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HomeMy WebLinkAboutBill No. 22-21 Designating Intersection Dylan Dr. & Adams Rd. Tax Abatement for GLC Portage Prairie V LLC ;cri i aCj jG� ............. erk's ..� - 1, 4Y ' V CITY OF SOUTHBEN ov COM M U N ITY I NVESTM ENT Caleb Bauer, Deputy Executive Director May 18, 2022 Council Member Rachel Tomas Morgan, 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 Portage Prairie V LLC Dear Council Member Tomas Morgan: Please find the attached information pertaining to a real property tax abatement petition submitted by GLC Portage Prairie V LLC to build a new speculative warehouse building at the intersection of Dylan Drive and Adams Road,South Bend, IN,46628. GLC Portage Prairie V LLC is a subsidiary of Great Lakes Capital. This petition package includes: Department of Community Investment's summary report Petition Statement of Benefits forms(Real property) Supporting information The report contains the Department's findings relative to the above petition. The petitioner proposes to invest approximately$15,318,200 in new construction. A representative from GLC Portage Prairie V LLC will be available to meet with the Committee on Monday, May 23, 2022. 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 574-235-5898. Since ly, Caleb Bauer Acting Executive Director EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT 1400S County-City Building 227 W,Jefferson Blvd. South Bend.Indiana 46601 p 574.235.9371 www.southbendin.gov [File :::]BILL NO. 22-21 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 Dylan Drive and Adams Road, South Bend IN 46628 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A SEVEN (7) YEAR REAL PROPERTY TAX ABATEMENT FOR GLC Portage Prairie V LLC WHEREAS, a petition for real property tax abatement has been filed with the City Clerk for consideration by the Common Council of the City of South Bend, Indiana requesting that the area located at the intersection of Dylan Drive and Adams Road, South Bend IN 46628, which is more particularly described as: Parcel ID: 025-1002-001301 Parcel Number: 71-03-08-326-002.000-009 Legal Description:Lot 3 Portage Prairie Business Park 21122 NP#20801012212020 and which has Key Number 025-1002-001301 be designated as an Economic Revitalization Area under the provisions of Indiana Code § 6-1.1-12.1 et seq., 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 seq., 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. Filed in Clerk's Office MAY 18 ?_0?? NOW, THEREFORE, BE IT RESOLVED by the Common Council of th -of..South vN M. ,;ONES Bend, Indiana, as follows: CITY CLERK, S0UTH BEND, IN 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 Il. 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 three (3) 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 seven (7) 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 - 95% F�,erk's Year 3 - 90%Year 4 - 85%Year 5 - 80% --- .UTH SEND. Year 6- 75% Year 7- 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. Sharon L. McBride, President South Bend Common Council rr7 C TAX ABATEMENT REPORT/ TO: South Bend Common Council FROM: Mark Bemenderfer, Manager of Business Development &�r� SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: GLC Portage Prairie V LLC DATE: May 18, 2022 On Wednesday, May 11, 2022, a petition from GLC Portage Prairie V LLC was received and subsequently filed with the City Clerk for real property tax abatements consideration for property located at the intersection of Dylan Drive and 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 ➢ GLC Portage Prairie V LLC proposes to invest $15.3m into a new warehouse building in the Ameriplex Industrial Complex where the company owns 30 acres. ➢ South Bend tenants currently have limited options for move in ready, modern, 50,000 SF+ facilities with 32' clear