(A) Delegation of responsibility. The Bedford Common Council designates the City of Bedford Planning Department and the Office of the Mayor as the entities for administration and processing of applications for Economic Development Target Area. The City of Bedford Planning Department and Office of the Mayor process the application with a recommendation to the Bedford Historic Review for their recommendation. The application is then submitted to the Bedford Common Council for final approval.
(B) Application fees.
(1) In order to defray costs incurred by the city in processing applications for designation of Economic Development Target Areas the following shall apply:
(a) Applicants shall pay a non-refundable filing fee of $50.
(b) Applicants for amendments to a Statement of Benefits Form shall pay a non-refundable filing fee of $50.
(2) All filing fees shall be made payable to the "City of Bedford" at the time the application is submitted to the City of Bedford Mayor’s Office.
(C) Ineligible projects. The Bedford Common Council shall not review applications for Economic Development Target Area status for any package liquor store that holds a liquor dealer’s permit under I.C. 7.1-3-10 or any other entity required to operate under a license issued under I.C. 7.1 et. seq. or for abatement of taxes on improvements to owner occupied residential space.
(D) Eligible projects. Decisions to designate areas as Economic Development Target Areas are determined on a project by project basis for any project. Each project is reviewed on its own merits and the effect of the project on revitalization of the surrounding areas and employment is considered. Applications for Economic Development Target Area designation may be submitted for projects in the eight blocks surrounding the Lawrence County Courthouse Square. This area is bounded by 14th Street on the north, H Street to the east, 17th Street to the south, and K Street to the west. It excludes the block where the Lawrence County Courthouse is located. This area has been identified as an area which has suffered slow growth and deterioration of improvements. Through the creation of Economic Development Target Areas in this area, the city seeks: to encourage retention of existing businesses and expand employment opportunities; to encourage the re-habilitation, preservation, and restoration of historic properties; to promote housing opportunities and economic development activities within the downtown; and to utilize vacant land for new development. In order for a project to be eligible for Economic Development Target Area designation, rehabilitation projects must have a construction cost of $50,000 or more and new construction projects must have a construction cost of $200,000 or more; and the owner must petition the Bedford Historic Review Board to establish a historic district consisting of the property on which the project is sited. Project plans must meet Bedford Historic Review Board standards.
(E) Review of Economic Development Target Area eligibility by Council.
(1) After review of the information provided in the application, the Bedford Common Council may find that the real estate under consideration meets the definition and standards of an Economic Development Target Area as defined in I.C. 6-1.1-12.1-7, as amended, and in this section. In such case the Bedford Common Council shall pass a resolution declaring the area an Economic Development Target Area. The declaring resolution must:
(a) Contain a description of the affected area.
(b) Be filed with the Lawrence County assessor.
(2) Alter approval of a declaratory resolution, the Bedford Common Council shall publish notice in accordance with I.C. 5-3-1, as amended. The notice must state that a description of the affected area is available and can be inspected in the county assessor’s office. The notice must also name a date when the Bedford Common Council will hold a public hearing for the purpose of receiving and hearing any and all remonstrances and objections from interested persons.
(3) In reviewing the evidence the Bedford Common Council shall also review the Statement of Benefits Form. The Bedford Common Council shall determine whether the area should be designated an Economic Development Target Area and whether a deduction should be allowed for the project, based on (and after it has made) the following findings:
(a) Whether the estimate of the value of the redevelopment or rehabilitation is reasonable for projects of that nature.
(b) Whether 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 described project, or
(c) Whether the annual salaries of those individuals who will be employed or whose employment will be retained can be reasonably expected from the proposed described project.
(d) Whether any other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described project.
(e) Whether the totality of benefits is sufficient to justify the deduction.
(4) It is the policy of the Bedford Common Council to have the applicant or a designated representative of the applicant present at the public hearing of the Bedford Common Council to answer any questions the Bedford Common Council may have and to further clarify the project at that time. The applicant should also plan to attend the Bedford Economic Development Commission and Bedford Historic Review Board meetings.
