TO APPROVE AN ENTERPRISE ZONE INVESTMENT DEDUCTION (EZID) WITHIN A TAX ALLOCATION AREA
(OTHERWISE KNOWN AS A TAX INCREMENT FINANCING [TIF] DISTRICT) - Re: ERL-15, LLC, 531 North College Avenue
This resolution approves an Enterprise Zone Investment Deduction (EZID) for ERL-15, LLC located at 531 North College Avenue. The EZID allows a property tax deduction for a qualified investment within an Urban Enterprise Zone (Indiana Code 6-1.1-45). In most cases, this deduction (which is similar to a tax abatement) is automatic with the proper and timely application to the County Auditor. However, when the investment is in an allocation area, as defined by Indiana Code § 6-1.1-21.2-3, the deduction must be approved by the legislative body of the governmental unit that established the allocation area. Therefore, an EZID in one of the City’s allocation areas must be approved by the Common Council.