HomeMy WebLinkAbout2026-R-2 Resolution Authorizing An Urban Enterprise Zone Investment Deduction Within Inner City Roads TIF BEFORE THE JEFFERSONVILLE COMMON COUNCIL
STATE OF INDIANA
A RESOLUTION AUTHORIZATING AN URBAN ENTERPRISE ZONE
INVESTMENT DEDUCTION WITHIN THE INNER CITY ROADS TIF
RESOLUTION NO. 2026-R-4
WHEREAS, the Common Council of the City of Jeffersonville, Indiana ("Council")
previously established and designated a portion of the City of Jeffersonville,Indiana (the "City")
as the Jeffersonville Urban Enterprise Zone ("JUEZ") in 2000 pursuant to Ind. Code§ 5-28-15-et
seq.;
WHEREAS, the JUEZ is a specifically designated area in which businesses and residents
alike are afforded certain tax benefits and in turn business may remit a percentage of their tax
savings to the local urban enterprise association who manages these funds for the benefit of the
JUEZ;
WHEREAS, the City has established the Jeffersonville Urban Enterprise Association
("JUEA"),an Indiana nonprofit corporation and local urban enterprise association, for the purpose
of managing the JUEA locate within the City;
WHEREAS, Highland Ventures Real Estate IV LLC (the "Taxpayer") redeveloped the
property located in the JUEZ at 1439 East Tenth Street, Jeffersonville,Indiana 47130, consisting
of Parcel No. 10-20-00-201-100.000-010 (the "Property");
WHEREAS, pursuant to Ind. Code § 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;
WHEREAS, the Taxpayer's significant real property investments in building and related
improvements on the Property, which Investments are qualified investments under Ind. Code§ 6-
1.1-45-7(3);
WHEREAS, the Property is located in a TIF allocation area pursuant to Ind. Code§ 36-7-14
et seq.;
WHEREAS, the Council is the legislative body of the City and has previously created the
City of Jeffersonville Redevelopment Commission("Commission");
WHEREAS, pursuant to Ind. Code § 6-1.1-45-9(e), a taxpayer that makes a qualified
investment at an enterprise zone location that is located within a TIF allocation area is entitled to
a deduction as stated only if the deduction is approved by the legislative body that created the
redevelopment commission;
Page 1 of3
WHEREAS, the Commission supports the Taxpayer's application for, and use of, the
investment deduction for improvements made to the Property;
NOW, THEREFORE, BE IT RESOLVED BY THE JEFFERSONVILLE
COMMON COUNCIL THAT:
1) The Common Council authorizes and grants the investment deduction to Highland
Ventures Real Estate IV LLC for improvements made to the Property located at 1439
East Tenth Street, Jeffersonville, Indiana 47130 for a period of ten(10)years,pursuant
to Ind. Code§ 6-1.1-45.
OT D F•i'4: VOTED AGAINST:
A lk
,..(TIV
Hereby passed and adopted at a meeting of the Jeffersonville Common Council,Clark County on this
(.P day of t) ! ,2026
Page 2 of3
JEFFERSONVILLE COMMON
COUNCIL
Pr sident
ATTEST:
c.,- Yt,),_ AL/
L va Gill, City Clerk
Presented by me as Clerk to the Mayor of said City of Jeffersonville this /'9 day of
, 2026.
Li • City Cek
This Resolution approved and signed by me this \°\-143; day of C` , 2026.
Mike Moore, May r
This Resolution vetoed by me this day of , 2026.
