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HomeMy Public PortalAbout014-2010 - Tax Abatement - Elevator Equipment Corp - equi.exh.ORDINANCE NO. 14-2010 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 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, 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 is also entitled to deductions from the assessed value, pursuant to Indiana law, 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, 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. 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. 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. 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 S13-1. 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, 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. 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. 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. 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. 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: EQUIPMENT —10 YEARS Elevator Equipment Corp. Jobs Retained: 52 Jobs Created: 10 Estimated New Value: $150,000 Dated: March 26, 2010 Passed and adopted this day of , 2010, by the Common Council of the City of Richmond, Indiana. 2== , President . Clayton Miller) ATTE wren Chasteen) PRESENTED to e Mayor of the City of Richmond, Indiana, this ;?d day of 2010, at 9:00 a.m. ' Cterk (Karen Chasteen) APPR ,D b me, Sarah L. Hutton, Mayor of the City of Richmond, Indiana, this �C? day of , 2010, at 9:05 a.m. /? Q� . � , .... ,Mayor (Sarah L. Hutton) ATTEST: _. A", ( aren C asteen) MAR-26-2010 15:09 EECO Richmond STATEMENT OF BENEFITS PERSONAL PROPERTY State Fnnn 51764 (5-04) Prescrbed by the Department of Local Government Finanoe 7659EG7703 P.002 FORM SB-IIPP. 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 SEPORE a person installs the new manufacturing equipment and/or research and development equipment, and/or logistical distribution equipment &rWor information technology equipment for which the person wishes to claim a dedoctrvm -Projects" planned or Committed to after July 1, 1987 and areas designated after July f, 1987 require a STATEMENT OFBENEFiTS. (lC 64.1-4 Z I) 2 Approval of the designating body (City Counci), Town Board, County Council, etc.) must be obtained prior to insialldlion of the new manufacturing equipment endlor research and development equipment and/or logistical distributfun equipment and/or informaron technology equipment, BEFORE a deduction may be approved 3. To obtain a deduction, Form 322 ERAIPPME and/or Form 322 ERA/PP Other, must be filed with the county auditor. Form 322 ERAIPPIVE and/or Form 322 ERA/PP Other must be riled between March 1 and May 15 of the assessment year in which new manufacturing equipment and/or research and development equipment and/or logistical distribution equipment and/or information technology equipment becomes assessable, unless a riling extension has been obtained. A person who obtains a filing extension must file the form between March 1 and the extended due date of that year. 4. Property owners whose Statement of Benefrls was approved after June 30, 1991 must submit Form CF-t annuafly to show compliance with the Statement ofBenefits. 5. The schedules established under iC & 1.1 i2, f-4(d) and IC 6-1.1 ^ i -s-5{r) effective July 1, 2000 apply to any statement of benefits filed on or after July 1, 2000. The schedules effective prior to July 1, 2000 shall continue to apply to those statement or benefits riled before July 1, 2000. SECTICINA TAXPAYER INFORMATION Name of taxpayer c.Lr r or tanppyer (street and number, laity, state and ZIP code) �Address 71"A —;Zi Name f contact perso Telephone number s 7-% 61 215 • SECTION• • AND DESCRIPTION OF • ' • ■ PROJECT Name of designating body Resolution number Location of property County Taxing district 7Z Descriptla. of manufacturing equipment and/or research and development equipmr-ot ESTIMATED and/or logistical distribution equipment and/or information technology equipment (use add/Ironal sheets if necessary) Stars Date Completion ©ate Man ufacturing Equipment iVF—;rTa.-- zpq4Q Sm" f q�') 4H� " Ak5 �L'a �Lfct BD�.t�, �� EW� R & D Equipment l�t t,�r � BLUC'T I� r'li a1 1 ; LogFst Dist Equipment' IT Equipment* SECTION 3 ESTIMATE OF EMIPLOYEES AND SALAMES AS RESULT.OF PROPOSED PROJECT Current number SatariPq Number retained Salaries tp Number additi al Selene $�3,,Y, SECTION 4 ESTIMATED NOTE: Pursuant to !C 6-1.1-12-1-5.1 (d) (2) the TOTAL COST ■ t u7 � VALUE OF PROPOSED-. R 8.. D Equipment 6ogist Dist Equipment' IT Equipmenl' COST of the property is confidential. Cost Cost Assessed Cost Assessed Coshed alue Currentvalues _ Plus estimated values of proposed project Less values of any property being repiacad Net estimated values upon compiefion,of project j SECTION• • AND OTHER 13ENEFITS PROMISED BY THE TAXPAYER Estimated solid waste converted (pounds} Estimated hazardous waste converted (pout0s) Other benefits: SECTION- CERTIFICATION. I hereiay wr& that the representafions in this statement are true. igit Daates+jnjed (month, day, year) �fu.h `c See IC 6-1.1-12.1-2.3. We have reviewed our prior actions relating to the designation of this economic revitalization area and find that the applicant meets the general standards adopted in the resolution previously approved by this body. Said resolution, passed under IC 6-1.1-12.1-2.5, pro- vides for the following limitations as authorized under IC 6-1.1-12.1-2, 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 8 . The type of deduction that is allowed in the designated area is limited to: �(es ❑ N o 1 . Installation of new manufacturing equipment; 2. Installation of new research and development equipment; ❑ Yes - 0 No 3. Installation of new logistical distribution equipment. ❑ Yes © No 4 _ Installation of new information technology equipment; ❑ Yes ❑ N o C . The amount of deduction applicable to new manufacturing equipment is limited to S OOa cost with an assessed value of $ D , fhe amount of deduction applicable to new research and development equipment is limited to $ cost with an assessed value of $ E. The amount of deduction applicable to new logistical distribution equipment is limited to $ cost with an assessed value of $ F. The amount of deduction applicable to new information technology equipment is limited to $ cost with an assessed value of $ G. Other limitations or conditions (specify) ii' Al ! f,J 6 H. The deduction for new manufacturing equipment and/or new research and development equipment andlor new logistical distribution equipment arid/or new information technology equipment installed and first claimed eligible for deduction after July 1, 2000 is allowed for: ❑ 1 year ❑ 6 years ` For ERA's established prior to July 1, 2000 only a 0 2 years ❑ 7 years 5 or 10 year schedule may be deducted. ❑ 3 years ❑ 8 years years 0 4 years ❑�, /9 1715 years "" Cr10 years " Also we have reviewed the information contained in the statement of benefits and find that the estimates and expectations are reason- able and have determined that the totality of benefits is sufficient to justify the deduction described above. Approved: (sr and title of authorized member) Telephone number Date signed (month, day, year) �s -qw- 3 -?A S A sted Designated body If the designating body limits the time period during which an area is an economic revitalization area, it does not limit: the length of time a taxpayer is entitled to receive a deduction to a number of years designated under IC 6-1.1-12.1-4.5 MAR-26-2010 15:06 EECO Richmond 7650667703 P.00i. 3/26/10 Form SS-1A City of Richmond, Indiana Taxpayer Wage & Benefit Information Elevator Equipment Corporation 2230 N.W. 12t"Street Richmond, Indiana 47374 Kevin Antrim 1. Average hourly wage for existing employees. 2. Average hourly wage for projected new positions. 3. Average hourly health insurance benefit. 1. Length of abatement requested. 2. Equipment • Marvel Vertical Band Saw Series 8 Mark II (NEW) • Haas TL-3 Big Bore Lathe. Model TL-3B (New) • Custom built Polishing Machine. (Designed and built in house) • Miscellaneous test equipment and tooling • Useful life is approximately 30 years for all. 3. There will be no real estate purchases or improvements. $ 13.73 $ 14.25 $ 0 10 Years $ 20,000.00 $ 115,000.00 $10,000.00 $ 5000.00 If you have any other questions that I can answer please contact me at 765-966-7761 ext. 215 or kantrim@eecomaii.com. Your consideration for this Tax Abatement would be greatly appreciated. Thank You, Kevin Antrim Operations Manager MAR-26-2010 15:09 EECO Richmond 7659667703 P.004 Front and rear A2-15 spindle noses with 08.50' through -bore 650-rpm vector drive Spindle Traveling chip guard Warranty: i Year Parts and Labor 5t2rrtclard Fea Armes ] • 30 hp Vector Drive Spindle • Haas -Built 2-Speed Gearbox + Front & Rear A2.15 Spindle Noses • 08.50" Through -Bore • Haas Intuitive Programming System • Built In Thread Repair Cycles • 15' Color LCD Monitor w/USB Port • Integral Chip -Flaw Channel • 1 MB Program Memory • Manual Handwheeis • Cross Slide, Tool -Post Ready • Traveling Chip Guard • Three -Phase Power b lire Haas Lrtuitive Programming System has built-in thread -repair cycles The optional tallstock, with a manually adjustable quil4 provides additional support for long workpieen T CtilGnsl partial list • Manual Taiistock w/Adj. Quill • 25" Manual 3-Jaw Chuck • 25" Manual 4-Jaw Chuck • Tool Post/Toolholders • Remote Jog Handle • Spindle Orientation • Coolant Pump Kit • Rigid Tapping • User -Definable Macros • -ee r f Prices ind apedfkattons suhlect to change wfthout nnttcm. Not responsible The typographical ermrs. Machine shown with optional. eopmem *Raw prim to lr; dalisrs. s 1� r f � - � A'- � � �� n,,.� wf �i � ..,Q%G^cam^' 4 5 '� 1/� �M. _ � '��• - .'„� y I �M f ��"ffLL aaltiv�'.. � - • m54tl a }r�nR '� - -.. 1 F �y� • iKYJ3 E :h wf: F.h.•L::4,YN.�Y.•�Aur t.., ._. .. - kl �� .. y�i�a,.:����, .., .. I