Loading...
HomeMy WebLinkAboutBill No. 23-23 Declaratory Resolution for Property 521 North William St.May 17, 2023 CITY OF SOUTH BEND COMMUNITY INVESTMENT Council Member Rachel Tomas Morgan Chairperson, Community Investment Committee South Bend Common Council County -City Building, 4"' Floor South Bend, Indiana 46601 �� RE: Declaratory Resolution: Retail Development Real Property Tax Abatement Petition for David A. Nufer, LLC (Burton's Laundry) Dear Council Member Tomas Morgan: Please find the enclosed information pertaining to a retail development real property tax abatement petition submitted by David A. Nufer, LLC, an Indiana Limited Liability Company. The petitioner plans to construct a new Burton's Laundry facility at the southwest corner of West Navarre and North William Streets in South Bend. This petition package includes: ■ Department of Community Investment's summary report • Petition for abatement • Statement of Benefits form (SB -1 / Real Property) • Supporting information The report contains the Department's findings relative to the above-mentioned petition. The petitioner will construct a new 6,300 square foot Burton's Laundry facility. The site is currently a vacant lot. The total private investment for the project is $2.37 million. The project meets the requirements established by Sections 2-79 et seq. and would qualify for a four-year (4) retail development real property tax abatement. Representatives from David A. Nufer, LLC (Burton's Laundry) will be available to meet with the Committee on Monday, May 22, 2023. If you or any of the other Council members have questions concerning the report or need additional information, please contact me at (574) 235-5838. Sincerely,, Erik Glavich Director, Growth and Opportunity EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT 14005 County -City Building 227 W. Jefferson Blvd. South Bend, Indiana 46601 p574,235,9371 www.southbendin.gov RESOLUTION NO. 23-23 tr qy , A RESOLUTION OF THE COMMON COUNCIL OF T1 IE=SQ..On� CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITH' � .. THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 'D, 141 521 North William Street, South Bend, IN 46616 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A FOUR- YEAR (4) REAL PROPERTY TAX ABATEMENT FOR DAVID A. NUFER, 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 areas described as: Key Number: 71-08-02-477-016.000-026 Commonly Known As: 521 North William Street, South Bend, IN 46616 Legal Description: LOT I of NUFER, LLC WILLIAMS STREET MINOR SUBDIVISION 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, the petitioner has agreed to and has accepted responsibility to report any changes in the Key Number and legal description 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. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby determines and finds that the Petition for Real Property Tax Abatement and the Statement of Benefits form completed by the Petitioner meet the requirements of Indiana Code 6-1.1-12.1 et seq. for tax abatement. SECTION II. The Common Council hereby determines and finds the following: A. That the description of the proposed redevelopment or rehabilitation meets the applicable standards for such development; B. That the estimate of the value of the redevelopment or rehabilitation is reasonable for projects of this nature; C. That the estimate of the number of individuals who will be employed or whose employment will be retained by the Petitioner can reasonably be expected to result from the proposed described redevelopment or rehabilitation; D. That the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained by the Petitioner can be reasonably expected to result from the proposed redevelopment or rehabilitation; E. That the other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation; and F. That the totality of benefits is sufficient to justify the requested deduction, all of which satisfy the requirements of Indiana Code 6-1.1-12.1-3. SECTION III. The Common Council hereby determines and finds that the proposed described redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the Statement of Benefits, Sections 1 through 3 of the Petition for Real Property Tax Abatement Consideration, and the Memorandum of Agreement between the Petitioner and the City of South Bend and that the Statement of Benefits form completed by the petitioner, said form being prescribed by the State Board of Accounts, is 