HomeMy Public PortalAbout055-2015 - Tax Abatement - Ahaus Tool - Real EstateCOMMON COUNCIL OF THE CITY OF RICHMOND, INDIANA
ORDINANCE NO.55-2015
A SPECIAL ORDINANCE AUTHORIZING THE APPROVAL OF A
STATEMENT OF BENEFITS FOR A PROPERTY OWNER
APPLYING FOR DEDUCTIONS UNDER I.C. 6-1.1-12.1
WHEREAS, Common Council has previously designated eight economic revitalization
areas within the City of Richmond; and
WHEREAS, I.C. 6-1.1-12.1 requires the Common Council as the designating entity to
approve all Statements of Benefits required to be filed by property owners
applying for deductions in assessed valuations for the installation of new
manufacturing equipment, research and development equipment, logistic
distribution equipment, or information technology equipment or for the
redevelopment or rehabilitation of real property; and
WHEREAS, An owner of real property located in an economic revitalization area is
entitled to deductions from the assessed value, pursuant to Indiana law and
Richmond City Ordinance, for a period of any number of years less than or
equal to ten (10) years (i.e. one to ten years); and
WHEREAS, An owner of new manufacturing equipment, research and development
equipment, logistic distribution equipment, or information technology
equipment is also entitled to deductions from the assessed value, pursuant to
Indiana law and Richmond City Ordinance, for a period of any number of
years less than or equal to ten (10) years (i.e. one to ten years); and
WHEREAS, In order for Common Council to approve a Statement of Benefits to allow a
deduction, it must make the following findings, to -wit:
1. That the estimate of value of the redevelopment or rehabilitation, as to
real property, or the estimate of cost of the new manufacturing
equipment, research and development equipment, logistic distribution
equipment, or information technology equipment, as to personal property,
is reasonable for projects of that nature or equipment of that type.
2. That the estimate of number of individuals who will be employed or
whose employment will be retained can be reasonably expected to result
from the proposed described redevelopment or rehabilitation, or from the
installation of the new manufacturing equipment, research and
development equipment, logistic distribution equipment, or information
technology equipment.
3. That the estimate of annual salaries of those individuals who will be
employed or whose employment will be retained can be reasonably
expected to result from the proposed described redevelopment or
rehabilitation, or from the installation of the new manufacturing
equipment, research and development equipment, logistic distribution
equipment, or information technology equipment.
4. That any other benefits about which information was requested are
benefits that can be reasonably expected to result from the proposed
redevelopment or rehabilitation, or from the installation of the new
manufacturing equipment, research and development equipment, logistic
distribution equipment, or information technology equipment.
5. That the totality of the benefits is sufficient to justify the deduction.
6. That installation of the equipment described in the SB-1 must be
completed within 24 months of the date the ordinance is signed by the
designating body. Further, the abatement is limited to the equipment
listed in the SB-1.
7. That a deduction schedule was passed by Common Council pursuant to
Richmond City Ordinance Number 65-2013 and that said deduction
schedule is applicable to the deductions approved along with these
findings.
NOW, THEREFORE, the Common Council of the City of Richmond, Indiana, now
makes the following findings:
1. That the estimate of value of the redevelopment or rehabilitation, as to
real property, or the estimate of cost of the new manufacturing
equipment, research and development equipment, logistic distribution
equipment, or information technology equipment, as to personal property,
is reasonable for projects of that nature or equipment of that type.
2. That the estimate of number of individuals who will be employed or
whose employment will be retained can be reasonably expected to result
from the proposed described redevelopment or rehabilitation, or from the
installation of the new manufacturing equipment, research and
development equipment, logistic distribution equipment, or information
technology equipment.
3. That the estimate of annual salaries of those individuals who will be
employed or whose employment will be retained can be reasonably
expected to result from the proposed described redevelopment or
rehabilitation, or from the installation of the new manufacturing
equipment, research and development equipment, logistic distribution
equipment, or information technology equipment.