Page 3 of3
BEFORE THE JEFFERSONVILLE REDEVELOPMENT COMMISSION
STATE OF INDIANA
A RESOLUTION RECOMMENDING TO THE COMMON COUNCIL
AUTHORIZATION FOR AN INVESTMENT DEDUCTION WITHIN THE
JEFFERSONVILLE URBAN ENTERPRISE ZONE
RESOLUTION NO. 2026-R- J
WHEREAS, the Common Council of the City of Jeffersonville, Indiana ("Council")
previously established and designated a portion of the City of Jeffersonville, Indiana(the "City")
as the Jeffersonville Urban Enterprise Zone ("JUEZ") in 2000 pursuant to Ind. Code § 5-28-15-et
seq.;
WHEREAS, the JUEZ is a specifically designated area in which businesses and residents
alike are afforded certain tax benefits and in turn business may remit a percentage of their tax
savings to the local urban enterprise association who manages these funds for the benefit of the
JUEZ;
WHEREAS, the City has established the Jeffersonville Urban Enterprise Association
("JUEA"),an Indiana nonprofit corporation and local urban enterprise association,for the purpose
of managing the JUEA locate within the City;
WHEREAS, Highland Ventures Real Estate IV LLC (the "Taxpayer") redeveloped the
property located in the JUEZ at 1439 East Tenth Street, Jeffersonville, Indiana 47130, consisting
of Parcel No. 10-20-00-201-100.000-010 (the "Property");
WHEREAS, pursuant to Ind. Code § 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;
WHEREAS, the Taxpayer's significant real property investments in building and related
improvements on the Property, which Investments are qualified investments under Ind. Code § 6-
1.1-45-7(3);
WHEREAS, the Property is located in an allocation area pursuant to Ind. Code § 36-7-14
et seq.;
WHEREAS, the Council is the legislative body of the City and has previously created the
City of Jeffersonville Redevelopment Commission ("Commission");
WHEREAS, pursuant to Ind. Code § 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;
Page 1 of 2
WHEREAS, the Commission supports the Taxpayer's application for, and use of, the
investment deduction for improvements made to the Property;
NOW, THEREFORE, BE IT RESOLVED BY THE JEFFERSONVILLE
REDEVELOPMENT COMMISSION THAT:
1) The Jeffersonville Redevelopment Commission hereby recommends to the Common
Council that it authorize and grant the investment deduction to Highland Ventures Real
Estate IV LLC for improvements made to the Property located at 1439 East Tenth
Street, Jeffersonville, Indiana 47130 for a period of ten (10) years, pursuant to Ind.
Code § 6-1.1-45.
Authorizes and approves the Taxpayer's application and deduction schedule for Investment
property tax deduction.
Adopted at a meeting of the Jeffersonville Redevelopment Commission held the 25 day
of �t ��l lg t i( . 2026.
JEFFERSONVILLE REDEVELOPMENT
COMMISSION
President
L/447te"/ / tit
Secretary
Page 2 of 2
I
JEFFERSONVILLE
RBA
ENTERPRISE ZONE
February 6, 2024
R. Brent Conley
Legacy Commercial Property
2500 Lehigh Avenue
Glenview, IL 60026
Re: Youngstown Shopping Center Redevelopment Project— UEZ Investment Deduction
Dear Mr. Conley,
On behalf of the Jeffersonville Urban Enterprise Association (JUEA), thank you for your interest in the City
of Jeffersonville.We appreciate your proposal for capital investment in interior and exterior improvements
at Youngstown Shopping Center. In acknowledgement of the scale of capital investment in real estate
improvements proposed for this property, the JUEA would like to extend its support through the Urban
Enterprise Zone Investment Deduction program.
Through the Investment Deduction program, Legacy Commercial Property will be eligible for deductions
of new assessed value resulting from its capital investment in Youngstown Shopping Center. These
deductions result in 51% savings on the increase in assessed value due to the improvements over a 10-
year deduction period. Please refer to Exhibit A on the following page for estimated savings based on total
investment cost information provided by your team.
Should Legacy Commercial Property choose to take advantage of the program, it will need to file an EZ-2
form with the Clark County Auditor along with a copy of this letter between January 1st and May 15th of
the assessment year and each year thereafter for the life of the incentive. A copy of your EZ-2 must be
filed with the JUEA by June 1st of the year in which taxes are payable accompanied by the JUEA
Contribution Rate (49%of total savings where applicable).
Please accept this letter as JUEA's approval of a 10-year investment deduction. If you have any questions
regarding this incentive, please contact me at (812) 285-6406 or via email at Rwaiz@cityofieff.net.
Si
bert aiz
Exec .ve Director
Jeffersonville Urban Enterprise Association
4
4 City of Jeffersonville
500 Quartermaster Court,Suite 257
4 Jeffersonville,IN 47130
812-285-6406
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