HomeMy Public PortalAbout058-2017 - Abatement - Elder Family Partners LP - Real EstateCOMMON COUNCIL OF THE CITY OF RICHMOND, INDIANA
ORDINANCE NO.58-2017
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 OR TO BE DETERMINED
Elder Family Partners, L.P.
Current Jobs: 0
Jobs Retained: 0
Jobs Created: 100
Estimated New Value: $1,400,000.00
Dated: March 29, 2017
Passed and adopted this AG day o a- 2O1_, by the Common Council of the
City of Richmond, Indiana.
I11
President
(Karen Chasteen, IAMC, MMC)
PRESENTED to the Mayor of the City of Richmond, Indiana, this /*/' day of
201 , at 9:00 a.m.
exk�
(Karen Chasteen, IAMC, MMC)
APPROVED by me, David M. Snow, Mayor of the City of Richmond, Indiana, this
day of �R�u� d , 201�, at4+. fr=. S 1
Mayor
ATTE :
(Karen Chasteen, IAMC, MMC)
STATEMENT OF BENEFITS
REAL ESTATE IMPROVEMENTS
State Form 51767 (R6110-14)
r.,. 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):
QRedevelopment 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 SB4 / Real Property
PRIVACY NOTICE
Any Information concerning the cost
of the property and specific salaries
paid to individual employees by the
property owner Is confidential per
IC 6 1.1-12 t 1i,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, this statement must be
submitted to the designating body 13EFORE 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 bdfore the initiation of
the redevelopment or rehabilitation for which the person desires to claim a deduction.
3. To obtain a deduction, a Form 3221RE must be filed with the County Auditor before May 10 in the year in which the addition to assessed valuathon is.
made or not later than thirty (30) days after the assessment notice is mailed to the property owner if rt was marled afterApn710. A property owner who
felled to file a deduction appflcafion within the prescribed deadline may file an applkation between March and May 10 of a subsequent year.
4. A property owner who files for the deduction must provide the County Auditor and designating body with a Form CF-11Real Property. The Fort CF-1lReal
Properly should be attached to the Form 3221RE when the deduction is first dafined and then updated annually for each year the deduction is applicable.
iC 6-1.142.1-5.1(b)
5. For a Form S134/Raa1 Pmiperty that is approved after June 30, 2013, the designating body is required to establish an abatement schedule for each
deduction allowed. For a Form SB-1/Real Properly that is approved prior to July 1, 2013, the abatement schedule approved by the designating body
remains In effect. iC 5-1.1-12.1-17
SECTION•-
•
Name of taxpayer
Elder Family Partners, L.P.
Address of taxpayer (number and street c►ty, state, and ZIP code)
4251 W. Industries Road, Richmond, Indiana 47374
Name of contact person
Telephone number
E-mail address
Mark Harrington
( 765 ) 966-7676 ext 226
Markharrl2@aol.com
2 LOCATION AND DESCRIPTION
OF PROPOSED PROJECT
—SECTION
Name of designating body
Resohfion number
Richmond Common Council
10/84
Location of property
County
DLGF ta)dng district number
1600 Rich Road, Richmond, Indiana 47374
Wayne
Rich. Corp
Description of real property improvements, redevelopment, or rehabilitation (use addnTional sheets If necessary)
Estimated start date (month, day, year)
Walls, Offices, Breakroom, Crane Foundation, Fencing, Ublitiy Trenching and separation, Ventilation vents,
7/30/2016
Windows, Sprinkler System Changes
Estimated completion date (month, day, year)
6/30/2018
SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES
AS RESULT OF PROPOSED PROJECT
Current number Saiarles Number retained
Salaries Number additional Salaries
0.00 $0.00 0.00
$0.00 100.00
$3,328,000.00
SECTION 4 ESTIMATED TOTAL COST AND
VALUE OF PROPOSED PROJECT
REAL ESTATE IMPROVEMENTS
COST
ASSESSED VALUE
Current values
4,285,750.00
1.770.900.00
Plus estimated values of proposed project
1,400,000.00
Less values of any propertybeing replaced
o•DO
Net estimated values upon ce lefion of pro" ct
s,ses,75o.00
SECTION• r AND OTHER
BENEFITS PROF611SED BY
Estimated solid waste converted (pounds)hazardous
waste converted (pounds)
Other benefits
SECTION•
I hereby certify that the representations in this statement are true.
signature of authorized repr
Dete (nxxth. day, year)
3 !7
Printed frame of authorized r'eprasenlvp
Title �l
• L� F7/�/Y �
la
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Page 1 of 2
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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 ❑ Yes ❑ No
2. Residentially distressed areas ❑ Yes ❑ No
C, The amount of the deduction applicable is limited to $
D. Other limitations or conditions (speaf_
E. Number of years allowed: ❑Year 1 Year 2 E] (] Year 5* see below)Year 3 Year 4 Year 10
❑ Year 6 El Year 7 ❑ Year 8 ❑ Year 9 ❑
F. For a statement of benefits approved after June 30, 2013, did this designating body adopt an abatement schedule per iC 6-1.1-12.1-177
Yes ❑ No
If yes, attach a copy of the abatement schedule to this form.
If no, the designating body Is required to establish an abatement schedule before 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 and title of authorzed member of deslgnafing body) Telephone number �Dalened (month, day, year)
( )
Printed name of authorized member of designating body Name of designating body
Attested by (signature and IrUe of attestor) 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 of 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 is onestablished
after dune 30,
6-1.1-12.1-4.1 remain in effect. The deduction period may not exceed five (5) years. For a Form SB-1/Real Property at approved
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-tiReal Properly was approved prior to July 1, 2013, the abatement
schedule approved by the designating body remains ih effect. 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 allowed. (See IC 6-1.1-12.1-17 below.)
IC 6-1.1-12.1-17
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 un d er
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 shall 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 particulartaxpayer 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
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 ❑ Yes ❑ No
2- Residentially distressed areas ❑ Yes ❑ No
C. The amount of the deduction applicable is limited to $
D. Other limitations or conditions (speorfy)
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 ❑ Year 10
F. 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?
[] Yes n No
If yes, attach a copy of the abatement schedule to this form.
If no, the designating body is required to establish an abatement schedule before 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 (spgnetwe and Utle of authorized member of designating body)
Telephone number
( )
Date signed (month, day, yeer)
Printed name of authorized member of designating body
Name of designating body
Attested by (signature and Ube 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 of 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
6-1.1-12.14.1 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 SBA/Real Property was approved prior to July 1, 2013, the abatement
schedule approved by the designating body remains in effect. For a Form 613-1/Reai 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 6-1.1-12.1-17
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 shall 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
FIFTH THIRD BAhIK
(WESTERN OKO)
P.O. BOX 630 M CINCINNAa OH 45263-0900
ELDER FAMILY PARTNERS LP
4251 W INDUSTRIES RD
RICHMOND IN 47374-1385
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Statement Period Date: 3/1/2017 - 3/31/2017
Account Type: COWL 53 ANALYZED
Account Number: 76118347
Banking Center: Fifth Third Center
Banking Center Phone: 937-227-3064
Commercial Client Services: 866-475-0729
.:ice-s-t. �___i .� �f}1i p' ate_ -
nil.y � ! �L -..1: •. a -:.: SLR. [[4�' rZ�
3/31/2017 2281 $100.00 3/31/2017
2281
$100.00
Page 3 of 4