4. That any other benefits about which information was requested are
benefits that can be reasonably expected to result from the proposed
redevelopment or rehabilitation, or from the installation of the new
manufacturing equipment, research and development equipment, logistic
distribution equipment, or information technology equipment.
5. That the totality of the benefits is sufficient to justify the deduction.
6. That installation of the equipment described in the SB-1 must be
completed within 24 months of the date the ordinance is signed by the
designating body. Further, the abatement is limited to the equipment
listed in the SB-1.
7. That a deduction schedule was passed by Common Council pursuant to
Richmond City Ordinance Number 65-2013 and that said deduction
schedule is applicable to the deductions approved along with these
findings.
NOW THEREFORE, be it ordained by the Common Council of the City of
Richmond, that the following property owner meets the requirements for property tax
assessed valuation deductions, as follows:
REAL ESTATE - 10 YEARS
Ahaus LLC
Jobs Retained: 96.6
Jobs Created: 10
Estimated New Value: $400,000.00
Dated: August 6, 2015
Passed and adopted this �_ day ofr015, by the Common
Council of the City of Richmond, Indiana.
Vn, Gam. , President
(Dr. Ronald Oler)
ATT
(Karen Chasteen, IAMC, MMC)
PRESENTED to the Mayor of the City of Richmond, Indiana, this .14 day of ,
2015, at 9:00 a.m.
(Karen Chasteen, IAMC, MMC)
0�
APPROV by me, Sarah L. Hutton, Mayor of the City of Richmond, Indiana, this L day
of , 2015, at 9:05 a.m.
4-Mayor
(Sarah L. Hutton)
ATTE - t-�eriz��
(Karen Chasteen, IAMC, MMC)
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Engineering Department
Fifty North Fifth Street
Richmond, Indiana 47374
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1 inch = 40 feet
Date:
July 24, 2015
0— by:
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Rick McAvene
Mary Scott Park.Dwg
Exhibit "A"
LAND DESCRIPTION
for a 0.226 acre tract
Situated in the Southeast Quarter of Section 31, Township 14 North, Range 1 West, City
of Richmond, Wayne Township, Wayne County, Indiana, being part of a tract of land
described in Deed Record Book 161, Page 426 currently conveyed to the City of
Richmond, said tract being part of Lot Number 19 in the Levi C. Peacock's Addition as
shown in Plat Book Number 5, Page 19, part of vacated Northwest 8th Street in said
Addition and part of the Southeast Quarter of said Section 31 recorded in the Office of the
Wayne County Recorder, and being more particularly described as follows:
Commencing at a mag nail found at the southwest corner of said Southeast Quarter in
West Main Street;
thence North 890 43' 20" East 1226.79 feet along the south line of said Southeast Quarter
in said Road to a point with the southerly prolongation of the east line of Northwest 8th
Street;
thence North 001 34' 30" West 553.90 feet along the prolongation line of said Street to a
5/8 inch rebar and cap stamped "RLS 7955" found at the southwest corner of a 1.292 acre
tract described in Instrument Number 2003014962 on the east line of said Northwest 8th
Street being the TRUE POINT OF BEGINNING for this description herein described;
thence southward along a curve to the left having a radius of 271.25 feet, an arc length of
45.21, a chord direction of South 04° 46' 06" East, and a chord distance of 45.16 feet to a
set rebar and cap;
thence South 890 59' 37" East 216.26 feet along a new division line to a set rebar and cap
with the southward prolongation of the east line of said 1.292 acre tract;
thence North 000 14' 57" West 45.00 feet along a new division line and said prolongation
line to a found a 5/8 inch rebar and cap stamped "RLS 7955" at the southeast comer of
said 1.292 acre tract;
thence North 89" 59' 37" West 219.82 feet along the south line of said 1.292 acre tract to
the point of beginning, containing an area of 0.226 acres.
SUBJECT TO: All legal easements of record.
All rebar and caps set at 5/8 inch reinforcing rod with yellow plastic cap stamped
"MCAVENE 20200050"
This is to certify that the above description and the attached plat was prepared this 24th
day of July 2015 and is true and correct to the best of my knowledge and belief.
