HomeMy WebLinkAbout19-10 SWGS Properties, LLC Confirming Real Property Tax Abatement F ed in Clerk's Office
a
_ rr..+ca J1bI JAN 2 201
KA'r EEMM;AH 1-GWLER
CITY OF SOUTH BEND CITY CLERK,SOUTH BEND,IN
COMMUNITY INVESTMENT
JAMES MUELLER, EXECUTIVE DIRECTOR
January 22,2019
Council Member Gavin Ferlic,Chairperson
Community Investment Committee
South Bend Common Council
4th Floor, County City Building
South Bend,IN 46601
RE: Vacant, Real&Personal Property Tax Abatement Petition for: SWGS Properties, LLC
Dear Council Member Ferlic:
Please find the attached information pertaining to a vacant,real and personal property tax abatement petition
submitted by SWGS Properties, LLC to purchase a vacant building located at 2920 W Sample St. South
Bend,IN 46619 and new equipment for fabrication of steel products.The business,a distributor for hot and
cold rolled metal products for steel industry, was formed in 2015 and has overgrown its existing facility
10,000 sq ft in Mishawaka, IN.This petition package includes:
> Department of Community Investment's summary report
> Petition
➢ Statement of Benefits forms(Vacant Building, Real and Personal properties)
> Supporting information
The report contains the Department's findings relative to the above petition. The petitioner proposes to
purchase the vacant building for$765,000, invest in its renovation approximately $500,000 and purchase
new equipment with estimated cost of $700,000. A total project cost is approximately $2,000,000. A
representative from SWGS Properties, LLC will be available to meet with the Committee on Monday,
January 28,2019.
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.
Since rely,
- r
Dani e 4-r
Director,Business Development
DANIEL,I.BUCKE.NMEYER ALKEYNA ALDRIDGE PAMELA MEYER TIM CORCORAN
BUSINESS DEVELOPMENT ENGAGEMENT&ECONOMIC EMPOWERMENT NEIGHBORHOOD DEVELOPMENT PLANNING&COM nJNITY RESOURCES
EXCELLENCE I ACCOUNTABILITY I INNOVATION INCLUSION EMPOWERMENT
14005 County-City Building i 227 W.Jefferson Blvd.i South Bend,Indiana 46601:p 574.235.9371 1 www.southbendin.gov
an C¢C ia..
TAX ABATEMENT REPORT JAN 23 2019
TO: South Bend Common Council 1 � ;
FROM: Daniel Buckenmeyer,Director of Business Develo en
Cir
SUBJECT: VACANT, REAL & PERSONAL PROPERTY TAX ABATEMENT
PETITION FOR:
SWGS Properties, LLC
DATE: January 23, 2019
On Monday, January 14, 2019, a petition from SWGS Properties, LLC was received and
subsequently filed with the City Clerk for vacant,real and personal property tax abatements
consideration for property located at 2920 W Sample Street, South Bend, IN 46619.
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
> Building purchase price of$765,000 with an additional$500,000 in planned private
investment for building upgrades to operate a manufacturing and distribution
facility including modern roof, flooring, and loading docks.
> There are two parcels including a vacant building and land that have not been
utilized for close to 5 years. Currently, the building has leaks and requires
immediate repairs and renovation.
> Additional private investment in personal property/capital equipment with purchase
price of$700,000.The industrial equipment is for forming hot and cold rolled metal
products.
> Estimated taxes phase-in and paid:
Property Estimated Total Taxes Est.Taxes Phase-lo Est.Taxes Paid
Vacant—6Y $125,569 $104,096 $21,473
Renovation-6Y $82,952 $68,767 $14,185
Equipment—5Y $60,437 $40,119 $20,318
Total: $268,958 $212,982 $55,976
EMPLOYMENT IMPACT
Per this petition, it is estimated that the company will:
➢ Bring four (4) permanent full-time jobs representing a total annual payroll of
$160,576 to South Bend. The hourly average wage is$19.30.
> Create sixteen (16) new permanent, full-time jobs within first four years with a
total estimated annual payroll of$624,000. The estimated hourly average wage is
$18.75.
