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HomeMy Public PortalAboutResolution 19-2015-19 GREENCASTLE COMMON COUNCIL RESOLUTION NO. 2015 - 19 A RESOLUTION REAFFIRMING RESOLUTION 2012 - 4 AND AFFIRMING AN ECONOMIC REVITALIZATION AREA AND RECOMMENDED TAX DEDUCTION FOR ASCENA RETAIL GROUP,INC.,AND GC FULFILLMENT, LLC WHEREAS, the laws of the State of Indiana, specifically I.C. 6-1.1-12.1-1, et. Seq., provide for the creation of economic revitalization areas within the corporate limits of the City of Greencastle, Putnam County, Indiana, for the general purpose of providing property tax deductions to encourage private redevelopment of areas which have become undesirable for, or impossible of,normal development and occupancy because of a lack of development, cessation of growth, deterioration of improvements or character of occupancy, age, obsolescence, substandard buildings or other factors which have impaired values or prevent normal development of property or use of property; and, WHEREAS, the term "economic revitalization area" also includes any area where a facility or group of facilities that are technologically, economically or energy obsolete are located and where the obsolescence may lead to the decline in employment and tax revenue; and, WHEREAS, "redevelopment" means the construction of new structures in economic revitalization areas either on unimproved real estate or on real estate upon which a prior existing structure is demolished to allow for new construction; and, WHEREAS, "rehabilitation" means remodeling, repair or betterment of property in any manner or any enlargement or extension of property; and, WHEREAS, pursuant to applicable laws of the State of Indiana, the Common Council of the City of Greencastle may create said economic revitalization area through the adoption of a resolution; and, WHEREAS, the need exists to confirm and continue an economic revitalization area in order to encourage private redevelopment in the City of Greencastle, Putnam County, Indiana; and, WHEREAS, Ascena Retail Group, Inc., and GC Fulfillment, LLC, has proposed the planned economic revitalization of their operations by investing up to $44,500,000 in the expansion of their facility by 60,000 to 100,000 square feet and in the acquisition of new logistical distribution and information technology equipment to support additional operations resulting in the retention of 308 jobs and the creation of 30 additional jobs at their facility. Ascena Retail Group, Inc. and GC Fulfillment, LLC, seek a tax deduction pursuant to I.C. 6-1.1-12.1, et. seq.; and, WHEREAS, Statement of Benefits Forms for real and personal property, have been submitted to the Common Council on November 5, 2015,prior to the expansion of the facility and ,.� installation of new logistical distribution and information technology equipment on such real estate by Ascena Retail Group, Inc., and GC Fulfillment, LLC, and that such Statements of Benefits Forms are attached hereto and marked"Exhibit A and Exhibit B"; and, WHEREAS, the Common Council passed Resolution 2012-4 on March 13, 2012 and Resolution 2012-27 on September 11, 2012 providing that the site is designated as an economic revitalization area with an expiration date of March 1, 2017; and, WHEREAS, the Common Council advertised a public hearing for November 24, 2015; and, WHEREAS, the Common Council pursuant to the laws of the State of Indiana does now hereby find that: 1. The estimate of the value of the facility expansion and the new logistical distribution and information technology equipment is reasonable for projects of that nature; 2. 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 facility expansion and installation of new logistical distribution and information technology equipment; 3. The estimate of the annual salaries of those individuals who will be employed or whose employment will be retained can reasonably be expected to result from the proposed described facility expansion and installation of new logistical distribution and information technology equipment; and, 4. That any other benefits about which information was requested are benefits that can be reasonably expected to result from the described facility expansion and installation of new logistical distribution and information technology equipment. 