ceilings. The new 296,000 SF speculative warehouse building is considered by a few tenants with solid interest. ➢ The company has a proven track record of getting projects leased within 12 months of the construction start date. ➢ Current property taxes for 2021 pay 2022 is $1,565. EMPLOYMENT IMPACT Per this petition, it is estimated that the company will: ➢ Create between fifty(50)to two hundred(200) indirect full-time jobs representing a total annual payroll between$2,033,200-$8,132,800. ABATEMENT QUALIFICATION 1. A review of the tax abatements previously granted, finds that the petitioner has not been granted any tax abatements. 2. The Zoning Administration has reviewed the petition and finds the property to be properly zoned for the proposed project and no building permit has been issued. 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 the seven (7)year real property tax abatements under section 2-82.1, Industrial development in Urban Enterprise Zone and Redevelopment Blighted Areas. '%A' /yqy �a�'ce ,N 7 YEAR 13-May-22 GLC Portage Prairie V LLC South Bend German Township South Bend Portage Township Real Property Tax Abatement Schedule* Tax Key Number Multiple Current Assessed Value: 0 Estimated Project Cost: 15,318,200 Current Without 100% 95% 90% 85% 80% 75% 70% Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Assessed Value: AV&Tax Abatement Current Assessed Value 100% 0 0 0 0 0 0 0 0 0 Base Assessed Value 80% 12,254,560 12,254,560 12,254.560 12,254,560 12,254,560 12,254,560 12,254,560 12,254,560 Less Abatement Deduction 0 (12,254,560) (11 641,832) (11,029,104) (10,416,376) (9,803,648) (9,190,920) (8,578,192) Net Assessed Value 0 12,254,560 0 612,728 1,225,456 1,838,184 2,450,912 3,063,640 3,676,368 Property Taxes: Assume constant tax rate of 5.3510% 5.3510% 5.3510% 5.3510% 5.3510% 5.3510% 5.3510% 5.3510% 5.3510% Gross Tax(tax rate x net assessed value) 0 655,747 0 32,787 65,575 98,362 131,149 163,937 196,724 Less Circuit Breaker Credit 0 (288,111) 0 0 0 0 0 0 0 Net Tax 0 367,637 0 32,787 65,575 98,362 131,149 163,937 196,724 Circuit Breaker Cap Circuit Breaker 3.0000% 0 367,637 367,637 367,637 367,637 367,637 367,637 367,637 367,637 Debt Service 0.0000% 0 0 0 0 0 0 0 0 0 Circuit Braker Cap 0 367,637 367,637 367,637 367,637 367,637 367,637 367,637 367,637 New Combined Net Existing Project Existing&New Tax Tax Year Taxes Taxes Taxes Abated Paid 1 0 367,637 367,637 367,637 0 2 0 367,637 367,637 334,849 32,787 3 0 367,637 367,637 302,062 65,575 4 0 367,637 367,637 269,275 98,362 5 0 367,637 367,637 236,487 131,149 6 0 367,637 367,637 203,700 163,937 7 0 367,637 367,637 170,913 196,724 Totals 0 2.573,458 2,573,458 1,884,923 688,535 *This schedule is for estimation purposes only and assumes constant tax rates. The true tax values will ultimate) be determined by the actual assessed valuation and the then current tax rates. h d V / 0 i I AY 1 F ?A?? i City of South Bend - I FS 11/ Petition for IncentivesTY cLEPr -_—:"_ :`-a. E �Zo� Petition must include a$250 filing fee payable to the City Clerk's Office or online via the City's website at _y�w � http://southbendin.gov/government/content/tox-abatement before processing can be complete General Information I Project Name GLC Portage Prairie VI Project Number Legal name as registered with Secretary of GLC Portage Prairie V LLC g /N Business structure Company website greatlakescapital.com (Proposed Project Information IProposed project address (Dylan Drive IParent company name (Great Lakes Capital (City,State,zip I South Bend, IN, 46628 Legal ownerI GLC Portage Prairie V,LLC Site acreage or acreage required 30 acres Its—A the real estate owned or I Owned IS (Square feet of facility 1296,400 Ilf leased by whom I I Primary Contact Information Primary company contact name I Isaac Hall Title IAnalyst Address of company contact 130 S Main St. Suite 