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HomeMy WebLinkAbout2019-R-4 Tax Credit FAILED 5 NO 3 YEA 6---)/ 16b � 3_/d RESOLUTION NO. 2019-R- '7 BEFORE THE COMMON COUNCIL FOR THE CITY OF JEFFERSONVILLE STATE OF INDIANA A RESOLUTION AUTHORIZING AN INVESTMENT DEDUCTION WITHIN THE JEFFERSONVILLE UBRAN ENTERPRISE ZONE WHEREAS, the City of Jeffersonville, Indiana ("City") has previously adopted Resolution No. 99-R-32, which established an Urban Enterprise Zone for downtown Jeffersonville, Indiana("JUEZ"); and, WHEREAS, an Urban Enterprise Zone("UEZ")is a specifically designated area in which businesses and residents alike are afforded certain tax benefits and in turn businesses remit a percentage of their tax savings to the local Urban Enterprise Association ("UEA") who manage these funds for the benefit of an UEZ; and, WHEREAS, the City has established the Jeffersonville Urban Enterprise Association ("JUEA"), a non-for-profit agency, for the purposes of managing the JUEZ located in downtown Jeffersonville, Indiana; and WHEREAS, ARC Property Investment LLC, its heirs and assigns, plan to build a new building (see attached Exhibit "A") consisting of 22 apartments and three commercial tenants ("Development") within the JUEZ at the corner of Spring and Market Streets ("Property"), contingent upon receiving an enterprise zone investment deduction; and, WHEREAS, pursuant to I.C. 6-1.1-45-9(a), a taxpayer that makes a qualified investment is entitled to a deduction from the assessed value of the taxpayer's enterprise zone property located at the enterprise zone location for which the taxpayer made the qualified investment; and, WHEREAS, pursuant to I.C. 6-1-45-7, the new construction of the building at the corner of Spring and Market Streets constitutes a qualified investment; and, WHEREAS, the Property is in an allocation area(commonly known as a TIF); and, WHEREAS, pursuant to I.C. 6-1.1-45-9(d), a taxpayer that makes a qualified investment at an enterprise zone location that is located within an allocation area is entitled to a deduction as stated only if the deduction is approved by the legislative body that created the redevelopment commission; and, WHEREAS, the Common Council for the City of Jeffersonville, Indiana ("Council") is the legislative body and created the City of Jeffersonville Redevelopment Commission; and, WHEREAS, the Council desires to grant ARC Property Investment LLC, its heirs and assigns an investment deduction. NOW THEREFORE, BE IT RESOLVED, by the Common Council for the City of Jeffersonville, Indiana and hereby authorizes the following: 1. ARC Property Investments LLC, its heirs and assigns, shall be granted an investment deduction for improvements made the property located in the JUEZ at the corner of Spring and Market Streets for a period of ten (10) years, pursuant to I.C. 6-1.1-45, as amended. 2. This resolution shall be in full force and affect after its passage by the Council and approval by the Mayor. YES NO • 27 it) PASSED and ADOPTED by the Common Council for the City of Jeffersonville, Indiana upon this a O day of 1l'lctit- , 2019. astawn President Jeffersonville Comm Council ATTEST: 1:40}: Vicki Conlin, Clerk City of Jeffersonville, Indiana PRESENTED by me to the Mayor for the City of Jeffersonville, Indiana upon this o(0 day of `''()'t� , 2019. ie4c (:,0/Z—• Vicki Conlin, Clerk City of Jeffersonville, Indiana APPROVED by me upon this day of , 2019. 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