5. The totality of the benefits is sufficient to justify a deduction. THEREFORE, based upon these findings, BE IT RESOLVED THAT THE COMMON COUNCIL OF THE CITY OF GREENCASTLE on this 24th day of November, 2015, pursuant to I.C. 6-1.1-12.1-1, et. seq., deems there to be a need to continue the established economic revitalization area and that said economic revitalization area is defined as follows: Described as Parcel 1 of Exhibit A in a Special Warranty Deed recorded as document number 2004007435 in the Putnam County Recorder's Office. Situate in the State of Indiana, County of Putnam and being a part of Sections 13 and 14, Township 14 North, Range 4 West of the Second Principal Meridian, more particularly described, to-wit: Commencing at a rebar marking the Southeast corner of Section 14, Township 14 North Range 4 West; thence North 01 degree 20 minutes 30 seconds East 112.90 feet with the East line of said Section 14 to a railroad spike on the North right-of-way of Indiana State Road#240 as described in Right-of-Way Grant Book 1, page 118 in the Office of the Recorder of Putnam County, Indiana and the true point of beginning of the real estate herein described; thence with the North right-of-way South 46 degrees 25 minutes 23 seconds West 53.81 feet to a rebar; thence Westerly 425.62 feet on a curve to the left having a radius of 28,697.90 feet and subtended by a long cord bearing North 89 degrees 06 minutes 31 seconds West a distance of 425.61 feet to a rebar; thence North 89 degrees 32 minutes 00 seconds West 1269.15 feet to a rebar; thence leavings said North right-of-way North 00 degrees 03 minutes 46 seconds East 653.89 feet to a rebar on the South right-of-way line of County Road 200 East;thence North 63 degrees 15 minutes 10 seconds East 118.72 feet with said South right-of-way; thence South 26 degrees 46 minutes East 88.07 feet with a chain link fence, as shown on the survey dated October 13, 1987, and the Northerly extension thereof to a 4 inch diameter steel fence post;thence with said fence line South 66 degrees 15 minutes East 43.85 feet to a 2 inch diameter steel fence post;thence South 89 degrees 09 minutes East 226.21 feet to a 3 inch diameter steel fence post; thence South 01 degree 11 minutes West 56.75 feet to a rebar; thence leaving the aforesaid fence line South 89 degrees 10 minutes East 472.06 feet with the North face of a building and the Westerly extension thereof to a drill hole in concrete, thence North 00 degrees 35 minutes West 68.34 feet to a rebar at the Southwest corner of a building;thence North 89 degrees 19 minutes West 43.91 feet to a rebar; thence North 01 degree 21 minutes East 172.64 feet to a rebar; thence North 59 degrees 03 minutes East 13.31 feet to a rebar; thence North 46 degrees 04 minutes East 65.12 feet to a rebar; thence North 21 degrees 51 minutes East 28.98 feet to a rebar; thence North 89 degrees 41 minutes East 106.72 feet to a rebar; thence South 00 degrees 51 minutes West 114.90 feet to a drill hole in concrete; thence South 10 degrees 34 minutes West 31.30 feet to a drill hole in concrete; thence South 00 degrees 50 minutes West 203.72 feet with the East face of a building and the Northerly extension thereof to a drill hole in concrete;thence South 89 degrees 13 minutes East 234.13 feet with the North face of said building and the Easterly extension thereof to a rebar at the West face of said building;thence North 00 degrees 48 minutes East 55.49 feet with said West face to a drill hole in concrete; thence South 89 degrees 10 minutes East 205.13 feet to a drill hole in concrete; thence North 00 degrees 52 minutes East 824.89 feet with the West face of said building and the Northerly extension thereof to a rebar on the aforesaid South right-of-way; thence with said South right-of-way North 63 degrees 15 minutes 10 seconds East 245.10 feet to a rebar;thence Northeasterly 90.02 feet on a curve to the left having a radius of 237.00 feet and subtended by a long chord bearing North 52 degrees 22 minutes East a distance of 89.48 feet to a rebar;thence leaving said South right-of-way South 48 degrees 30 minutes 38 seconds East 24.65 feet