325 Phone I574-360-5441 City,State,zip (South Bend, IN, 46601 Email Iihall@ greatlakescapital.com I Senior Official Information Company senior official name (Jeff Smoke (Title I Managing Director Address of company contact{ifdifferentfrom 1130 S Main St. Suite 325IPnpne I574-360-5441 labevel ICity,State,Zip (South Bend, IN,46601 (Email Ijsmoke@greatlakescapital.com I Consultant Information/Agent Hired business consultant/agent name Rob Nichols I Consultant release(Y/N) (Address I315 W Jefferson Blvd I Local economic development partners I approval(Y/N) (City,State,zip (South Bend, IN 46601 (Email Irnichols@abonmarche.coml Project Overview Brief description of your company,project,and why the Great Lakes Capital is a private equity real estate company based in property is necessary for South Bend, Indiana that has and is currently developing assets across economic growth 8 states. Our company specializes in industrial and mixed-use developments. South Bend tenants currently have limited options for move in ready, modern, 50,000 SF+ facilities with 32' clear ceilings. GLC has proven this concept with three very successful "Spec" buildings in this same park in the last 36 months. The project is a 296,000 SF speculative warehouse building (no tenant signed up but a few with solid interest) and we have a solid track record of getting projects leased within 12 months of the construction start date. Without an abatement we are less competitive then other municipalities. (Certified Technology Park appropriate I I Its the project in a Tax Incremental Financing I Yes I MI 1 area,If so which? Certify that the Building Permit has not been no permit Number,,f residential units created by 12 If this is a petition for personal property tax abatement,has the equipment been Installed Investment Details IPublic Infrastructure needs(Off- Has any SO4 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) I received? Indlana for the project? purchased from out of state for the project? None No N/A TBD INew Project Investments Calendar Year 2022 2023 2024 2025 2026 2027 2028 2029 Land Acquisition 9000001 I Building Lease Payments Building Purchase Costs I I II New Building Construction 6709200177090001 I I I I Existing Building Improvements New Machinery&Equipment Special Tooling/Retooling New Furniture/Fixtures New Computer/IT Hardware I I II II New Software On-site Rail Infrastructure On-site Fiber Infrastructure TOTAL I$7.609,200,00 I$7,709,000.00 I $0.00 I $ 0.00 I $0.00 $0.00 I $0.00 $0.00 I Full-Time Permanent Indiana-Resident Positions by Calendar Year Calendar Year lobs retained Total hourly Cumulative 4 of net NEW full time Hourly avera a wage,w/o Total training Total tl to be wage w/o permanent jobs created at Proiect benefits or bonuses,of expenditure- trained-not fringe or cumulative net new jobs not cumulative bonuses cumulative 2022 2023 50-200+(estimated) $18-28/hr estimate late 2025 2026 2027 2028 2029 I 2030 2031 I 2032 2033 Provide hourly wage information for new employees in the following positions. Full time � Part time Laborers Technical Managerial Administrative o will e the individual responsible for coordinating with WorkOne on recruitin e? Does your company have an EEO hiring policy? I Are you an EEO employer? I 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 2021 2020 2019 three years as well as current policies. Full Time I Part nme I Full Time I Part Time I Full Time I Part Time Black Hispanic I I I I ( I Asian Indian Female Other Complete below for Real or Personal Property Tax Abatement only. Please sign for all requested incentives. I 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 appropriate information. If Qualify(Yes or No) Earned Points Available Points you qualify for the points,please enter the full amount of available points. 