HomeMy WebLinkAbout2020-R-1 Investment Deduction in the UEZ RESOLUTION NO. 2020-R- I_
BEFORE THE COMMON COUNCIL FOR THE CITY OF JEFFERSONVILLE
STATE OF INDIANA
A RESOLUTION AUTHORIZING AN INVESTMENT DEDUCTION WITHIN THE
JEFFERSONVILLE URBAN ENTERPRISE ZONE
WHEREAS, the City of Jeffersonville, Indiana ("City") has previously adopted Resolution
No. 99-R-32, which originally established an Urban Enterprise Zone for downtown
Jeffersonville, Indiana ("JUEZ"); and
WHEREAS, the 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 Area ("UEA") who manage these
funds for the benefit of an UEZ; and,
WHEREAS, the City has established the Jeffersonville Urban Enterprise Association
("JUEA"), Not For Profit agency, for the purpose of managing the JUEZ located in downtown
Jeffersonville, Indiana; and,
WHEREAS, ARC-Spring Street 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); 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. 6-1.1-45-, 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(e), 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 of the City of Jeffersonville, Indiana ("Council") is the
legislative body and it created the City of Jeffersonville Redevelopment Commission; and,
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WHEREAS, the Council desires to grant ARC-Spring Street, LLC, its heirs and assigns, an
investment deduction.
NOW, THEREFORE, LET IT BE RESOLVED, BY THE COMMON COUNCIL OF THE CITY OF
JEFFERSONVILLE, INDIANA AND HEREBY AUTHORIZES THE FOLLOWING:
Section 1. ARC-Spring Street, LLC, its heirs and assigns, shall be granted an investment
deduction for improvements made to 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.
Section 2. Effectiveness. This Resolution shall be adopted after the passage by the
Common Council of the City of Jeffersonville and approved by the Mayor of the City of
Jeffersonville.
VOTED R: VOTE AGAINST:
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PASSED AND ADOPTED (Resolution No. 2020-R / ) by the Common Council of the
City of Jeffersonville, Indiana on this (el' day of January, 2020.
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Presiden ) a OWen
2
ATTEST:
Lisa Gill, Clerk
PRESNTED by me (Resolution No. 2020-R- I ) to the Mayor of Jeffersonville, Indiana
on this 7day of January, 2020.
i/,ivy
Lisa Gil , Clerk
SIGNED and APPROVED (Resolution No. 2020-R- ) by on this day of
January, 2020.
Mike Moore, ayor
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