to a rebar on the South line of real estate conveyed to the City of Greencastle as described in a deed recorded in Deed Record 191, page 272 in the Office of the Recorder of • Putnam County, Indiana; thence North 63 degrees 15 minutes 10 seconds East 2059.82 feet with said South line to a rebar;thence South 2565.42 feet to a rebar on the North right-of-way of the aforesaid Indiana State Road #240; thence with said North right-of-way North 89 degrees 38 minutes 44 seconds West 62.29 feet to a rebar; thence Westerly 222.92 feet on a curve tot he left having a radius of 4633.67 feet and subtended by a long chord bearing North 86 degrees 00 minutes 16 seconds West a distance of 222.90 feet to a rebar; thence North87 degrees 23 minutes 00 seconds West 979.40 feet to a rebar; thence Westerly 551.16 feet on a curve to the left having a radius of 28,697.90 feet and subtended by a long chord bearing North 87 degrees 56 minutes 01 second West a distance of 551.15 feet to a rebar; thence North 45 degrees 02 minutes 48 seconds West 51.20 feet to a rebar;thence North 82 degrees 15 minutes 34 seconds West 15.16 feet to the true point of beginning. Also commonly known as 1901 East State Road 240. THEREFORE,the Common Council of the City of Greencastle recommends and approves the following: 1. That the investment can be made in the name of GC Fulfillment, LLC, a related corporate entity of Ascena Retail Group, Inc., or Ascena Retail Group, Inc. 2. The Common Council of the City of Greencastle does recommend a deduction of assessed value for a period of ten (10) years as a result of the expansion of the distribution facility, all as set forth in I.C. 6-1.1-12.1-3. The following abatement schedule applies to the eligible real property improvements that are a part of the expansion project outlined in this resolution: YEAR ONE 100% YEAR TWO 95% YEAR THREE 80% YEAR FOUR 65% YEAR FIVE 50% YEAR SIX 40% YEAR SEVEN 30% YEAR EIGHT 20% YEAR NINE 10% YEAR TEN 5% YEAR ELEVEN AND BEYOND 0% 3. The Common Council of the City of Greencastle does recommend a deduction of assessed value for a period of ten (10) years as a result of the expansion of the distribution facility, all as set forth in I.C. 6-1.1-12.1-4.5. The following abatement schedule applies to the eligible personal property that are a part of the expansion project outlined in this resolution: First Year of Deduction 100% Second Year of Deduction 90% Third Year of Deduction 80% Fourth Year of Deduction 70% Fifth Year of Deduction 60% Sixth Year of Deduction 50% Seventh Year of Deduction 40% Eighth Year of Deduction 30% Ninth Year of Deduction 20% Tenth Year of Deduction 10% Eleventh Year and Beyond 0% 4. The Common Council of the City of Greencastle does NOT recommend a deduction or tax abatement for special tooling nor does Ascena Retail Group, Inc., or GC Fulfillment, LLC, request such abatement. The Common Council of the City of Greencastle further recommends and approves the application of the deductions herein for improvements and equipment installed pursuant to the Statements of Benefits from the approval of this resolution and during the sixty-two (62) ensuing months, November 24, 2015 to January 1, 2021 with the expiration date of the economic revitalization area extended from March 1, 2017 to January 1, 2021. PASSED AND RESOLVED by the Common Council of the City of Greencastle at a special meeting this 24th day of November, 2015. COMMON COUNCIL OF THE CITY OF GRE NCASTLE, INDIANA S f C,/(,�Z/7.-5,/ S. in ham Adam Cohen in(..AI 6j-- 11). l4,4",•*-47 gham N. Hammer Phyllis Ross Rokicki . )1/1:1-- Tyler W e Approved and signed by me this 24th day of November, 2015 at A`_ p.m. o'clock. Susan V. Murray, Mayor 'N, ATTEST: yn a R. Dunbar, Clerk-Treasurer /'1 '0"4-;•.a STATEMENT OF BENEFITS Exhibit A 20 PAY 20 REAL ESTATE IMPROVEMENTS r ' State Form 51767(R6 i 10-14 FORM SB-1 I Real Property P\ \` w Prescribed by the Department of Local Government Finance PRIVACY NOTICE Tystatement is being completed for real property that qualifies under the following Indiana Code(check one box): Any information concerning the cost i Redevelopment or rehabilitation of real estate improvements(iC 6-1.1-12.1-4) of the property and specific sa+ones 0 Residentially distressed area(IC 6-1.1-12.1-4.1) pro to mdi employees by the property owner is confidential per INSTRUCTIONS: IC 6-11-12.1-5 1 1. This statement must be submitted to the body designating the Economic Revitalization Area prior to the public hearing if the designating body requires information from the applicant in making its decision about whether to designate an Economic Revitalization Area. Otherwise.this statement must be submitted to the designating body BEFORE the redevelopment or rehabilitation of real property for which the person wishes to claim a deduction. 