COMMON COUNCIL OF THE TOWN OF CHURUBUSCO, INDIANA
RESOLUTION NO. __________
A CONFIRMATORY RESOLUTION DESIGNATING CERTAIN REAL ESTATE WITHIN THE TOWN
OF CHURUBUSCO AS AN ECONOMIC REVITALIZATION AREA (ERA)
WHEREAS, the Town of Churubusco Common Council has adopted Declaratory Resolution Number _______, declaring certain real property or areas within its jurisdiction and described on Exhibit A attached hereto to be an Economic Revitalization Area pursuant to I.C. 6-1.1-12.1 et seq.; and
WHEREAS, the Town of Churubusco Common Council has distributed copies of said resolution to the county auditor, county assessor, Indiana State Board of Accounts and other affected taxing units for public inspection and comment; and
WHEREAS, the Town of Churubusco Common Council has advertised and conducted a public hearing, pursuant to I.C. 5-3-1 and I.C. 6-1.1-12-1 et seq. for purpose of receiving public comment regarding said Economic Revitalization Area (ERA) designation; and
WHEREAS, the Town of Churubusco Common Council has determined that the adoption of this Confirmatory Resolution and establishment of said Economic Revitalization Area (ERA) is in the best interest of the long-term, economic well-being of the Town of Churubusco; and
NOW THEREFORE BE IT RESOLVED by the Town of Churubusco Common Council as follows:
1. That the property described on Exhibit “A” is an area within the corporate boundaries of the Town which has become undesirable for normal development and occupancy because of a lack of development, cessation of growth, deterioration of improvements, or character of occupancy, age, obsolescence, substandard buildings, or other factors which have impaired the value or prevent normal development or use of the property
2. An applicant has approached the Town with a proposal to develop the property into a residential facility which would fall within the definition of I.C. 6-1.1-12.1-3(11)(A), and would allow for the beneficial development and use of the property, with said proposal being dependent upon financing that requires tax abatements permitted under I.C. 6-1.1-12.1;
3. The Applicant has completed and submitted a Statement of Benefits Form (Indiana Department of Local Government Finance Prescribed Form SB-1) containing an estimate of the economic benefits planned for the Economic Revitalization Area (ERA), contingent upon the approval of the deduction from assessed valuation;
4. The Town Council has reviewed said Statement of Benefits and hereby finds that (1) the estimate of the value of the redevelopment is reasonable, (2) the estimate of the number of individuals who will be employed can reasonably be expected to result from the proposed redevelopment, (3) the estimate of annual salaries to the individuals who will be employed can reasonably be expected to result from the proposed redevelopment, (4) Other benefits to the community can be reasonably expected to result from the proposed redevelopment, and (5) the totality of benefits to the Town is sufficient to justify the deduction sought by the applicant.
5. The designation of the property described on Exhibit A attached hereto as an economic revitalization area is hereby ratified and confirmed.
6. Taxpayers located within this Economic Revitalization Area (ERA) shall be eligible to apply for deduction from assessed valuation for structures on a schedule up to ten (10) years to be set out as follows; Year 1-100%, Year 2-90%, Year-3 80%, Year 4-70%, Year 5-60%, Year 6-50%, Year 7-40%, Year 8-30%, Year 9-20%, Year 10-10%.
7. Said schedules for deductions from assessed valuation will be determined based on the taxpayers Statement of Benefits Form (Indiana Department of Local Government Finance prescribed SB-1 Form).
8. A taxpayer approved for a deduction from assessed valuation for structures, and allowable real estate improvements within said ERA must submit annually, for the term of the deduction schedule(s), a completed Compliance with Statements of Benefits Form (Indiana Department of Local Government Finance prescribed CF-1 Form) to the Town of Churubusco Common Council, and said CF-1 Form must be approved by the Town of Churubusco Common Council in order for the taxpayer to receive the deduction from assessed valuation.
9. If the Town Council later determines that a taxpayer has failed to comply with the statement of benefits, the deduction will be subject to termination following the process set forth in I.C. 6-1.1-12.1-5.9, which is hereby incorporated in this resolution.
10. The Town Council hereby incorporates the provisions of I.C. 6-1.1-12.1-12 for the ERA defined in Exhibit “A” hereto. Should a taxpayer (including the current applicant) later cease operations at the facility located on the property designated as an ERA hereunder, and should the Town Council find that such taxpayer obtained the deduction by intentionally providing false information concerning the taxpayer’s plans to use the property, the taxpayer shall be subject to repaying an amount determined pursuant to the process outlined in I.C. 6-1.1-12.1-12.
ADOPTED THIS _______ DAY OF _________________, 2016.
______________________________________ ______________________________________
______________________________________
ATTEST:
______________________________________
, Clerk-Treasurer
Presented by me to the Town Council President of the Town of Churubusco, Indiana, for approval and signature, this
day of , 2016, at ¬__.M.
, Clerk-Treasurer
Approved and signed by the undersigned as Town Council President of the Town of Churubusco, Indiana, this
day of , 2016, at , __.M.
Town Council President