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LS20200050
RICK L. MCAVENE
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Registered Land Surveyor
License No. LS20200050
STATE OF /f
State of Indiana
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[See Exhibit B attached hereto]
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—SURVEY PLAT —
CITY OF RICHMOND
Part of Mary Scott Park
Engineering Department
City of Richmond, IN
Fifty North Fifth Street
tee:
Date:
Richmond, Indiana 47374
1 inch = 40 feet
July 24, 2015
Dwn.
Dwa. No.
Rick McAvene
Mary Scott Park.Dwg
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LS20200050
STATE OF r
t' �NpIANp 4 E
9ZOSURv;
Exhibit "A"
LAND DESCRIPTION
for a 0.226 acre tract
Situated in the Southeast Quarter of Section 31, Township 14 North, Range 1 West, City
of Richmond, Wayne Township, Wayne County, Indiana, being part of a tract of land
described in Deed Record Book 161, Page 426 currently conveyed to the City of
Richmond, said tract being part of Lot Number 19 in the Levi C. Peacock's Addition as
shown in Plat Book Number 5, Page 19, part of vacated Northwest 8th Street in said
Addition and part of the Southeast Quarter of said Section 31 recorded in the Office of the
Wayne County Recorder, and being more particularly described as follows:
Commencing at a mag nail found at the southwest corner of said Southeast Quarter in
West Main Street;
thence North 890 43' 20" East 1226.79 feet along the south line of said Southeast Quarter
in said Road to a point with the southerly prolongation of the east line of Northwest 8th
Street;
thence North 000 34' 30" West 553.90 feet along the prolongation line of said Street to a
5/8 inch rebar and cap stamped "RLS 7955" found at the southwest comer of a 1.292 acre
tract described in Instrument Number 2003014962 on the east line of said Northwest 8th
Street being the TRUE POINT OF BEGINNING for this description herein described;
thence southward along a curve to the left having a radius of 271.25 feet, an arc length of
45.21, a chord direction of South 04° 46' 06" East, and a chord distance of 45.16 feet to a
set rebar and cap;
thence South 890 59' 37" East 216.26 feet along a new division line to a set rebar and cap
with the southward prolongation of the east line of said 1.292 acre tract;
thence North 00° 14' 57" West 45.00 feet along a new division line and said prolongation
line to a found a 5/8 inch rebar and cap stamped "RLS 7955" at the southeast comer of
said 1.292 acre tract;
thence North 890 59' 37" West 219.82 feet along the south line of said 1.292 acre tract to
the point of beginning, containing an area of 0.226 acres.
SUBJECT TO: All legal easements of record.
All rebar and caps set at 5/8 inch reinforcing rod with yellow plastic cap stamped
"MCAVENE 20200050"
This is to certify that the above description and the attached plat was prepared this 24th
day of July 2015 and is true and correct to the best of my knowledge and belief.
MCA
°Q
No. 0
fLS20200050
RICK L. MCAVENE
—. f
Registered Land Surveyor`
License No. LS20200050
STATE OF
! •;NDIAXA
�`
State of Indiana
o,9�D"'"..�0
[See Exhibit B attached hereto]
4
STATEMENT OF BENEFITS
REAL ESTATE IMPROVEMENTS
Slate Form 51767 (R5112-13)
Prescribed by the Department of Local Government Finance
This statement is being completed for real property that qualifies under the following Indiana Code (check one box):
M Redevelopment or rehabilitation of real estate improvements (IC 6-1.1-12.1-4)
❑ Residentially distressed area (IC 6-1.1-12.1-4.1)
20 _ PAY 20_
FORM SBA i Real Property
PRIVACY NOTICE
Any udormation concerning tire cost
of the prop and specific salaries
paid to in ual employees by the
pprroperty owner is confidential per
IC 1.-12.1-5.1.
INSTRUCTIONS:
1. This statement must be submitted to the body designating the Economic Revitalization Area prior to the public hearing If the designating body requires
Information from the applicant in making Its decision about whether to designate an Economic Revitalization Area. Otherwise, fhis statement must be
submitted to the designating body BEFORE the redevelopment or rehabilitation of real property for which the person wishes to claim a deduction.
