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New laws affect commercial property owners

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Three bills with implications for owners of commercial real estate were approved by the General Assembly and have been signed by Gov. Mitch Daniels.

One of the bills, House Bill 1005, loosens requirements for taking advantage of the state’s industrial recovery tax credit when renovating vacant industrial buildings. Few property owners have taken advantage of the credits, which are awarded by the Indiana Economic Development Corp.

The law signed by the governor reduces the minimum age of buildings eligible for the credit, from 20 years to 15. It also opens the credit up to smaller buildings. The previous minimum size of 250,000 square feet was reduced to 50,000 square feet through the end of 2014. The minimum rises to 100,000 after that date. To be considered vacant, a property can be no more than 25 percent occupied, but now a building need only be vacant at least a year to qualify for the credit. The previous requirement was two years.

Another new law discourages municipalities from charging apartment-building owners exorbitant inspection and registration fees. Some cities had started imposing the fees as a way to recoup revenue they’ve lost because of property tax caps. The law prohibits cities and towns from funneling such fee revenue to general operating budgets.

Finally, apartment owners were successful in shepherding through changes to controversial immigration legislation. The bill passed and signed by the governor no longer requires landlords to verify the legal status of tenants. According to the bill’s original language, landlords whose tenants were found to be in the country illegally could have been charged with a misdemeanor or Class D felony. That part of the bill was removed because it ran counter to the federal Fair Housing Act.
 

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  1. The east side does have potential...and I have always thought Washington Scare should become an outlet mall. Anyone remember how popular Eastgate was? Well, Indy has no outlet malls, we have to go to Edinburgh for the deep discounts and I don't understand why. Jim is right. We need a few good eastsiders interested in actually making some noise and trying to change the commerce, culture and stereotypes of the East side. Irvington is very progressive and making great strides, why can't the far east side ride on their coat tails to make some changes?

  2. Boston.com has an article from 2010 where they talk about how Interactions moved to Massachusetts in the year prior. http://www.boston.com/business/technology/innoeco/2010/07/interactions_banks_63_million.html The article includes a link back to that Inside Indiana Business press release I linked to earlier, snarkily noting, "Guess this 2006 plan to create 200-plus new jobs in Indiana didn't exactly work out."

  3. I live on the east side and I have read all your comments. a local paper just did an article on Washington square mall with just as many comments and concerns. I am not sure if they are still around, but there was an east side coalition with good intentions to do good things on the east side. And there is a facebook post that called my eastside indy with many old members of the eastside who voice concerns about the east side of the city. We need to come together and not just complain and moan, but come up with actual concrete solutions, because what Dal said is very very true- the eastside could be a goldmine in the right hands. But if anyone is going damn, and change things, it is us eastside residents

  4. Please go back re-read your economics text book and the fine print on the February 2014 CBO report. A minimum wage increase has never resulted in a net job loss...

  5. The GOP at the Statehouse is more interested in PR to keep their majority, than using it to get anything good actually done. The State continues its downward spiral.

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