2. The statement of benefits form must be submitted to the designating body and the area designated an economic revitalization area before the initiation of the redevelopment or rehabilitation for which the person desires to claim a deduction. 3. To obtain a deduction,a Form 322/RE must be filed with the County Auditor before May 10 in the year in which the addition to assessed valuation is made or not later than thirty(30)days after the assessment notice is mailed to the property owner if it was mailed after April 10. A property owner who failed to file a deduction application within the prescribed deadline may file an application between March 1 and May 10 of a subsequent year 4. A property owner who files for the deduction must provide the County Auditor and designating body with a Form CF-1/Real Property The Form CF-1/Real Property should be attached to the Form 322/RE when the deduction is first claimed and then updated annually for each year the deduction is applicable IC 6-1.1-12.1-5.1(b) 5. For a Form SB-1/Real Property that is approved after June 30. 2013, the designating body is required to establish an abatement schedule for each deduction allowed For a Form SS-1/Real Property that is approved prior to July 1. 2013, the abatement schedule approved by the designating body remains in effect. IC 6-1.1-12.1-17 SECTION 1 TAXPAYER INFORMATION Name of taxpayer , Ascena Retail Group, Inc. & GC Fulfillment, LLC Address of taxpayer(number and street,city,state,and ZIP code) 8323 Walton Parkway New Albany, OH 43054 Name of contact person Telephone number E-mail address Monica Kil•ren -AVP Corporate Tax t 614 ) 775-3280 Monica.Kilgren@AscenaRetaii.com SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT Name of designating body Resolution number Greencastle Common Council Location of property County DLGF taxing district number r,.y 1901 State Road 240 East Putnam 67008 Description of real property improvements redevelopment.or rehabilitation(use additional sheets if necessary) Estimated start sate(month,day.yeah See attached. Nov 2015 Estimated completion date(month,day.year) Dec 2018 , SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT Current number 'Salaries Number retained Salaries Number additional Salaries 308.00 $11,800,000.00 308.00 $11,800,000.00 30.00 ; $998,400.00 SECTION 4 ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT REAL ESTATE IMPROVEMENTS COST ASSESSED VALUE Current values Plus estimated values of proposed project 5,000,000.00 Less values of any property being replaced Net estimated values upon corn.letion of project SECTION 5 WASTE CONVERTED AND OTHEF BENEFITS PROMISED BY THE TAXPAYER Estimated solid waste converted(pounds) 0.00 Estimated hazardous waste converted(pounds) Q.00 Other benefits SECTION 6 TAXPAYER CERTIFICATION I hereby certify that the resentations in this statement are true. Signature o*atrtfib r esenta e, ,.------ Date signed(month.day.year) . : 11/3/2015 Printed na of authorized representative Title Tom Calderwood SVP Corporate Tax Page 1 of 2 FOR USE OF THE DESIGNATING BODY • We find that the applicant meets the general standards in the resolution adopted or to be adopted by this body. Said resolution,passed or to be passed under IC 6-1.1-12.1,provides for the following limitations: A. The designated area has been limited to a period of time not to exceed 5 yrs&2 mo calendar years*(see below). The date this designation expires is January 1, 2021 B. The type of deduction that is allowed in the designated area is limited to: 1. Redevelopment or rehabilitation of real estate improvements VT Yes ❑No 2.Residentially distressed areas ❑Yes WZj