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 Areas shall expire on December 31, 2026. SECTION VI. The Common Council hereby determines that the property owner is qualified for and is granted property tax deduction for a period of four (4) years as shown by the schedule outlined below pursuant to Indiana Code 6-1.1-12.1-17. Year 1 - 100% Year 2 - 90% Year 3 - 80% Year 4 - 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 McBride, Council President South Bend Common Council Attest: Dawn M. Jones, City Clerk Office of the City Clerk Presented by me, the undersigned Clerk of the City of South Bend, to the Mayor of the City of South Bend, Indiana, on the day of , 2023, at o'clock m. Approved and signed by me on the .m. Dawn M. Jones, City Clerk Office of the City Clerk day of James Mueller, Mayor City of South Bend , 2023, at_ o'clock TO: FROM: SUBJECT DATE: TAX ABATEMENT REPORT South Bend Common Council Erik Glavich, Director, Growth and Opportunity A%- 01 0 Al 91W)- 01 Retail Development Real Property Tax Abatement Petition for David A. Nufer, �r Df LLC (Burton's Laundry) May 17, 2023 On May 10, 2023, a petition for tax abatement from David A. Nufer, LLC was filed with the Office of the City Clerk. The petition seeks consideration for a retail development real property tax abatement for property located at 521 N. William Street in South Bend. Pursuant to Chapter 2, Article 6, Section 2-84.9 of the Municipal Code of the City of South Bend, the 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 Indiana Code 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 • David A. Nufer, LLC purchased the property at the southwest corner of West Navarre Street and North William Street in 2022 and will build a new Burton's Laundry facility on the site (6,300 square feet). • The expected private investment into the project is $2.37 million, which includes $1.60 million in costs for the new building and $770,000 in new equipment. ■ A new Burton's Laundry facility will provide residents and families of the Near Northwest Neighborhood access to needed laundry facilities and services that currently might not exist. • The project is on the leading edge of development for the neighborhood. The developer's investment in and commitment to the Near Northwest Neighborhood will serve as a catalyst for economic growth, encourage additional investment, and enhance the vibrancy of the community. Employment Impact • Burton's Laundry will retain 4 employees to manage and operate the new facility. • Burton's Laundry is committed to providing equal opportunity and diversity in their labor force. The company currently employs 51 individuals across 13 stores in South Bend and the surrounding area. Tax Estimates The petitioner qualifies for a four-year (4) retail development real property tax abatement. • Estimated taxes due annually for the current property: $156 a Estimated annual taxes after the project's completion: $43,516 • Total estimated taxes during the four-year (4) abatement period: $174,690 o Estimated taxes being abated during the abatement period: $136,442 o Estimated total taxes to be paid during the abatement period: $38,248 Note that the project will also include the installation of $770,000 worth of equipment. Depending on how the equipment is depreciated, we estimate that the cumulative personal property tax liability for the new equipment over the next 10 years to be in the range of $89,000 to $108,000. Abatement Qualification 1. A review of the tax abatements previously granted finds that the petitioner has not been granted or is associated with a previous abatement. 2. The property is properly zoned for the proposed project. 3. Taxes on the property have been paid in full. 4. A review of the South Bend Redevelopment designation areas finds that the property is in the River West Development Area. 5. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets the qualifications for a four-year (4) retail development real property tax abatement under Division 4 (Retail Development Real Property Tax Abatement), Section 2-79 (Retail developments in Central Business District, East Bank Development Area and Tax Abatement Impact Areas). 