2. The statement of benefits form must be submitted to the designating body and the area designated an economic revitalization area before the initiation of
the radevebpmenf or rehabilitation for which the person desires to claim a deduction.
3. To obtain a deduction, a Fom 32Z RE must be fried with the County Auditor before May 10 in the year in whlch the addifion to assessed valuation is
made or not later than thirty (30) days after the assessment notice is maNed loft property owner if it was mailed aRer Apni 10. A property owner who
tailed to file a deduction application within the prescribed deadline may file an application between March 1 and May 10 of subsequent year.
4. A property owner who Ales for the deduction must provide the County AucWor and designating body with a Form CF-I Real Property. The Form Cl~1iReal
Property should be attached to the Form 3221RE when the deduction is first claimed and then updated annually for each year the deduction Is applicable.
IC 6-1.1-12.1-5.1(b)
5. For a Form SB-1/Real Property that is approved after June 30, 2013, the designating body is required to establish an abatement schedule for each
deduction atiwmd. For a Form SS-1A�ea1 Property that is approved pdor to July 1, 2013, the abatement schedule approved by Me designating body
remains in eAterl fC 6-1.1-12.1-17
INFORMATION
Neme or taxpayer
Ahaus
Addrm of taxpayer (htuaber and of nW eifif state. and ZIP code)
200 Industrial Parkway, Richmond, IN 47374
Name of contact person
Donna J. Utz
Telephone number
(765)962-3571
Email address
donnau@ahaus.com
f F PROPOSe PROJ
Name
Resolution number
Common Council of City of Richmond
Indiana
10-1984 11-1991
Location of DrorN
200 Industrial Parkway
county
Wayne
DLGF taxing district number
Richmond Corporat
Oescription of real Property improvements, redevelopment or rea lotion (use addition!
sheets if necessary)
Estimated start data (month, day, year)
9,000 Sq. Ft. addition to west wall
of building
9/1/2015
for expanding assembly of equipment
Estimated completion dele (mM day yW
1/31/2016
OF ••PROJECT
Carron numbs Salaries Number retained
Salaries Number additional Salaries
96.6 FTE 6,516,000 96.6
6,566,000 10
420,000 __j
TOTALOF
•- e PROJECT
REAL ESTATE IMPROVEMENTS
COST
ASSESSED VALUE
Current values
920,000
1,362,500
Plus estimated values of proposed project
400,000
Less values of an being aced
Net estimated values upon completion of project
19320,000
1,762,500
AND•
PROMISED B
Estimated sold waste converted (pounds)
Estimated hazardous waste converted (pounds)
Other benefds
TAXPAYERSECTION 6
•
I hereby certify that the representations in this statement are true.
signature of authorized representative
Date signed (month, day year)
Aug. 6, 2015
Printed name of authorized representative
Titk
Donna J. Utz
Controller
on
Page 1 of 2
Form SB-1A
City of Richmond, Indiana
Taxpayer Wage & Benefit Information
Company Name, Address & Contact Person: Ahaus LLC
200 Industrial Parkway
Donna J. Utz; Controller
The information requested on this supplement to form SB-1 must be completed and submitted
along with your S13-1 in order for your tax abatement request to be considered by Richmond
Common Council. Please retain your records and calculations used to arrive at the information
requested on this form. It is subject to review as a part of our monitoring process.
1. Average hourly wage for existing employees $ 22.58
2. Average hourly wage for projected new positions $ 17.00
3. Average hourly health insurance benefit $ 3.98
1. The length of the abatement you are requesting 10 years
(A 1-10 year abatement may be requested for real estate improvements and manufacturing equipment.)
2. If purchasing equipment, please attach a list that includes the following:
• brief description of each piece of equipment being purchased
• the projected useful life of each piece of equipment
• the state(s) in which the equipment is being brought into Indiana from if purchasing used
equipment
• the cost of each piece of equipment
• state if the machinery is being purchased or leased
• if the machinery is being leased, provide information from the lease that explains which
party is responsible for paying the property taxes
3. If making real estate improvements, please provide a list that includes the following:
• brief description of the real estate improvement (new construction, rehab, expansion, etc.)