No C. The amount of the deduction applicable is limited to$ 5,500,000.00 . D. Other limitations or conditions(specify) E. Number of years allowed: ❑Year 1 ❑ Year 2 ❑ Year 3 ❑ Year 4 ❑ Year 5 (*see below) ❑Year 6 ❑ Year 7 ❑ Year 8 ❑ Year 9 WI Year 10 F. For a statement of benefits approved after June 30,2013,did this designating body adopt an abatement schedule per IC 6-1.1-12.1-17? Yes ❑ No If yes,attach a copy of the abatement schedule to this form. If no,the designating body is required to establish an abatement schedule before the deduction can be determined. We have also reviewed the information contained in the statement of benefits and find that the estimates and expectations are reasonable and have determined that the totality of benefits is sufficient to justify the deduction described above. Approved(sionature_andtitle of authoria m of designating body) lephone number Date signed(month,day,year) ( 765 ) 653-3100 November 24, 2015 Printed name of authorized member of designating body Name of designating body Susan V. Murray, Mayor Greencastle Common Council Attested by • nature and title attester Printed name of attester ynda R Dunbar, Clerk-Treasurer If the designating body limits the time period during which an area is an economic revitalization area,that limitation does not limit the length of time a taxpayer is entitled to receive a deduction to a number of years that is less than the number of years designated under IC 6-1.1-12.1-17. re'", A. For residentially distressed areas where the Form SB-1/Real Property was approved prior to July 1,2013,the deductions established in IC 6-1.1-12.1-4.1 remain in effect.The deduction period may not exceed five(5)years. For a Form SB-1/Real Property that is approved after June 30, 2013,the designating body is required to establish an abatement schedule for each deduction allowed. The deduction period may not exceed ten (10)years. (See IC 6-1.1-12.1-17 below.) B. For the redevelopment or rehabilitation of real property where the Form SB-1/Real Property was approved prior to July 1,2013,the abatement schedule approved by the designating body remains in effect.For a Form SB-1/Real Property that is approved after June 30,2013,the designating body is required to establish an abatement schedule for each deduction allowed.(See IC 6-1.1-12.1-17 below.) IC 6-1.1-12.1-17 Abatement schedules Sec. 17.(a)A designating body may provide to a business that is established in or relocated to a revitalization area and that receives a deduction under section 4 or 4.5 of this chapter an abatement schedule based on the following factors: (1) The total amount of the taxpayer's investment in real and personal property. (2) The number of new full-time equivalent jobs created. (3) The average wage of the new employees compared to the state minimum wage. (4) The infrastructure requirements for the taxpayer's investment. (b) This subsection applies to a statement of benefits approved after June 30,2013. A designating body shall establish an abatement schedule for each deduction allowed under this chapter. An abatement schedule must specify the percentage amount of the deduction for each year of the deduction. An abatement schedule may not exceed ten(10)years. (c) An abatement schedule approved for a particular taxpayer before July 1,2013, remains in effect until the abatement schedule expires under the terms of the resolution approving the taxpayer's statement of benefits. Page 2 of 2 47'tr 4 STATEMENT OF BENEFITS /' Exhibit B FORM SB-1 /PP I (4,0 PERSONAL PROPERTY t4.0., State Form 51754(R4 r 11-15) r�1 ' �r Prescribed by the Department of Local Government Finance PRIVACY NOTICE i Any information concerning the cost of the property and specific salaries paid to individual employees by the property owner is confidential per IC 6-1 1-12.1-5,1 INSTRUCTIONS -j, This statement must be submitted to the body designating the Economic Revitalization Area prior to the public hearing if the designating body requires information from the applicant in making its decision about whether to designate an Economic Revitalization Area. Otherwise this statement must be submitted to the designating body BEFORE a person installs the new manufacturing equipment and/or research and development equipment,and/or logistical distribution equipment and/or information technology equipment for which the person wishes to claim a deduction. 