2 4 -Year Abatement May 17, 2023 David A. Nufer, LLC (Burton's Laundrv) South Bend Portage Township Commerical Development Real Property Tax Abatement Schedule Type of Property: Retail Establishment Estimated Project Cost: $ 1,600,000 New Construction Property Address: 521 N. William Street Tax Key Number: 71-08-02-477-016,000-026 Without Current Abatement Year 1 Year 2 Year 3 Year 4 Assessed Value (AV) Land $ 4,600 $ 4,600 $ 4,600 $ 4,600 $ 4,600 $ 4,600 Structure`AV = 80% Project Cost) - 1,280,000 1,280,000 1,280,000 1,280,006 1,280,000 Gross Assessed Value 4,600 1.284 600 1,284,600 1,284,600 1,284,600 1.284,600 Abatement 100% 90% 80% 70% Abatement Deduction - (1-280,000) (1,152,000) (1,024.000) (896,000] Net Assessed Value 4.600 1,284,600 4,600 132,600 260,600 388,600 Property Taxes Assume constant tax rate of 5.2897% Gross Tax (Tax Rate x Net AV) 243 67,951 243 7,014 13,785 20,556 Local Tax Credit (8.7112% of GT -DS) (20) (5,472) (20) (565) (1,110) (1,655) Circuit Breaker Credit (67) (18,807) - - Taxes Due S 156 5 43,673 5 224 S 6445 5 12,675 S 1$,900 3% 3% 3% 3% 3% 3% Circuit Breaker Cap 138 38,538 38,538 38,538 38,538 38,538 Debt Service (0-3997% of Net AV.I 18 5,135 18 530 1.042 1.553 Max Tax Underthe Cap 156 43,673 38,556 39,068 39,580 40,091 Year Abatement Current Taxes New Combined Current & Taxes Abated Net Taxes Due Projected Tax Paid New Taxes j 1 100% $ 156 $ 43,516 $ 43,673 $ (43.449) $ 224 2 90% 156 43,516 43,673 (37,223) 6,449 3 80% 156 43,516 43,673 (30,998) 12,675 4 70% 156 43.516 43,67324,772) 18,900 Total: 626 174,065 174,690 (136,442) 38,248 ' This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2022 Payable 2023 The true tax values will ultimately be determined by the actual assessed valuation and the then current tax rates v#a '; Department of Community Investment • City of South Bend SGQn hCd ori 5 City of South Bend Petition for Incentives Petition must include a $150 filing fee payable to the City Clerk's Office before processing can be complete General Information f legal name as rcgliSmi[mwlth 1154 rra ti ry o F Stets lousiness structure (Company webshe IPropoeed Project Information I Propoiad project address �%! . Instructions: Complete pages 1-3 AND the proper Form 58-1 for the type of abatement property or Personal p artyL �f) for which you one st"tytn i'll ?d i of ICB' V, Project Name I Burton's Laundry David A Nufer, LLC Limited Liability Company https://burtonslaundry.com/ 1521 N. William Street [City, State, Zip Ili I South Bend, IN 46616 site acreage or !cruse required - 1 acre ISquery feat of faculty �Con auhentInformatlon/Agent 16,304 (Primary Contact information OrImarycompany contact name12409 lchy, ante, 21P David A Nufer i.Addreasofcompany cwact Mishawaka Ave. Intq,State, Zip South Bend, IN 46615 Senior Official information Project Nanber Patens company name Legal owner Is the real estate owned or leased? 11 Fasted, bywhom7 T1110 Owner MAY 1 n grin Or;Vvry NJ. J,()NES- cirvCl:PRK "X71I Cr,,t%D, IN I David A Nufer, LLC David A Nufer, LLC Owned Phone (574) 340-9750 Fmell davidanufer@gmail.com Icomponysenior official name Same as above title Address or in mpe ny comact ill difill renr from above) Phone I city, state, Zip I I RmeB �Con auhentInformatlon/Agent Hired busln4ss contultantisgant nems I Mike Dench IConsulantralaeu? (YIN)! , .Address Local economic development partners 1643 Commerce Drive approv■I?ly/N) lchy, ante, 21P South Bend, IN 46628 F I mdanch@danchharner.com project 4vervlaw Brief descrlptioo of your comp¢ny, pro)ect,and why the We have owned laundry facilities in South Bend since 1976. By prupettyISnacessaryfa reviewing the demographics we feel the location would be a great fit for otonamlclir owth the residents of the Near Northwest side of the city of South Bend. If we are fortunate to receive a tax abatement, it would enable us to reduce the cost for our customers by a minimum of 10% of the average price in our community throughout the abatement. We believe it would be an asset for this area and hopefully other investments by other individuals would continue for future growth. Certified Technology park agprogriatt N/A ib the prof va in ■ Tax Incramenaii Financing PAF) arm? If w, which? No �How auilding Parmhs bakn issued? IrTiuj Nummar of reddenus; uolu creetsd by 1Not4•Notellslblefor abatement Hyasl No 1projact O N this Is a petition for personal property tea abatement, rias the equipment been Installed? N investrnant oetait5 Aubllc lnfrettrutturG naads Has any Sea fundingbeen what Is t}:C velua of any eq u i v me nt being pu rd, o sed In what It the Valua of any eq u 1p me nt ba lent (off -she of project In dollars) received? Indiana for the project? purchased from out of state for the project? 