualify for the points,please enter the full amount of available points. 1 Construction Related(contractor-. A. Employ Local Companies(75%) y 20 20 8. Purchase Materials from Local Companies(75%) y 20 20 C. Require Employees vs.Independent Contractors y 19 19 D. Require Prevailing Wage(Davis Bacon) y 22 22 E. lRequire Health Benefits y 22 22 F. Require Pension Benefits y 18 18 G. Maintain Affirmative Action Plan y 20 20 Sub-total Construction Related: 141 141 2 Wage&Benefit Related(Owner): A. Pay Target Wage Levels n 0 33 B- Provide Health Benefits n 0 34 C. Provide Pension Benefits n 0 29 D. Provide Training n 0 28 E. Provide Child Care n 0 15 F. I Provide Transportation Assistance n 0 14 G. Provide Employer Assisted Housing program n 0 9 Sub-total Wage&Benefit Related: 0 162 3 Workforce Related: A. Create New Jobs y 42 42 B. Retain Existing Jobs y 41 41 C. Maintain Affirmative Action Plan y 35 35 D. Provide Targeted Hiring Preference Y 34 34 Sub-total Workforce Related: 152 152 4 Support a Municipal Facility: Support a SB Municipal Facility(donations to the 0 A' zoo,conservatory,museum,etc.) n 84 Name of Facility Sub-total Municipal Facility: 0 84 Sub-total from Above: 73 23 539 The undersigned owner(s)of real property,located within the City of South Bend,herby petition the Common Council of the City of South Bend for a real and/or personal property tax abatement consideration and pursuant to I.C.,6-1.1-12.1-1,et seq.,and South Bend Municipal Lode Sec.2-76 et seq.,for this petition state the above. Submitted BV' Anne Hayes I Date: 03/28/2018 For Staff Use Only Below This Line What is the current assessed value? Real Property: Personal Property: What is the projected assessed value? Real Property: Personal Property: What is the tax key number for this project? What is the six digit NAICS code? Please attach a Google map and street view of the location. Please list the amount of real and personal property taxes Real Property Taxes: Personal Property Taxes: paid for the last five years when applicable. Year One Year Two Year Three Year Four Year Five Please fill out the following Public Benefit Summary Information and add to total from above. Y or NJ Points Points Public Benefit Item: Project Related: 5 A. Redevelop a Site that has Special Needs 49 B. Develop Based on Local University Research 35 C. Achieve a Physical Element of a Plan 3 36 I I Sub-total Project Related: 120 6 Super Size Protects(point values are cumulative): A. 100%to 199% "� 25 B. 200%to 299% G8 68 C. 30091 to 399% 65 D. 400%and Over ��� 52 L Sub-total Super Size Projects: a 210 7 Pay for Municipal Infrastructure: A. Pay for Oversizing or Upgrading 14 B. Pay for 26-50%of Extension Cost 26 C. Pay for 51-75%of Extension Cost 39 D. Pay for 76-100%of Extension Cost 52 Sub-total Infrastructure Related: 131 Total from Applicant Section: p�,9. 539 Total from Staff Section: p 461 Total Public Benefit Points: /, 1000 STATEMENT OF BENEFITS Filed in Clerk's Office 20_PAY 20_ REAL ESTATE IMPROVEMENTS State Form 51767(R6/10-14) FORM SBA I Real Property Prescribed by the Department of Local Government Finan a MAR 2 9 2018 PRIVACY NOTICE This statement is being completed for real property that qualifies under th followi Indiana Code check one box): Any information concerning the cost p ( ) KAREEMAH FOWLER of the property and specific salaries [Z Redevelopment or rehabilitation of real estate improvements IC 6-1.1- 2.1-4 paid to individual employees by the ❑Residentially distressed area(IC 6-1.1-12.1-4.1) CITY CLERK,SOUTH BEND IN 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 after 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 file 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-11Real Property. The Form CF-1/Real 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 6-1.1-12.1-5.1(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 1 TAXPAYER.INFORMATION Name of taxpayer Franklin Street Technology Park LLC Address of taxpayer(numberand street,city,state,and ZIP code) 814 Marietta Street South Bend, IN 46601 Name of contact person Telephone number E-mail address Anne Hayes ( 574 ) 233-1296 ahayes @telecompark.corn • • . Name of designating body Resolution number Location of property County DLGF taxing district number 900 Franklin Street St Joseph Description of real property improvements,redevelopment,or rehabilitation(use additional sheets if necessary) Estimated start date(month,day,year) SEE ATTACHED July 2018 Estimated completion date(month,day,year) July 2022 Cu 0.rent number Salaries Number retained Salaries Numberadditional Salaries 00 0.00 REAL ESTATE IMPROVEMENTS COST ASSESSED VALUE 84,040.00 Current values Plus estimated values of proposed project s,000,000.00 Less values of any property being replaced Net estimated values upon completion of project 3,084,040.00 Estimated solid waste converted(pounds) Estimated hazardous waste converted(pounds) Other benefits SECT • CERTIFICATION I hereby certify that the representations in this statement are true Signature of authorized represen L Date signed(month,day,year) i 03/28/2018 ted name f authorized represe Title Anne Hayes Member Page 1 of 2 I FOR USE OF BODY 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 title of authorized member of 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 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 SBA/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 SBA/Real Property was approved prior to July 1,2013,the abatement schedule approved by the designating body remains in effect.For a Form SBA/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 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. 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