HomeMy Public PortalAbout018-2022 - Vandor - IT Equip L '
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COMMON COUNCIL OF THE CITY OF RICHMOND,INDIANA
ORDINANCE NO. 18-2022
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 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 Ordinance Number 29-2021 and that said deduction schedule
is applicable to the deductions approved along with these fmdings.
NOW, THEREFORE, the Common Council of the City of Richmond, Indiana, now
makes the following fmdings:
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.
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7. That a prior deduction schedule was passed by Common Council pursuant to
Richmond City Ordinance Number 29-2021 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:
INFORMATION TECHNOLOGY EQUIPMENT—5 YEARS
Vandor Corporation
Current Jobs: 95
Jobs Retained: 95
Jobs Created: 10
Estimated New Value: $50,000.00
Dated: February 15,2022
Passed and adopted this day of 2022, by the Common Council of the
City of Richmond,Indiana.
,President
ary urner)
ATTEST:
(Karen Chasteen,IAMC,MMC)
PRESENTED to the Mayor of the City of Richmond, Indiana,this c day of ,2022,
at 9:00 a.m.
,City Clerk
(Karen Chasteen,IAMC,MMC)
APPROVED by me, David M. Snow, Mayor of the City of Richmond, Indiana, this / day of
4 e F-i L ,2022,atm.
----,Mayor
(Karen Chasteen,IAMC,MMC)