HomeMy Public PortalAbout028-2021 - Tax Abatement - Primex COMMON COUNCIL OF THE CITY OF RICHMOND,INDIANA
ORDINANCE NO. 28-2021
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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f y
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 fmdings.
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
Primex Design&Fabrication
Current Jobs: 81
Jobs Retained: 81
Jobs Created: 6
Estimated New Value: $1,314,000.00
Dated: June 1,2021
Passed and adopted this day o e" , 2021, by the Common Council of
the City of Richmond,Indiana. O '
,President
(L P ker
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ATTEST C �� �
(Karen Chasteen,IAMC,MMC)
PRESENTED to the Mayor of the City of Richmond, Indiana, this 7 day of
,2021, at 9:00 a.m.
(Karen Chasteen,IAMC,MMC)
APPROVED by me, David M. Snow, Mayor of the City of Richmond, Indiana, this
0 0 day of ..)u ,2021, at 12: `WM
_ ,Mayor
now
ATTEST:
(Karen Chasteen, C,MMC)
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