“Herrick Investments was created and exists as a vehicle to support the
educational operations of [the non-profit tenant, Artists in Motion “AIM” that
uses the property to operate a dance studio and gymnastics school]. Herrick
Investments constructed and leased the Property for the sole and exclusive
purpose to provide a facility for dance and gymnastics education. Herrick
Investments paid the property taxes that AIM is required to pay under the
Lease. The rent is below market rent. The below market rent charged by Herrick
Investments, while not sufficient alone for property tax exemption according to
Oaken Bucket, provides an indication of motive because it facilitated
the educational activities and purposes of AIM. Unlike Oaken Bucket Partners,
LLC, Herrick Investments did not lease property to any other tenants—it was
formed for the sole purposes of owning the Property for a dance and gymnastics
school. And the Herricks made significant charitable contributions to assist
the AIM school and others. These facts indicate the charitable and educational
purposes of Herrick Investments.
Herrick Investments presented
substantial, probative evidence that the Property is owned for exempt purposes.
*
* *
The Parties previously stipulated that the Property is occupied and used by AIM for exempt educational purposes. Accordingly, the Property gets a 100% exemption.”
http://www.in.gov/ibtr/files/Herrick_Investments_49-500-08-2-8-00001.pdf
Similar findings were made by the Board in SPD Realty, LLC v. Hamilton County Assessor, Petition No. 29-006-09-2-8-00002
http://www.in.gov/ibtr/files/SPD_Realty_LLC_29-006-08-2-8-00002.pdf
(which is on appeal to the Indiana Tax Court at Hamilton County Assessor v. SPD Realty, LLC, Case No. 49 T 10-1104-TA-00028); and
Avon Real Estate, LLC v. Hendricks County PTABOA, Petition No.: 32-022-07-2-8-00001
http://www.in.gov/ibtr/files/AvonRealEstate32-022-07-2-8-00001.pdf
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