Resolution 10-09

This resolution approves an Enterprise Zone Investment Deduction (EZID) for the property located at 1800 South Walnut Street owned by Mike Weston. The EZID allows a property tax deduction for a qualified investment within an Urban Enterprise Zone (I.C. 6-1.1-45). In most cases, this deduction (which is similar to tax abatement) is automatic with the proper and timely application to the County Auditor. However, effective July, 2008, when the investment is in an allocation area defined by IC 12-19-1.5-1 (TIF District), the deduction must be approved by the area’s legislative body. Therefore, any EZID in the City’s TIF must be approved by the Common Council.