ABATEMENT QUALIFICATION
1. A review of the tax abatements previously granted, finds that the petitioner has not
been granted or associated with 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 a six(6)year vacant building, a six(6)year real property
and five (5) year personal tax abatements under section 2-82.1, Industrial
development in Urban Enterprise Zone and Redevelopment Blighted Areas, and
section 2-84.2,Tangible Personal Property Tax Abatement.
I Filed in
FiEJ.
9 1
BILL NO. 19-10
RESOLUTION NO.
A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY
RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF
SOUTH BEND, INDIANA, COMMONLY KNOWN AS
2920 W Sample Street, South Bend, IN 46619
AS AN ECONOMIC REVITALIZATION AREA FOR
PURPOSES OF A SIX (6) YEAR REAL
PROPERTY TAX ABATEMENT FOR
SWGS Properties, LLC
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 2920 W
Sample Street, South Bend, Indiana 46619, described as follows:
400' On Sample Beg 330' E & 35' S Nw Cor Nw Sec 15-37-2e
165 Ft. On Sample St Beg. 165 Ft E Of Nw Cor Sec 15-37-2e
and which has Key Numbers 018-8075-282401 and 018-8075-282404, and be designated 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 of hearing all
remonstrances 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
Bend, 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 three (3) 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 six (6) years as shown by the schedule
outlined below as well as 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 et seq.
Year 1 - 100%
Year 2 - 100%
Year 3 - 95%
Year 4 - 90%
Year 5 - 80%
Year 6 - 70%
SECTION III. This Resolution shall be in full force and effect from and after its adoption by the
Common Council and approved by the Mayor.
Tim Scott, Council President
South Bend Common Council
City of South Bend
Petition for Incentives )
Petition mutt Include a$250 filing fee payable to the City Clerk's Office or online via the City's website at
http/jsouthbendln,gov/pavernment reontenVtax-abatement before proceutng con bt complete aro
Gene•I Information Project Name 1 I Project Number IEDC#420573
Legal nine as registered with Secretary or
,u Grace Steel Corporation (Adding Grace Steel, LLC in coming days with Tax FEIN)
eusinec structure
Grace Steel LLC would be Joint Venture with Steel Warehouse(Female Owned)
CamparVws deeg ✓-w'c~s- /''- 4 x+
WVVNl. raCBSteeISBfVICe.COm ' S s`
Propo;ed Project Information
Proposes prosect a deirrsa 2920 West Sample St Parent company name
Grace Steel Corporation
City,stye,zip South Bend, IN 46619 Legal ownav
Pam Andre(Female owned)
Silo acreage or engage requited I5 the real estate owned or
Would be Owned
inatad
Square bet of facility If!eased by a born
73,000
Primary Contact Information
Primary Oompany contact nude Sitio
David Andre President
Address of company°India
21601 Durham Way MONS 574-536-2445
c ty,sea f,zip Bristol, IN 46507 °' '
davldandre@gracesteelservice.com
Senior Official Information
Company senior Official Reale Tldt•
I Same as above
.Address\af company contact(if different hem f
Phone
bowl
City,Rs e,Zip
Email
Consu tant Information/Agent
Hired besints%con:Wtant/agent name Con sutta nt release(y/NI I
RSM US LLP/Eric Levenhagen
Address
9225 Priority Way W Drive#300 Local amnomlcdevelopment p,rmm
approval iy/N1
Citysea s,Zip Indianapolis, IN 46240 Erna.'
