(A) The alternative abatement deduction schedule guidelines are updated and set forth as follows.
(1) The City Common Council may utilize an alternative abatement deduction schedule of a 75% deduction for ten years if all of the following requirements are met:
(a) Five million dollar minimum investment;
(b) A minimum of 30 new full-time employees are hired and maintained;
(c) Qualifying wages paid to new employees as described in SB-1A must pay double the state minimum wage;
(d) Major medical health insurance is provided to all full-time employees;
(e) All improvements and new hires must be completed within three years of the date of the signed ordinance approving the statement of benefits for a business; and
(f) Failure to meet any of the requirements outlined in divisions (A)(1)(a) through (A)(1)(e) above shall require that the alternative abatement deduction schedule revert to the standard ten-year abatement deduction schedule outlined in I.C. 6-1.1-12.1-4d(10) for real estate improvements and I.C. 6-1.1-12.1-4.5d(10) for personal property beginning with the number of years remaining for the abatement (for example, if a personal property abatement is in its sixth year, the final four years’ deductions would be 40%, 30%, 20% and 10%, respectively).
(2) Additionally, if the minimum conditions outlined in divisions (A)(1)(b), (A)(1)(c) and (A)(1)(d) above are met, the City Common Council may increase the alternative abatement deduction described above by 5% if the business invests a minimum of $10,000,000 or by 10% if the business invests a minimum of $15,000,000.
(3) If the minimum conditions outlined in divisions (A)(1)(a), (A)(1)(c) and (A)(1)(d) are met, the City Common Council may increase the alternative abatement deduction described above by 5% if the business adds a minimum of 50 new employees, or by 10% if the business adds a minimum of 100 new employees
(4) If the minimum conditions outlined in divisions (A)(1)(a), (A)(1)(b), (A)(1)(c) and (A)(1)(d) above are met, the City Common Council may increase the alternative abatement deduction described above by 5% if the business pays at least two and one-half times the state minimum wage for new employees hired.
(5) The percentage increases described in divisions (A)(2), (A)(3) and (A)(4) above are independent of each other. As such, a qualifying applicant could possibly achieve a 100% deduction.
(6) The City Common Council may decrease the alternative abatement deduction by 5% for every $250,000 of additional taxpayer assistance (any government level) provided to the business.
(7) A business requesting an alternative abatement deduction schedule shall provided a letter requesting an alternative abatement deduction schedule and shall provide proof of the applicable justification with the standard application materials.
(B) In accordance with I.C. 6-1.1-12.1 et seq., the following additional criteria shall be established and updated by the Common Council for the regular deduction schedule for personal property and real estate deductions permitted as follows.
(1) To be considered for a one- to five-year abatement, taxpayers with a proposed project investment of more than $250,000 listed and certified as the estimated value of said proposed project must submit a statement of benefits form certifying as follows:
(a) The taxpayer’s proposed project will have at least five new employees;
(b) All current and new employees will be paid an average minimum wage of at least $12 per hour. The minimum wage shall be determined by the definitions provided by the SB-1 application; and
(c) All current and new employees’ wages will include major medical policy benefits.
(2) To be considered for a one- to five-year abatement where no new employees will be hired, taxpayers with a proposed project investment of more than $500,000 listed and certified as the estimated value of said proposed project must submit a statement of benefits form certifying as follows:
(a) All current and new employees will be paid an average minimum wage of at least $12 per hour. The minimum wage shall be determined by the definitions provided by the SB-1 application; and
(b) All current employees’ wages will include major medical policy benefits.
(3) To be considered for a five- to ten-year abatement, taxpayers with a proposed project investment of more than $500,000 listed and certified as the estimated value of said proposed project must submit a statement of benefits form certifying as follows:
(a) The taxpayer’s proposed project will have at least five new employees;
(b) All current and new employees will be paid an average minimum wage of at least $12 per hour. The minimum wage shall be determined by the definitions provided by the SB-1 application; and
(c) All current and new employees’ wages will include major medical policy benefits.
(Ord. 17-2018, passed 3-19-2018; Ord. 5-2019, passed 2-19-2019)