0 No $20,000 $750,000 Now Pro eSjnveaErnggjg Calendar Year 2022 2023 2024 2025 land Acquisition $ 235,000.00 Bulldlrig leeso Payments Sundinµ Purchase Costs New Bulldlns Construction f , 6111"Mo Existing Building Improvements New Machinery O Equipment $ 770,000-00 51ecint Tooling/Ratooling New Furniture/Fixtures Now ComputerjfT Hardware New5oftwara On•dte Rail Infrastructure On•slty Fiber Infrastructure TOTAL $ 236.000,00 s?.37n_M.lo $ U0 $ 0.00 Full -Time Patmansnt Indiana-ftesident Positions by Caiender Year Cal tnd2fYew fabsralalnpd Hourly Cum ulattva4ofnet E%Ewout ltime averaav permanent jobs createdstprofact wawa. 40 ba nallu a r bonuses 12023 4 $ 12.00 0 IZ024 ,1025 1.1026 2027 zon 4029 tdso �.to32 12032 12033 1034 f A . "(011, 2026 2027 2026 2029 $ 0.00 $ 0.00 $ 0.00 $ 0.00 Hourly wage, w/o total training Total a to be benefits orbonuses, of expenditure- trained - not cumulative net now Jobs not amuhdve cumulettw $ 12.00 $ 0 0 formatlon for new employees In the foltowinq 0011tiong, Full time Part time ILaborers $ 12.00 Technical Managerial AAIMI htrative Who Witt be the Indlvldual nrtoohsiblit far ccardfncrinE wtthwork0neon,ewltinii I Susan M Nufer Does your company have an EEO hiring policy? Yes I Are you an EEO dmploW? j Pleisa Ifst the number a full time fend Pill rt time minority aEfW/or fa mat* larrlployeas for the foIIawl nj yes Ira; I Yew 2023 2022 2021 Full Time PartTime Full Tlme Part Time Full Time Part Time link 10 Hispanic 1 Aston f Indhn - 1 Female 45 I Other 3B Please 0as� be your commitment to diversity a nd Indudon by detailing your _ and recruitment efforts for Me last three yuan as well as current polldes. Burton's Laundry has a cammtnment to provide equal opportunity and diversity in our labor force. Presently Burton's Laundry hes 51 pert time employees, 45 women and 6 men. We have 13 stores within South Bend, Mlshawake, and Elkhart. Each store has a manager and 3 or the stares have o Black Fomalo Menagor. 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 cornpanles and the companies which will provide materials purchased for this project. Please complete the table below with the appropriate Information. if Earned Points Ayl9ah(e.l'_111M you qualify for the points, please enter the full amount of avallable es or lyes or No) points, 1 Construction Related Canlrattors A. iEmploy Local Companies (75%) Y 20 20 B- (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. Require Health Benefits Y 22 22 F. -Require Retirement Benefits N 0 18 G. iMaintaln Affirmative Action Plan Y 20 20 13ub-total Construction Related; 123 141 2 WRA91 & Banaflt R Ol4ttd i w er); A. Pay Target Wage Levels N 0 33 B. Provide Health Benefits N 0 34 C. Provide Retirement Benefits N 0 29 D.-ProvideTralning Y 28 26 E. (Provide Child Care N 0 15 F. (Provide Transportation Assistance N 0 14 G. (Provide Employer Assisted Housing program N 0 9 Subtotal Wage & Benefit Related: 28 162 3 warkforcQ Related; A Create New lobs N 0 42 B. Retain Existing Jobs Y 41 41 C. Maintain Affirmative Action Plan Y 35 35 o. (Provide Targeted Hiring Preference N 0 34 Sub -total Workforce Related: 76 152 4 Supporta Munftlaal Facillty: a 58 Municipal Facility (donations to the A (Support zoo, conservatory, museum, etc.) Yes 84 11 84 Name of Facility Potawatomi Zoo Board of Directors iSub-total Municipal Facility, s4 84 Sub -total from Above: 311 539 The undersigned owner(s) of real property, located within the City of South send, herby petition the Common Council of the Clty of South sand for a real and/or pal rsonal property tax abatement consideration and pursuant to 14, 6.3.1-12.1-1,1tm., and J Southend Municipal Code Sec. 2-76 at sea, for this petition state the above. Submitted By: I '04a4h� 44� , , Ate: 15.5.2023 For Staff Use Only Below T1hls Line Mmi Is the Cu dens am Uvd wiv, I Real Property: 0 Properly:Whil 1. lhaprvJr 144 uanrad wluo7 Real Property: OOd Ilperwrel 1 Purwnal ftw& ty:I la ell a teaaoy n um bar for th h Projtrt7 r -T' �1Q^Q ry —Al77 q'4, i.- c.t Wh 0 Ica t he ib d lilt NlllCS cod.? IIi FI/�( /V0{j €jlilj PI as n attach a 4nejrte map and wee t rlaw d} the I or.arlo n. I I71aise list Iha amount or rul and pwaonii prep" laaw Real FID" ly Ta[at: Personal Property Tana: pelefor the lnt4V§W"rawhenapplicable. �j �f Year❑+w 'y�. 