Project Overview
Eriefdesription of your
romped,.project,and why the Grace Steel has outgrown its existing facility 10,000 sq ft in Mishawaka. IN as a
property is necessary for distributor for hot and cold rolled metal products for steel industry and other industrial
attain OM' markets. We are seeking potential sites of 70,000 sq ft or larger for growth. Evaluation
criteria include site location, economic incentives and labor force. The potential South
Bend site is 73,000 sq ft and has been vacant for 6 years and under utilized for the past
15 years. It is located in Urban Enterprise Zone Grace Steel is looking to grow in either
Indiana or Michigan to serve a large vendor at Steel Warehouse with up to 15 new jobs
above State/County average wage. There is opportunity to form a joint venture with this
vendor for steel product manufacturing/distribution to save on shipping costs and
streamline efficient operations. We respectfully request analysis for Vacant Building
Deduction Tax Abatement or TIF Funding compared with Enterprise Zone savings over
10 years to achieve this growth plan and major investment into this buiildinga. r 1' �1�s
'Certifedtrechnoiogy Park appropriate FiledinL P s JI I ice
No
Is the prrsiect let a lax Incremental Financing - - —'-
,JFifl,ra'a?Hsp.xt,ichz Yes (Sample Street Corridor)
Certify that the auliding Permit has not been Y Number Of residential units created try JAN ' /U119
III/sett/to 0
III/sett/to
if this lea petition for personal property tats abatement,has
the equipment been Instant—el No -—
CfTY CLERK SC +TH SEND,IN
'Investment Details —
Public infrastructure needs(Off- Has any SG1 hording been What is the value of any aquip.yent being purchased in Whar'r the value of any equipment tieing
seta of project In donors) mermen Indiana for the project? purchased from oat of state for toe project?
N/A No $350,000
$350,000
New FirOlect Investments
CalenharYear 201E 2014 2020 2021 2022 2023 2024 2025
land AMuisition
aulldint Least Payments
0Wtditi Purchase Costs $765,000
New Su!ding
,Construction
E Kilt1
ibiMlGutf Improvements
$100,000 $200,000 $ 100,000 $100,000
New Mgthlneryi Equipment $400,000 $ 100,000 $ 100,00C $ 100,000
Spacial—ooling/tietooting
New Pulnituraffietures
New Cooter/PT Hardware '
$10,000
New Software
$10,000 $10,000 $10,000 $ 10,000
On•sita UN Infrastructure
On-site be Infrastructure
TOTAL, $765,000 $520.000 $310,0001$210,000 S 210,000 $0 $0 $0
(Full-Tine Permanent Indiana-Resident Positions by Calendar Year
CelencarrYear lobs retained Tool hourly Cumulative a of net NEW foil time Hourly average wage,w/o I Total training'Total A to be
wage w/o permanent jots created at project benefits or bonuses,of I elgtendtture- tnlned-not
fringe or cumulative net new jobs not cumulative
bonuses cumulative
2018 4(0 at project site) 19.30
2019 5 19 40 $15000 5
2020 10 18.75 920000 10
2021 15 18 75 $25000 15
0022 20 18 75
2023 20 18.75
1024 20 18.75 •
I025 20 18.75 d
2028 20 18.75
2023 20 18.75
2028 20 18.75
2029 20
8.75
Provide hourly wage Information for new employees In the following positions.
IFull time past umr
Laborers
Technical $1
Managerial $22
Adndnletrattve
Who r„4S be the Individual respansinte for coordinating with
Worh4ny ow reauttfae7 favid Andre
Does Your tympany have an EEC hiring poLry7 Yes Are you en EEO employer?
Yes
Please list the number of full time and part time minority and/or female employees for each of Please descllae your commitment to
the last three years: diversity and Inclusion by detailing you
Y^cur outreach and recrultrn ent efforts for the fast
three years as well as current poildes,
Full Time Part Time Full Time Part Tlme Full Time Part Tum»
Pam Andre is Owner and
Hispanic
they have made company
Asian female owned business.
Indian Company is EEO employer
that does not discriminate
Ferrate 1 1
Other in hiring process.
3 3 3
Complete below for Real or Personal Property Tax Abatement only.
Please sign for all requested incentives.
1
Public Benefit Item:
Information Is required on both the construction companies and the
coal panics which will provide materials pure Laced for this project.