1 Construction Related(Contractors): A. Employ Local Companies(75%) yes 20 20 1 B. IPurchase Materials from Local Companies(75%) I yes 1 20 1 20 IC. )Require Employees vs.Independent Contractors 1 yes 1 19 1 19 1 I D. IRequire Prevailing Wage(Davis Bacon) 1 no 1 0 1 22 E. IRequire Health Benefits 1 yes I 22 1 22 F. IRequire Pension Benefits 1 no 1 0 ( 18 1 G. IMaintain Affirmative Action Plan 1 yes 1 20 ( 20 1 I I I I I I ISub-total Construction Related: 1 ( 101 1 141 1 I I I I 2 Wage&Benefit Related tOwner): A. Pay Target Wage Levels no 33 1 B. (Provide Health Benefits 1 no I I 34 1 1 C. (Provide Pension Benefits I no 1 1 29 1 1 0. (Provide Training 1 no I 1 28 1 E. (Provide Child Care 1 no 1 1 15 1 1 F. 1Provide Transportation Assistance 1 no 1 I 14 1 1 G. (Provide Employer Assisted Housing program 1 no 1 1 9 1 1 I I Sub-total Wage&Benefit Related: 1 I 0 1 162 1 3 I Workforce Related: I I I I A. (Create New Jobs I yes 1 42 I 42 1 1 B. 1Retain Existing Jobs I n/a 1 I 41 1 C. Maintain Affirmative Action Plan yes 35 35 0. Provide Targeted Hiring Preference 34 ISub-total Workforce Related: 1 1 77 I 152 1 4 I Support a Municipal Facility: Support a SB Municipal Facility(donations to the A. zoo,conservatory,museum,etc.) I Yes 1 84 84 Name of Facility MLK Statue+Potawatomi Zoo Sub-total Municipal Facility: e4 84 I I I Sub-total from Above: 1 1 262 1 539 1 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 sea.,and South Bend Municipal Code Sec.2-76 et sea.•for this petition state the above. Submitted By: � ��� Date: 5/11/2022 For Staff Use Only Below This Line (What Is the current assessed value? (Real Property: ( 75,800 IPersonal Property: I (What Is the projected assessed value? (Real Property: I IPersonal Property: (What is the tax key number for this project? I 025-1002-001301 What Is the six digit NAILS code? I Spec warehouse Please attach a Google map and street view of the location. (Please list the amount of real and personal property taxes (Real Property Taxes: IPersonal Property Taxes: paid for the last five years when applicable. I Year One I 1,428.67 Year Two I 2,080 Year Three I 2,690 Year Four I 4,028.48 Year Five I 6,909.62 Please fill out the following Public Benefit Summary Information and add to total from above. I Y or N I Points I Points Public Benefit Item: I Project Related: 5 I A. (Redevelop a Site that has Special Needs I n I I 49 ' B. IDevelop Based on Local University Research n I I 35 C. (Achieve a Physical Element of a Plan I n I I 36 (Sub-total Project Related: I II 120 I I I I 6 Super Size Projects(point values are cumulativeL I A. 100%to 199% I y I 25 I 25 I B. 1200%to 299% I y I 68 I 68 C. 1300%to 399% I y I 65 I 65 D. 1400%and Over y I 52 I 52 I I I I ' Sub-total Super Size Projects: I I 210 210 I 7 ( Pay for Municipal Infrastructure: A. (Pay for Oversizing or Upgrading I I I 14 B. (Pay for 26-SO%of Extension Cost I I I 26 C. (Pay for 51-75%of Extension Cost I I I 39 i I D. IPay for 76-100%of Extension Cost I I I S2 I I I ( (Sub-total Infrastructure Related: I I I 131 i Total from Applicant Section: 262 S39 Total from Staff Section: I 210 I 461 Total Public Benefit Points: I 472 I 1000 Legal Description for GLC Portage Prairie V Fl- .//-- en Lot 3 of Portage Prairie Business Park Section 1 <'% qy �8?p vierr. J vlfice ) a I j �1AY 1 ; 2021 oiwo!� STATEMENT OF BENEFITS j DAWN�i JGNES 20PAY20_ REAL ESTATE IMPROVEMENTS ! CI-TYCLcR;< SOUTti8ENDState Form 51767(R6/10-14) —"" —' FORM SB-11 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 paid to individual employees by the ❑Residentially distressed area(IC 6-1.1-12.1-4.1) property owner is confidential per IC INSTRUCTIONS. 