2. The statement of benefits form must be submitted to the designating body and the area designated an economic revitalization area before the installation of qualifying abatable equipment for which the person desires to claim a deduction. 3. To obtain a deduction, a person must file a certified deduction schedule with the person's personal property return on a certified deduction schedule (Form 103-ERA)with the township assessor of the township where the property is situated or with the county assessor if there is no township assessor for the township. The 103-ERA must be filed between January 1 and May 15 of the assessment year in which new manufacturing equipment and/or research and development equipment and/or logistical distribution equipment and/or information technology equipment is installed and fully functional,unless a filing extension has been obtained A person who obtains a filing extension must file the form between January 1 and the extended due date of that year 4. Property owners whose Statement of Benefits was approved.must submit Form CF-1/PP annually to show compliance with the Statement of Benefits (IC 6-1 1-12.1-5.6) 5. Fora Form SB-1/PP that is approved after June 30,2013,the designating body is required to establish an abatement schedule for each deduction allowed For a Form SB-1/PP that is approved prior to July 1.2013,the abatement schedule approved by the designating body remains in effect (iC 6-1.1-12.1-17) SECTION 1 TAXPAYER INFORMATION Name of taxpayer Name of contact person Ascena Retail Group, Inc. &GC Fulfillment, LLC Monica Kilgren -AVP, Corporate Tax Address of taxpayer(number and street city,state.and ZIP coda) Telephone number 8323 Walton Parkway New Albany,OH 43054 ( 614 ) 775-3280 SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT Name of designating body Resolution number(s) Greencastle Common Council Location of property County ty DLGF taxing district number 1901 State Road 240 East Putnam 67008 Description of manufacturing equipment and/or research and development equipment and/or logistical distribution equipment and/or information technology equipment ESTIMATED (Use additional sheets if necessary.) START DATE COMPLETION DATE New state-of-the-art MHE and IT equipment to increase e-commerce Manufacturing Equipment fulfillment capacity. R&D Equipment Logist Dist Equipment 07/01/2016 06/30/2019 iT Equipment 07/01/2016 06/30/2019 SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT Current number Salaries Number retained Salanes Number additional Salaries 308 11,800,000 308 11,800,000 30 998,400 SECTION 4 ESTIMATED TOTAL COST AND VALUF OF PROPOSED PROJECT NOTE:Pursuant to IC 6-1.1-12.1-5.1 (d)(2)the i MANUFACTURING R D EQUIPMENT LOGIST DIST IT EQUIPMENT EQUIPMENT EQUIPMENT COST of the property is confidential. COST ASSESSED COST ASSESSED COST ASSESSED COST ASSESSED VALUE VALUE VALUE VALUE Current values Plus estimated values of proposed project t 35,000,000 14,000,000 4,500,000 1,800,000 Less values of any property being replaced Net estimated values upon completion of project SECTION 5 WASTE CONVERTED AND OTHER BENEFITS PROMISED BY THE TAXPAYER Estimated solid waste converted(pounds) 0 Estimated hazardous waste converted(pounds) 0 Other benefits. SECTION 6 TAXPAYER CERTIFICATION I hereby that th resent ' s in this statement are true. ^- Nigna author¢ repre Date signed(month.day,year) ' G% �ti...--� 11/3/2015 Printed name of authorized representative Title Tom Calderwood SVP Corporate Tax Page 1 of 2 FOR USE OF THE DESIGNATING BODY We have reviewed our prior actions relating to the designation of this economic revitalization area and find that the applicant meets the general standards adopted in the resolution previously approved by this body. Said resolution, passed under IC 6-1.1-12.1-2.5, provides for the following limitations as authorized under IC 6-1.1-12.1-2. . The designated area has been limited to a period of time not to exceed 5 years&2 ma calendar years'(see below). The date this designation expires is January 1, 2021 . NOTE:This question addresses whether the resolution contains an expiration date for the designated area. B. The type of deduction that is allowed in the designated area is limited to: 1 . Installation of new manufacturing equipment; ❑ Yes © No ❑ Enhanced Abatement per IC 6-1.1-12.1-18 2. Installation of new research and development equipment; ❑ Yes © N o Check box if an enhanced abatement was approved for one or more of these types. 