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Home My Public Portal About011-2021 - Tax Abatement - Vandor Corp - Mfg Equip COMMON COUNCIL OF THE CITY OF RICHMOND,INDIANA AMENDED ORDINANCE NO. 11-2021 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 infoiuiation 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 infoiniation 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 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 infounation 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. a =• 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 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: MANUFACTURING EQUIPMENT— 10 YEARS Vandor Corporation Current Jobs: 82 Jobs Retained: 82 Jobs Created: 5 Estimated New Value: $4,285,000.00 Dated: March 16, 2021 Passed and adopted this S day of 2021, by the Common Council of the City of Richmond,Indiana. P , President (La ark r) ATTEST ��-�.' (Karen Chasteen, IAMC, MMC) PRESENTED to the Mayor of the City of Richmond, Indiana,this 6 day of *2-4,9021, at 9:00 a.m. N•,., —44--e--,---,----- - --c;City Clerk (Karen Chasteen, IAMC,MMC) APPROVED by me, David M. Snow, Mayor of the City of Richmond, Indiana, this 0 (. day of A co,'L. ,2021, ate-ern. jZ 15-4 , (--- .._, ,Mayor avid M. Sn ATTEST: \„... , , (Karen Chasteen, C,MMC)