(5) After considering all evidence presented, the Bedford Common Council shall take final action to determine whether the qualifications for an Economic Development Target Area have been met and to confirm, modify and confirm, or rescind the declaratory resolution. Such action may include:
(a) Adoption by confirmation of the declaratory resolution. Said confirming resolution shall include the reasons upon which the determination is made.
(b) A finding that there is insufficient information and a deferral of action on the matter. The applicant shall be provided written notice of the reasons for deferral within ten days of that action.
(c) A determination that the real estate should not be designated as an Economic Development Target Area. The applicant shall be provided with written notice thereof.
(6) Upon confirming, modifying and confirming a declaratory resolution by the procedures set forth herein, both the Lawrence County Auditor and the Bedford Common Council shall keep a permanent record of the designation of the subject Economic Development Target Area. The Bedford Common Council shall also provide the Lawrence County Auditor with a final designation packet to be utilized in the review of applications for deduction pursuant to state code.
(F) Designation periods. Designation periods for newly designated Economic Development Target Areas shall expire on December 31, 2005 unless otherwise specified by the Bedford Common Council in its confirming resolution.
(G) Deduction period for real property. In the absence of any sufficient extenuating circumstances, the Bedford Common Council shall allow projects within a designated Economic Development Target Area to receive a ten-year abatement period.
(H) Compliance with the statement of benefits.
(1) All deduction applications filed with the Lawrence County Auditor for projects designated by the Bedford Common Council as Economic Development Target Areas must include a correct and complete Compliance with Statement of Benefits Form (CF-1) as prescribed by the Indiana State Board of Tax Commissioners. The Compliance with Statement of Benefits Form must be filed with both the Lawrence County Auditor and with the City of Bedford Mayor’s Office according to the filing schedule listed in I.C. 6-1.1-12.1-5.2 and I.C. 6-1.1-12.1-5.5, as applicable.
(2) Compliance with Statement of Benefits Forms filed by an applicant must show the extent to which there has been compliance with the Statement of Benefits Form (SB-1) approved by the Bedford Common Council in designating the area an Economic Development Target Area. The Compliance with Statement of Benefits Form must be updated per I.C. 6-1.1-12.1 et seq. The Bedford Common Council shall monitor for substantial compliance those projects it designates as Economic Development Target Areas.
(3) Property owners that have not substantially complied with the terms of their original Statement of Benefits Form may have the remainder of their tax abatement rescinded by the Bedford Common Council.
(4) (a) An applicant that has received a deduction for real property or personal property and:
1. Ceases operations at the facility for which the deduction was granted; and
2. Is found to have intentionally provided false information concerning plans to continue operations at the facility,
(b) May be determined by Common Council to be subject to repayment to the Lawrence County Treasurer of those property taxes that were deducted per the formula given in I.C. 6-1.1-12.1-12(e).
(I) Amending Statements of Benefits.
(1) Amendments to Statement of Benefits Forms are required if the designation period initially granted is insufficient to complete the project as stated in the initial Statement of Benefits Form; and/or the project scope has changed significantly resulting in a total project investment amount more than 150% of that originally projected; and/or if the numbers of jobs to be created or retained by the project will decrease by more than 25% of that originally planned.
(2) It is the policy of the Bedford Common Council that no application from an applicant to amend a Statement of Benefits Form will be accepted after the expiration of the designation period stated in the Confirming Resolution granting Economic Development Target Area status.
(J) Compliance with state and federal law. If any part of this policy and section is found to be in noncompliance with any state or federal statue, then such noncompliant part shall be declared void without any effect on the validity of the remaining portions of this section. Should the Indiana Code sections referenced in this section be modified and/or recodified, then this section shall be deemed to refer to the recodified sections of same.
(Ord. 21-1997, passed 10-14-97)