711 fI a 3I6 jYa,rTWo �orl 1 7.2 dg� /4P Ycermrae �o�»Q Ur' 7 ? -yr r L. Year Few � 7,3'4/ aij . pe Year Flve y 1 (P 700 - 61"If Plaut fill out the following Public Benefit Summary Information and add to total from above. Public BeneOt teem; PpwaLt Relatod; 5 A. Redevelop a Site that has Special Needs j 49 B. Develop Based on Local University Research j 35 C Achieve a Physical Etementaf a Plan 11 36 kub- Wtal Probed Related: 120 6 kpara it Pralacti foolm vat i< A. 100% to 19996 25 B. 200% to 299% 69 C. 300% to 399% 65 D. 400% and Over 52 ISUb-tetal Super Sige Projects: 7 �3Y�rSiOAiit<Iflilll 210 A P a v for Ovotsiring a tlpgridIng 14 e Nay for 2&50% of Extension Cost 26 C. Payfor 51-75%of Extension Cost 39 D Pay far 76-100%of Extension Cost 52 I I �Suh pptM InfrastructuwRelatild: I 131 Total from Applicant Section 311 539 Total from Staff Section: �,J 461 Total Public Banli t Pointy: 1� i MAY 10 7,023 DAWN M JGivES CITY CLERK, SOUTH BEND, IN 0149 CR STATEMENT OF BENEFITS O�7}, p� r %lc� % 2023 PAY2o24 REAL ESTATE IMPROVEMENTS State Form 51767 (R7 / 1-21) �� FORM SBA I Real Property `"'r' '} Prescribed by the Department of Local Government Finance `S�(� QI� PRIVACY NOTICE This statement is being completed for real property that qualifies under the following Indiana Code[c(i Ono box): Any information concerning the cost 0 Redevelopment or rehabilitation of real estate improvements (IC 6-1.1-12.1-4) of the property and spet:ific salaries paid to individual employees by the ❑ Residentially distressed area (IC 6-1.1-12.1-4.1) property owner is confidential per INSTRUCTIONS: IC 6-1.1-12,1-5.1. 1. This statement must be submitted to the body designating the Economic Revitalization Area prior to the public hearing if the designating body requires information from the applicant in making its decision about whether to designate an Economic Revitalization Area. Otherwise, this statement must be submitted to the designating body BEFORE the redevelopment or rehabilitation of real property for which the person wishes to claim a deduction. 2. The statement of benerits 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 Ale an application between January 1 and May 10 of a subsequent year. 4. A property owner who flies for the deduction must provide the county auditor and designating body with a Form CF-11Real Property. The Form CF 1/Rea/ Property should be attached to the Farm 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•. • Name of taxpayer David A Nufer LLC Address of taxpayer Number andStreet:2409 Mishawaka Ave City: South Bend Name of contact person Telephone number First Name: David Wt Name: Nufer (574) 340-9750 SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT Name of designa ling body Common Council of the City of South Bend Location of property County Number and Street: 521 N. William Street cit . South Bend State: IN ZIp; 46616 St. Joseph Description of real property improvements, redevelopment, or rehabilitation fuse addition sheets y necessary) New 6,304 sq ft building for laundry and retail space State: IN zip: 46615 E-mail address davidanufer@gmail.com Resolution number DLGF taxing district number 026 (South Bend -Portage) Estimated start date (month, day, par) 6/1/2023 Estimated completion date (month, day, year) 12/31/2023 Current values Plus estimated values of proposed project Less values of any property being replaced Net estimated values upon completion of pi Estimated solid waste converted (pounds) 0 Other benefits COST ASSESSED VALUE $0 $ 1,600,000 $0 $ 1,600,000 Estimated hazardous waste converted (pounds) 0 $D $ 1,280,000 $o $ 1,280,000 SECTION• her*y certify that the representations in this statement are true. SignaIUA ofaulha •red ren Date signed (month, day, year) Prin name o authorized ropresenlalive Titia� Page 1 of 2 FOR USE OF THE DESIGNATING :.. 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 . NOTE. This question addresses whether the resolution contains an expiration date for the designated area. 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 6-1.1-12.1-177 ❑ 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) 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 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. Except as provided in IC 6-1 1-12.1-18, 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 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. Except as provided in IC 6-1.1-12.1-18, 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 Aerial Views PI NAVARRE STREET (60.0' R/R) MARION STRUT 6$.5' R/p) sm""r• nK View Looking Northwest from North Williams Street View Looking West from North Williams Street �.40.-� 'e .A DMEWf o. Fg�S1�1:a" 441 View Looking South from West Navarre Street I r.