• size of the proposed real estate improvements
• costs of the proposed real estate improvements
DEFINITIONS
1. Average hourly wage for existing employees: for your most recent pay period please provide the
average base wage per hour for all current full time, non -supervisory employees. Do not include the
following groups:
A. part time employees;
B. management, supervisors, foremen, or any other supervisory personnel,•
C. owners, stockholders, or partners if they own 2% or more of the business, and their
family members.
2. Average hourly wage for projected new positions: Use the same definition of employees to be included
as in number one above.
3. Average hourly health insurance benot: Please provide the current company paid health insurance
benefits provided to hourly employees (as defined above) and family members. Please present in the
form of an hourly rate computed using the annual cost per eligible employee divided by 2080 hours.
A'4'� '�/ I&,— August 6, 2015
(Authorized Signatu d Titl (Date)
Donna J. Utz; Con roller
FOR USE OF DESIGNATING :•D
We find that the applicant meets the general standards in the resolution adopted or to be adopted by this body_ Said resolution, passed or to be passed
under IC 6-1.1-12.1, provides for the following limitations:
A. The designated area has been limited to a period of time not to exceed calendar years" (see below). The date this designation
expires is
B. The type of deduction that is allowed in the designated area is limited to:
1. Redevelopment or rehabilitation of real estate improvements �4s p No
2. Residentially distressed areas ❑ Yes ❑ No
C. The amount of the deduction applicable is limited to $
D. Other limitations or conditions (specify)
E. Number of years allowed: ❑ Year 1 ❑ Year 2 ❑ Year 3 ❑ Year 4 ❑ Year 5 (' see below)
❑ Year 6 ❑ Year 7 ❑ Year 8 ❑ Year 9 g-rear 10
R For a statement of benefits approved after June 30, 2013, did this designating body adopt an abatement schedule per IC 6-1.1-12.1-17?
jLres ❑ No
If yes, attach a copy of the abatement schedule to this form. AttW_4,%tr
If no, the designating body is required to establish an abatement schedule Wore the deduction can be determined.
We have also reviewed the information contained in the statement of benefits and find that the estimates and expectations are reasonable and have
determined that the totality of benefits is sufficient to justify the deduction described above.
Approved (signature title of authorized mem r of designating body)
Telephone number
Date sin (month, day, year)
Printed na horized member of designating body
Name of de ' nating body
P
Attested by signature and Mfie of attester)
Printed name of attester
If the designating body limits the time period during which an area is an economic revitalization area, that limitation does not limit the length of time a
taxpayer is entitled to receive a deduction to a number of years that is less than the number or years designated under IC 6-1.1-12.1-17.
A. For residentially distressed areas where the Form SB-1/Real Property was approved prior to July 1, 2013, the deductions established in IC
6-1.1-12.1-4-1 remain in effect. The deduction period may not exceed five (5) years. For a Form SBA/Real Property that is approved after June 30,
2013, the designating body is required to establish an abatement schedule for each deduction allowed. The deduction period may not exceed ten
(10) years. (See IC 6-1.1-12.1-17 below.)
B. For the redevelopment or rehabilitation of real property where the Form SB-1 /Real Property was approved prior to July 1, 2013, the abatement
schedule approved by the designating body remains in effect. For a Form SBA/Real Property that is approved after June 30, 2013, the designating
body is required to establish an abatement schedule for each deduction allowed. (See IC 6-1.1-12.1-17 below.)
IC 6-1.1-12A-17
Abatement schedules
Sec. 17. (a) A designating body may provide to a business that is established in or relocated to a revitalization area and that receives a deduction under
section 4 or 4.5 of this chapter an abatement schedule based on the following factors:
(1) The total amount of the taxpayer's investment in real and personal property.
(2) The number of new full-time equivalent jobs created.