Please complete the table below with the appropriate Information, If Qualify Earned Points Available Points
youllualify for the points,please enter the full amount of available (Yes or No)
points.
i Construction Relatetr[Contractors):
A. Employ Local Companies(75%) Yes 20 20
6. Purchase Materials from Local Companies(75%) Yes 20 20
C. Require Employees vs.Independent Contractors Yes 19 19
D. Require Prevailing Wage(Davis Bacon) Yes 22 22
E. Require Health Benefits Yes 22 22
F. Require Pension Benefits Yes 18 18
G. Maintain Affirmative Action Plan No 20
Sub-total Construction Related: 121 141
Wow.g Benefit Related tQwnerk
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 28 28
E. Provide Child Care No 15
F. Provide Transportation Assistance No 14
C. Provide Employer Assisted Housing program No 9
i Sub total wage&Benefit Related: 124 I 162
y
Workforce Related:
A. Create New Jobs Yes 42 42
B. Beta lnExisting Jobs Yes 41 41
C. Malntalf Affirmative Action Plan No 35�/
D. Provide Targeted Hiring Preference Yes S 34 34
Suub-total Wonders'ROW: 117 152
4 Support 4 Municipal Facility:
A Support.a SB Municipal Facility(donations to the
Yes 34
I
zoo,conservatory,museum,etc.) I 84
Name of=amity South Bend Zoo
I_ 14u-total Municipal Facility: 34 34
Sub-total from Above: 440 539
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 areal and/or ersonai'roe
P p Pty it abatement consideration and pursuant to I.C.,6-1.1-12.1-1,et Seo,,and
South Bend Mu,ylcipal de Se et sea.,for this petition state the above.
Submitted By: ,y y//(/// X f1''-Date; t -t- (��r�4
f�
For Staff Use Only Below This Line
rC.�c.fwt J �Z'
What Is the current assessed value? Real Property: Ty 1 00 Personal Property:
What Is the projected assessed value? Real Property: f, i,��1 >-0. Personal Property: � 0 00
What Is the tax key number for this project? O/ — , T 21/0/` O( -er
What is the six digit NAILS rade? ���3�1^ a
v Filed in Clerk's Officx,
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 roperty xes: S
paid for the last five years when applicable. 'JAN V^' r: S
/f Year One 'Jn i
_,1)76c / Year Two .� YCL
rv�r10E(yli",�'(FOWLER
Jr� �b Year Three CLERK, :;l.ftl,'t i BEND,r(,l
/Y `/ '(ear Four
L�7 Z/
s 67/sv
/s fvYearFlve r7y .L
Iv C
Please fill out the following Public Benefit Summary Information and add to total from above.
JY or Nj PointsPofnts
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 36
Sub-total Project Related: 120
6 Super Size Projects(point values are cumulativel:
A. 100%to 199% /y „Z6 25
B. 200%to 299% / 68
C. 300%to 399% 65
O. 400%and Over 52
Sub-total Super Size Projects: 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: yz,/b 539
Total from Staff Section: 461
_ _ Total Public Benefit Points: 7,/ 1000
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0.s.,-iii '' fu; -TATEMENT OF BENEFITS 2019 PAY 20 20
. . t -EAL ESTATE IMPROVEMENTS
(�- 1��J JAN i 8 .2.09
•tate Form 51767(Re r 10-14)1111140,
FORM SB-1 I Real Property
prescribed by the Department of Local Government Finan
AH '-) /LER PRIVACY NOTICE
This statement • being completed for real property that qualifies under the I�I t (check Any mformabon concerning the cost
Redevelop rat or rehabilitation of real estate improvements(IC 6-1.1-1 K - MW,'IN of the property and specific salaries
Q(
paid to Indlt dual employees by the
❑Residential) distressed area(IC 6-1.1-12.1-4.1) property owner is confidential per
INSTRUCTION..
IC6-r 1-t2.t-5.1.
1. This statern.rat must be submitted to the body designating the Economic Revitalization Area prior to the public hearing if the designating body requires
information om 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 statem= t of benefits form must be submitted to the designating body and the area designated an economic revitalization area before ire initiation of
the fadevel..ment or rehabilitation for which the person desires to claim a deduction.
3. To obtain a•eduction.a Form 322/RE must be filed with the County Auditor before May 10 in the year in which the addition to assessed valuation is
made or nog 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 deduction application within the prescribed deadline may file an application between March 1 and May 10 of a subsequent year.