1. This statement must be submitted to the body designating the Economic Revitalization Area priorto 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 thepe rson wishes to claim a deduction. t 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 atterApril 10 A property owner who failed to file a deduction application within the prescribed deadline may rile an application between March land May 10 of a subsequent year. 4. A property owner who files for the deduction must provide the CountyAuditor and designating body with a Form CF-I/Real Property. The Fonn CF-1rReal Property should be attached to the Form 322NE when the deduction is first claimed and then updated annually for each year the deduction is applicable. lC 6-1.1-12.1-5.l(b) 5_ For a Form SB-1yReal 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 _44AXPAYER INFORMATION Name of taxpayer GLC Portage Prairie V, LLC Address of taxpayer(numherand street,city,state,and ZIP code) 130 S Main St. Suite 320, South Bend, IN 46601 Name of contact person Telephone number E-mail address ( ) 574-276-1897 ihall@greatlakescapital.com SECTION 2 DESCRIPTION OF PROPOSEDPROJECT Name of designating body Resolution number City of South Bend Location of property County St. Joseph DLGF taxing district number ) Description of real property Improvements,redevelopment,or rehabilitation(use additional sheets ifnecessary) Estimated start date(month,day,year) June 1,2022 296,400 SF warehouse building on 30 acres of land in the Ameriplex Industrial Park Estimated completion date(monh,day,year) Jan. 1, 2024 -SECTION 3 ESTIMAT.itOFEMPLOYEESANDeALARIESAS RESULT OF PROPOSED PROJECT Current number Salaries Number retained Salaries Number additional Salanes 0 50-200+ $18 1 ESTIMATEDSECTION 4 . PROPOSED REAL ESTATE IMPROVEMENTS COST ASSESSED VALUE Current values 900,000 Plus estimated values of proposed project 15,000,000+ Asssessed Per Req 17 Less values of any property being replaced I Net estimated values upon completion of project 15 000,000 Asssessed Per Req 17 SECTION 5 WASTE CONVERTED D OTHER BENEFITS PROMISED _ Estimated solid waste converted(pounds) Estimated hazardous waste converted(pounds) Other benefits i f SECTION • I hereby certify that the representations in this statement are true. Signature of authorized repres� tative Date signed(month,day,year) MA tb �LZ '• Printed name of authorized repr a 11ve Title 3 E F= = SrAamc M hti Page 1 of 2 i t a• a � � :as We find that the applicant meets the general standards in the resolution adopted or to be adopted by this body. Said resolution,passed or to be passed under IC 6-1.1-12.1,provides for the following limitations: A. The designated area has been limited to a period of time not to exceed calendar years'(see below). The date this designation expires Is B. The type of deduction that is allowed in the designated area is limited to: 1.Redevelopment or rehabilitation of real estate improvements ❑Yes ❑No 2.Residentially distressed areas ❑Yes ❑No C. The amount of the deduction applicable is limited to$ D. Other limitations or conditions(specify)- E. Number of years allowed: ❑Year 1 ❑Year 2 ❑Year 3 Cl 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 6-1.1-12.1-177 ❑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) I Telephone number (Date signed(month,day,year) Printed name of authorized member of designating body I Name of designating body IAttested by(signature and title ofattestet 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-11Real 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 Properly 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. (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. Y � Page 2 of 2 71ull ,ram ., -Y� ° d... r, � 'IuM�1►mow I Aft .+ 00 o_ • • Imagery©2022 IndianaMap Framework Data,Maxar Technologies,USDA/FPAC/GEO,Map data©2022 200 ft vaw�nwd:w w ,, 5 NI'ON3B N11105 dtlOtl — — - - — — - - — — — - AM �t - . 11 s` lull 11 I , C • Cq. I I I I I I 67 1 ' UTI Iallfull I IJ I i I I � > LL c� f p 0- I - - C/) rn I .............. ...... I I W � I - I, a I - I oll o I � J I I I � I � I - I I I I