3. Installation of new logistical distribution equipment. © Yes ❑ No 4. Installation of new information technology equipment; © Yes ❑ No C. The amount of deduction applicable to new manufacturing equipment is limited to$ cost with an assessed value of $ . (One or both lines may be filled out to establish a limit,if desired.) D. The amount of deduction applicable to new research and development equipment is limited to$ cost with an assessed value of $ . (One or both lines may be filled out to establish a limit,if desired.) E. The amount of deduction applicable to new logistical distribution equipment is limited to$ 38,500,000.00 cost with an assessed value of $ . (One or both lines may be filled out to establish a limit,if desired.) F. The amount of deduction applicable to new information technology equipment is limited to$ 4,950,000.00 cost with an assessed value of $ . (One or both lines may be filled out to establish a limit,if desired.) G. Other limitations or conditions(specify) H. The deduction for new manufacturing equipment and/or new research and development equipment and/or new logistical distribution equipment and/or new information technology equipment installed and first claimed eligible for deduction is allowed for: ❑ Year 1 ❑ Year 2 ❑ Year 3 ❑ Year 4 ❑ Year 5 ❑ Enhanced Abatement per IC 6-1.1-12.1-18 Number of years approved: ❑ Year 6 ❑ Year 7 ❑ Year 8 ❑ Year 9 © Year 10 (Enter one to twenty(1-20)years;may not exceed twenty(20)years.) 1.1"N For a Statement of Benefits approved after June 30,2013,did this designating body adopt an abatement schedule per IC 6-1.1-12.1-17? ©Yes ❑No If yes,attach a copy of the abatement schedule to this form. If no,the designating body is required to establish an abatement schedule before the deduction can be determined. Also we have reviewed the information contained in the statement of benefits and find that the estimates and expectations are reasonable and have determined that the totality of benefits is sufficient to justify the deduction described above. Approved by: " nature and • au rized member of designating body) Telephone number Date signed(month,day,year) ( 765 ) 653-3100 November 24, 2015 --Printed name of authorized member of designating body Name of designating body Susan V. Murray, Mayor Greencastle Common Council Attested .(signature andM of attes r Printed name of attester Lynda, R. Dunbar, Clerk-Treasurer If e designating body limits the time period during which an area is an economic revitalization area,that limitation does not limit the length of time a taxpayer is entitled to receive a deduction to a number of years that is less than the number of years designated under IC 6-1.1-12.1-17. IC 6-1.1-12.1-17 Abatement schedules Sec.17.(a)A designating body may provide to a business that is established in or relocated to a revitalization area and that receives a deduction under section 4 or 4.5 of this chapter an abatement schedule based on the following factors: (1)The total amount of the taxpayer's investment in real and personal property. (2)The number of new full-time equivalent jobs created. (3)The average wage of the new employees compared to the state minimum wage. (4)The infrastructure requirements for the taxpayer's investment. (b)This subsection applies to a statement of benefits approved after June 30,2013.A designating body shall establish an abatement schedule for each deduction allowed under this chapter.An abatement schedule must specify the percentage amount of the deduction for each year of the deduction. An abatement schedule may rip. xceed ten(10)years. abatement schedule approved for a particular taxpayer before July 1,2013,remains in effect until the abatement schedule expires under the terms of the r .,,,iution approving the taxpayer's statement of benefits. Page 2 of 2