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Home My Public Portal About047-2019 - Abatement - Lintech - Real EstateCOMMON COUNCIL OF THE CITY OF RICHMOND, INDIANA ORDINANCE NO.47-2019 A SPECIAL ORDINANCE AUTHORIZING THE APPROVAL OF A STATEMENT of BENEFITS FOR A PROPERTY OWNER APPLYING FOR. DEDUCTIONS UNDER I.C. 5--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); an WHEREAS, An owner of new manufacturing equipment, research and development equipment, Jogistic 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 prior deduction schedule was passed by Common Council pursuant to Richmond City Amended Ordinance Number 5-2019 and that said deduction schedule is applicable to the deductions approved along with thesefindings. 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- l . 7. That a prior deduction schedule was passed by Common Council pursuant to Richmond City Amended Ordinance Number 5-201.9 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 - 9YEARS Lintech International Current Jobs: 0 Jobs Retained: 0 Jobs Created: 6 Estimated New value: $50.9,395.1 S Dated: June 24, 2019 4 Passed and adopted this day of a Common Council of the City of Richmond, Indiana. ,President rner) A (Karen Chasteen, IAMC, MMC) PRESENTED to the Mayor of the City of Richmond, Indiana, this day at 9:00 a.m. city Clerk (Karen Chasteen, IAMC, MMC) by me, David M. Snow, Mayor of the City of Richmond, Indiana, thisi� day of qPROVED 4to�3G'� , 2019, at -.m: I ; IZQM Mayor now ATTES . (Karen Chasteen, IAMC, MMC) Z}ola6rd 020 w lurUSUBA H ailn ar4lejuasajdai PaZuoWE! jo putsu�-0)uud 611 �bZ a �----_-- , (fegAep IYIUoWL pauB`.s ajscl GAIle 6uaswdal paZ. 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Said resolution, passed onto 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 lime 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 D Yes ❑ No 2. Residentially distressed areas D Yes ❑ No C_ The amount ofthe deduction applicable is limited to $ D. Other limitations or conditions (specrfyj E. Number of years allowed: D Year 1 ❑ Year2 D Year3 D Year4 D Year 5 (" see below) D Year 6 D Year? D Year8 D Yearg D Year 10 F. For a statement of benefits approved afterJune 30.2013, did this designating body adopt an abatement schedule per IC 6-1.1-12.1-17? ❑ Yes ❑ No If yes, attach a copy of the abatement schedule to this form. If')0, the designating body is required to establish an abatement schedule before the deduction i;an be determined. We have illso 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 authorized member of designahng body) I Telephone number Date signed (month, day. year) Printed name of authorized member of designating b-Ody I Name of designating body Attested by (signature and Hfie of attesters t Printed name of attester • Ifthe designating body limits thetimeperiod duringwhich al 1 area is an economic revitalization area, thatlimitation does not limit the length oftime a taxpayer is entilled 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 SBA/Real Property was approved prior to ,luly 1, 2013, the deductions established in IC 6-1.1-12.1-4.lremain ineffect- The deduction period may not exceed five (5)years. For aForm SB-11RealProperty that isapproved after June 30, 2013, thedesignating body isrequired toestablish an abatement schedule foreach deductiol i allowed. The deduction period maynotexceed ten (10) years. (See 1C 6-1.1-12.1-17 below.) B: For the redevelopment' of rehabilitation'of real property where the Form SB-11Real Property was approved prior to July 1, 2013, the abatement schedule approved bythe designating body remains In effect. For a Form SB-"Real Property that is approved afterJune 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 orrelocated to a revitalization area and that receives a deduction under section 4 or 4.3 of this chapter an abatemel 1 t schedule based of i the following factors: (1) The total amount of the taxpayer's investment in real and personal property. (2) The number of new full4irrie equivalent jvb5 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 afterJune 30, 2013. A designating body shall establish an abatement schedule foreach deduction allowed underthis chapter. An abatement schedule must specifythe percentage amount ofthedeductionforeach yearof the deduction. An abatement schedule may not exceed ten (10) years. (c) An abatement schedule approved fora parUculartaxpayerbefore July 1, 2013, remains in effect until the abatement schedule expires under the tenns of the resolution approving the taxpayer's statement of benefits. Page 2 of 2 Form SB-IA City of Richmond, Indiana Taxpayer Wage & Benefit Information Company Name, Address &. Contact Person: The information requested on this supplement to form SB-I must be completed and submitted along with your SB-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. I Q,�-Avera4e hourl wage for exst�n a I'o: Y g..YY'H1'Y„-r:'Y✓4!K4:10Wti..::vS't]04r$. `': • r.; 'rY.c°w"'xrr t_ :...q„ w • ;;zk-?N'.�+n-nor-svr y...lJfVV/fj . Average fiaurly �gefar proJectednev��,Mp-01 sr30 s ".�`° • '� 3.nAl ,verage.:hourl �ahealth insurance kbenef t:.:: � $ x .w.r..r+c^.., ..W:....�...,.r....k;.:or: y,.,..,;r..=w;:, �� Y_• f,xy ..,...:....} 1. The length of the abatement you are requesting S (A 1-10 year abatement may be requested for real estate improvements and mmirtfacturrng equi nlent) ?. 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 states) 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 rnachinery is being leased, provide information from the lease that explains which party is responsible for paging 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 DEFRilTIONS 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. mmers, stockholders, or partners i f they own .).% or more of the business, and their family members. L. 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 benefit: 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 corn used using the annual cost per eligible employee divided by 2080 hours. (Atkho 'zed signature and Title) (Date)