4. A property o net who files for the deduction must provide the County Auditor and designating body with a Form CF-1/Real Property. The Form CF-1/Rea!
Property sh. Id be attached to the Form 322/RE when the deduction is first claimed and then updated annually for each year the deduction is applicable.
IC 6-1.1-12. -5.1(b)
5. For a Form B-1/Real Properly that is approved after June 30, 2013, the designating body Is required to establish an abatement schedule for each
deduction a..wed. 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 -of. IC 6-1.1-12.1-17
SECTION 1 TAXPAYER INFORMATION
Name of texpay: 14-'414.5 "0-vP c
•Grace Sty-I LLC (Pam Andre is Woman °wrie �-
Address of tax•: at(number and sheet city,state,and ZIP code)
21601 Du ham Way, Bristol, IN 46507
Name of contact -rson Telephone number E-mail address
David An,re, Owner ( 574 ) 536-2445 davtdandre@gracesteelservice.com
SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT
Name of design ng body Resolution number
City Coun it of South Bend
Location of prop. ty County DLGF taxing district number
2920 We Sample Street, South Bend, IN 46619 ST JOSEPH 026
Description of re. property mprovornents.redevelopment.or rehabilitation(use additional sheets if necessary) Estimated start date(month,day,year)
Building pur .se price of$765,000 with planned$500,000 building upgrades to operate manufacturing/distribution 2/15/2019
facility includi • modem roof,flooring,and loading docks.Legal description Is 400'On Sample Beg 330'E&35'S Estimated completion date(month,day,year)
NW Cor NW'•c 15-37-2e. Parcel number Is 018-8075-282401/018-8075-282404. 12/31/2020
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 0.00 $0.00 10.00 $416,000.00
SECTION 4 ESTIMATED TOTAL COSI-AND VALUE OF PROPOSED PROJECT
REAL ESTATE IMPROVEMENTS
COST ASSESSED VALUE
Current valu=s
Plus estimat d values of proposed project 500,000.00 500,000.00
Less values t any property being replaced
Net estimat:• values upon completion of proect I 500,000.00 500,000,00
SECTION 5 WASTE CONVERTED AND OTHER BENEFITS PROMISED BY THE TAXPAYER
Estimated ••lid waste converted(pounds) Estimated hazardous waste converted(pounds)
Other benefits
. SECTION 6 TAXPAYER CERTIFICATION
I hereby c: ify that the repr-sen ons i is statement are true.
Signature of au •nzed repres,rhtet' - Date signed(month,day,year)
I G Z.---- l January 4, 2019
Pnnted name of uthon -.representative Title
David Ans e Owner
Page 1 of 2
FOR USE OF THE DESIGNATING BODY
We find that he applicant meets the general standards in the resolution adopted or to be adopted by this body. Said resolution,passed or to be passed
under IC 6-1 1-12.1,provides for the following limitations:
A. The d!signaled area has been limited to a period of time not to exceed calendar years"(see below). The date this designation
expires Is
B. The type of deduction that is allowed In the designated area Is limited to:
1.Redevelopment or rehabilitation of real estate improvements ❑Yes ❑No
2.Rel identlally distressed areas 0 Yes El No
C. The a'nount of the deduction applicable is limited to$
D. Other limitations or conditions(specify)
E. Number of years allowed: ❑Year 1 Year 2 ❑Year 3 0 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 0 N
if yes attach a copy of the abatement schedule to this form.
If no,he 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 teat the totality of benefits Is sufficient to justify the deduction described above.
Approved(slgnaerrs and title of authorized member ofdeagnedng body) Telephone number Date signed(month.day year)
Printed name of authorized member of designating body Name of designating body
Attested by(afgrolurs end title of attester) Printed name of attester
•If the desk noting 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*naffed to receive a deduction to a number of years that is lees 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 prier 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(6)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)wears. (See IC 6-1.1-12.1-17 below.)
B. For lee 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 tchedules
Sec. 17.(a)IA 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 taxpayers 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 taxpayers 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.
Page 2 of 2
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