HomeMy WebLinkAbout2019-R-10 FAILED 5 NO 4 YES RESOLUTION NO. 2019-R- /0 I C
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 establishes 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 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. 6-1.1-45-7,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,
an19 ld
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 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-Spring Street, 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-Spring Street, LLC,its heirs and assigns,shall be granted an investment deduction
for improvements made to the Property and 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
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2- I D
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Awswermiostemelpby the Common Council for the City of Jeffersonville, Indiana,
upon this 0 day of , 2019.
resident
Jeffersonville Commo Council
ATTEST:
4A-40A--
Gam'
, Clerk
City of Jeffersonville, Indiana
PRESENTED by me to the Mayor for the City of Jeffersonville, Indiana upon this
day of , 2019.
, Clerk
City of Jeffersonville, Indiana
APPROVED by me upon this day of , 2019.
Mike Moore, Mayor
City of Jeffersonville
VETOED by me upon this day of , 2019.
Mike Moore, Mayor
City of Jeffersonville, Indiana
EXHIBIT A
See attached
Approved Development Plan, Landscape Plan, Lighting Plan
and Development Rendering
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