(a)An applicant must provide a statement
of benefits to the designating body. If the designating body requires
information from the applicant for economic revitalization area status
for use in making its decision about whether to designate an economic
revitalization area, the applicant shall provide the completed statement
of benefits form to the designating body before the hearing required by
section 2.5(c) of this chapter. Otherwise, the statement of benefits form
must be submitted to the designating body before the initiation of the
redevelopment or rehabilitation, or a new agricultural improvement for
which the person desires to claim a deduction under this chapter. The
department of local government finance shall prescribe a form for the
statement of benefits. The statement of benefi
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(a) An applicant must provide a statement
of benefits to the designating body. If the designating body requires
information from the applicant for economic revitalization area status
for use in making its decision about whether to designate an economic
revitalization area, the applicant shall provide the completed statement
of benefits form to the designating body before the hearing required by
section 2.5(c) of this chapter. Otherwise, the statement of benefits form
must be submitted to the designating body before the initiation of the
redevelopment or rehabilitation, or a new agricultural improvement for
which the person desires to claim a deduction under this chapter. The
department of local government finance shall prescribe a form for the
statement of benefits. The statement of benefits must include the
following information:
(1) A description of the proposed redevelopment or rehabilitation,
or new agricultural improvement.
(2) An estimate of the number of individuals who will be
employed or whose employment will be retained by the person as
a result of the redevelopment or rehabilitation, or new agricultural
improvement and an estimate of the annual salaries of these
individuals.
(3) An estimate of the value of the redevelopment or
rehabilitation, or new agricultural improvement.
With the approval of the designating body, the statement of benefits
may be incorporated in a designation application. Notwithstanding any
other law, a statement of benefits is a public record that may be
inspected and copied under IC 5-14-3-3.
(b) The designating body must review the statement of benefits
required under subsection (a). The designating body shall determine
whether an area should be designated an economic revitalization area
or whether a deduction should be allowed, based on (and after it has
made) the following findings:
(1) Whether the estimate of the value of the redevelopment or
rehabilitation, or new agricultural improvement is reasonable for
projects of that nature.
(2) Whether the estimate of the number of individuals who will be
employed or whose employment will be retained can be
reasonably expected to result from the proposed described
redevelopment or rehabilitation, or new agricultural improvement.
(3) Whether the estimate of the annual salaries of those
individuals who will be employed or whose employment will be
retained can be reasonably expected to result from the proposed
described redevelopment or rehabilitation, or new agricultural
improvement.
(4) Whether any other benefits about which information was
requested are benefits that can be reasonably expected to result
from the proposed described redevelopment or rehabilitation, or
new agricultural improvement.
(5) Whether the totality of benefits is sufficient to justify the
deduction.
A designating body may not designate an area an economic
revitalization area or approve a deduction unless the findings required
by this subsection are made in the affirmative.
(c) Except as provided in subsections (a) through (b), the owner of
property which is located in an economic revitalization area is entitled
to a deduction from the assessed value of the property. For all
economic revitalization areas, the period is the number of years
determined under section 17 of this chapter. The owner is entitled to a
deduction if:
(1) the property has been rehabilitated;
(2) the property is located on real estate which has been
redeveloped; or
(3) the property is a new agricultural improvement.
The owner is entitled to the deduction for the first year, and any
successive year or years, in which an increase in assessed value
resulting from the rehabilitation or redevelopment, or new agricultural
improvement occurs and for the following years determined under
section 17 of this chapter.
(d) The designating body's determination must be made:
(1) as part of the resolution adopted under section 2.5 of this
chapter; or
(2) by resolution adopted within sixty (60) days after receiving a
copy of a property owner's certified deduction application from
the county auditor. A certified copy of the resolution must be sent
to the county auditor, who shall make the deduction as provided
in section 5 of this chapter.
A determination about the number of years the deduction is allowed
that is made under subdivision (1) is final and may not be changed by
following the procedure under subdivision (2).
(e) Except for deductions related to redevelopment or rehabilitation
of real property in a county containing a consolidated city, a deduction
for the redevelopment or rehabilitation of real property may not be
approved for the following facilities:
(1) Private or commercial golf course.
(2) Country club.
(3) Massage parlor.
(4) Tennis club.
(5) Skating facility (including roller skating, skateboarding, or ice
skating).
(6) Racquet sport facility (including any handball or racquetball
court).
(7) Hot tub facility.
(8) Suntan facility.
(9) Racetrack.
(10) Any facility the primary purpose of which is:
(A) retail food and beverage service;
(B) automobile sales or service; or
(C) other retail;
unless the facility is located in an economic development target
area established under section 7 of this chapter.
(11) Residential, unless:
(A) the facility is a multifamily facility that contains at least
twenty percent (20%) of the units available for use by low and
moderate income individuals;
(B) the facility is located in an economic development target
area established under section 7 of this chapter; or
(C) the area is designated as a residentially distressed area.
(12) A package liquor store that holds a liquor dealer's permit
under IC 7.1-3-10 or any other entity that is required to operate
under a license issued under IC 7.1.
As added by Acts 1977, P.L.69, SEC.1. Amended by Acts 1979,
P.L.56, SEC.7; P.L.71-1983, SEC.4; P.L.62-1985, SEC.1; P.L.62-1986,
SEC.2; P.L.82-1987, SEC.2; P.L.56-1988, SEC.4; P.L.65-1993, SEC.2;
P.L.25-1995, SEC.19; P.L.4-2000, SEC.4; P.L.126-2000, SEC.5;
P.L.198-2001, SEC.38; P.L.90-2002, SEC.118; P.L.72-2004, SEC.2;
P.L.99-2007, SEC.25; P.L.119-2012, SEC.19; P.L.288-2013, SEC.7;
P.L.8-2022, SEC.4.