HomeMy Public PortalAbout027-2021 - Tax Abatement - JM Hutton - Mfg Equipment C .
COMMON COUNCIL OF THE CITY OF RICHMOND,INDIANA
ORDINANCE NO. 27-2021
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 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
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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
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
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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
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—5 YEARS
J.M. Hutton& Co.,Inc.
Current Jobs: 49
Jobs Retained: 49
Jobs Created: 1
Estimated New Value: $1,668,000.00
Dated: May 11,2021
Passed and adopted thiso?/ day of 2021, by the Common Council of
the City of Richmond,Indiana.
, resident
arker
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A 1'1'EST: ,„f" rx---'
(Karen Chasteen,IAMC,MMC)
PRESENTED to the Mayor of the City of Richmond, Indiana, this r2 day of
�,2021,at 9:00 a.m.
_S ...e,-. 1erk
(Karen Chasteen,IAMC,MMC)
APPROVED by me,David M. Snow,Mayor of the City of Richmond,Indiana,this SI—
dayof i5u4( ,2021,at 12: rM
,Mayor
av )
ATTES
(Karen Chasteen,IAMC,MMC)
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