(3) The average wage of the new employees compared to the state minimum wage.
(4) The infrastructure requirements for the taxpayer's investment.
(b) This subsection applies to a statement of benefits approved after June 30, 2013. A designating body shalt establish an abatement schedule
for each deduction allowed under this chapter. An abatement schedule must specify the percentage amount of the deduction for each year of
the deduction. An abatement schedule may not exceed ten (10) years.
(c) An abatement schedule approved for a particular taxpayer before July 1, 2013, remains in effect until the abatement schedule expires under
the terms of the resolution approving the taxpayer's statement of benefits.
Page 2 of 2
1 1 �
August 6, 2015
Mr. Tony Foster
City of Richmond
Department of Metropolitan Development
5o North Fifth Street
Richmond, Indiana 47374
Dear Tony:
Attached is our application and fee for a tax abatement on a 9,00o sq. ft. building
expansion that will increase the floor space for assembling machines help us
increase our capacity.
❖ 9,00o Sq. Ft. Building Expansion
➢ Projected Useful Life — 40 Years
➢ This is a new addition on the west wall of the current shop
➢ It will be constructed by a local construction firm
➢ Estimated cost: $400,000
Please feel free to contact Kevin or me if you should have any questions.
Thank you again for your help in this matter.
Sincerely,
Donna J. Utz
Controller
enc.
Ahaus
200 Industrial Parkway 765.962.3571 Phone sales@ahaus.com
P.O. Box 280 800.962.3571 Toll Free www.ahaus.com
Richmond, IN 47375-0280 765.962.3426 Fax
. ,.
ORDINANCE NO. 65- 2013
A SPECIAL ORDINANCE ESTABLISHING DEDUCTION SCHEDULES
FOR PROPERTY OWNERS OBTAINING DEDUCTIONS FROM
ASSESSED VALUE OF CERTAIN PROPERTY WITHIN AN
ECONOMIC REVITALIZATION AREA
WHEREAS, Pursuant to Indiana Law, I.C. 6-1.1-12.1 et. seq., the Common Council of
the City of Richmond, Indiana may find that a particular area within the
city is an Economic Revitalization Area which provides as an economic
development incentive certain property tax deductions for the
redevelopment or rehabilitation of real property or the installation of new
manufacturing equipment; and
WHEREAS, The Common Council has previously adopted Resolution No. 10-1984
which designates certain areas in the City as Economic Revitalization
Areas and sets forth certain procedures for an owner to obtain certain
deductions therein; and
WHEREAS, Resolution No. 10-1984 has previously been amended to add other areas
as an ERA; making definition changes to the original ordinance, setting
forth the time periods in which a deduction is allowed, and establishing
other procedures for obtaining deductions (see Resolutions 2-1987, 11-
1989, I 1-1991, 3-1996, Ordinances 72-1996, 90-1996, 113-1997, 19-
2000, 29-2006, 31-2007, and 76-2011); and
WHEREAS, Indiana law has previously allowed the owner of real property and
personal property located within an economic revitalization area to request
a deduction over a one (1) to ten (10) year period and has previously
established the abatement deduction schedules for real property deductions
and personal property deductions; and
WHEREAS, Effective July 1, 2013, Indiana Code (IC) 6-1.1-12.1-1 et seq, requires a
designating body to establish an abatement deduction schedule for each
deduction including the percentage of the deduction for each year the
deduction is granted not to exceed 10 years; and
WHEREAS, Ordinance 76-2011 provides criteria for the establishment of alternate
abatement deduction schedules; and
WHEREAS, Pursuant to IC 6-1.1-12.1-17(b), Common Council desires to establish
deduction schedules that parallel the deduction schedules previously
outlined in IC 6-1.1-12.1 et. seq. (see P.L.112-2012 §27 and P.L.6-2012
§41), for businesses expanding or relocating in economic revitalization
areas in Richmond not utilizing the criteria outlined in ordinance 76-2011.
NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of
Richmond, Indiana, that deduction schedules for personal property and real estate
deductions permitted by IC 6-1.1-12.1 et. seq. that do not utilize the alternative abatement
deduction schedule outlined in Ordinance 76-2011 are set forth as follows:
Real Property Deductions
1. For deductions allowed for a one (1) year period:
Year 1 100%
2. For deductions allowed for a two (2) year period:
Year 1 100%
Year 2 50%
3. For deductions allowed for a three (3) year period:
Year 1 100%
Year 2 66%
Year 3 33%
4. For deductions allowed for a four (4) year period:
Year 1 100%
Year 2 75%
Year 3 50%
Year 4 25%
5. For deductions allowed for a five (5) year period:
Year 1 100%
Year 2 80%
Year 3 60%
Year 4 40%
Year 5 20%
6. For deductions allowed for a six (6) year period:
Year 1 100%
Year 2 85%
Year 3 66%
Year 4 50%
Year 5 34%
Year 6 17%
7. For deductions allowed for a seven (7) year period:
Year 1 100%
Year 2 85%
Year 3 71 %
Year 4 57%
Year 5 43%
Year 6 29%
Year 7 14%
8. For deductions allowed for a eight (8) year period:
Year 1
100%
Year 2
88%
Year 3
75%
Year 4
63 %
Year 5
50%
Year 6
38%
Year 7
25%
Year 8
13%
9. For deductions allowed for a nine (9) year period:
Year 1
100%
Year 2
88%
Year 3
77%
Year 4
66%
Year 5
55%
Year 6
44%
Year 7
33%
Year 8
22%
Year 9
11 %
10. For deductions allowed for a ten (10) year period:
Year 1
100%
Year 2
95%
Year 3
80%
Year 4
65%
Year 5
50%
Year 6
40%
Year 7
30%
Year 8
20%
Year 9
10%
Year 10
5%
Personal Property Deductions
1. For deductions allowed for a one (1) year period:
Year 1 100%
2. For deductions allowed for a two (2) year period:
Year 1 100%
Year 2 50%
3. For deductions allowed for a three (3) year period:
Year 1 100%
Year 2 66%
Year 3 33%
4. For deductions allowed for a four (4) year period:
Year 1 100%
Year 2 75%
Year 3 50%
Year 4 25%
5. For deductions allowed for a five (5) year period:
Year 1 100%
Year 2 80%
Year 3 60%
Year 4 40%
Year 5 20%
6. For deductions allowed for a six (6) year period:
Year 1 100%
Year 2 85%
Year 3 66%
Year 4 50%
Year 5 34%
Year 6 25%
7. For deductions allowed for a seven (7) year period:
Year 1 100%
Year 2 85%
Year 3 71 %
Year 4 57%
Year 5 43%
Year 6 29%
Year 7 14%
8. For deductions allowed for a eight (8) year period:
Year 1 100%
Year 2 88%
Year 3 75%
Year 4 63%
Year 5 50%
Year 6 38%
Year 7 25%
Year 8 13%
9. For deductions allowed for a nine (9) year period:
Year 1 100%
Year 2 88%
Year 3 77%
Year 4 66%
Year 5 55%
Year 6 44%
Year 7 33%
Year 8 22%
Year 9 11 %
10. For deductions allowed for a ten (10) year period:
Year 1
100%
Year 2
90%
Year 3
80%
Year 4
70%
Year 5
60%
Year 6
50%
Year 7
40%
Year 8
30%
Year 9
20%
Year 10
10%
PASSED AND ADOPTED this day o 4Y3, by the Common
Council of the City of Richmond, Indiana.
President
P xker
A S
Karen Chasteen, IAMC, MMC
PRESENTED SENTED to the Mayor of the City of Richmond, Indiana, this •O day of
2013, at 9:00 a.m.
✓�� . �,��' r'.r'�, lerk
Karen Chasteen, IAMC, MMC
APPROVED by me, Sarah L. Hutton, Mayor of the City of Richmond, Indiana, this
J l7 day of /i v , 2013, at 9:05 a.m.
Mayor
(Sarah L. Hutton)
ATTES
Karen Chasteen, IAMC, MMC