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Home My Public Portal About019-2008 - Tax Abatement - CDM -Real Estate.pdf.w.exhORDINANCE NO. 19-2008 AN ORDINANCE AMENDING ORDINANCE 69-2007, THE APPROVAL OF A STATEMENT OF BENEFITS FOR A PROPERTY OWNER APPLYING FOR DEDUCTIONS UNDER LC. 6-1.1-12.1 WHEREAS, Common Council has previously designated eight (8) 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 the improvements to the real estate described in the SB-1 must be completed within 24 months of the date the ordinance is signed by the designating body; and WHEREAS, Ordinance 69-2007 approved a Statement of Benefits for CDM Associates, LLC for Real Estate Improvements; and WHEREAS, Those Real Estate Improvements, in Ordinance 69-2007, were for a 115,000 square foot expansion with an estimated value of $3,000,000; and WHEREAS, CDM Associates, LLC has increased the scope of the project to be a total expansion of 147,000 square foot with an estimated new value of $3,500,000; and WHEREAS, CDM Associates, LLC would like to amend their Statement of Benefits, as approved by Ordinance 69-2007, to include the total new square footage of 147,000 square feet and a total estimated new value of $3,500,000. 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 the improvements to the real estate described in the SB-1 must be completed within 24 months of the date the ordinance is signed by the designating body or the improvements not completed will be ineligible for tax abatement. Passed and adopted this .? / day of4 2008, by the Common President of Richmond, Indiana, this day of 7. That the Statement of Benefits approved by Ordinance 69-2007 shall be amended to reflect the total project consisting of a 147,000 square foot expansion with a total new investment of $3,500,000. 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: REAL ESTATE - 10 YEARS C D M Associates, LLC Jobs Retained: 80 Jobs Created: 16 Estimated New Value: $3,500,000 Dated: March 12, 2008 (Karen Chasteen) SEN D to the Mayor of the City 2007, at 9:00 a.m. a��k�ity Clerk (Karen Chasteen) APPROVED by e, Sarah L. Hutton, Mayor of the City of Richmond, Indiana, this day of 2007, at 9:05 a.m. ATTEST: Jerk (Karen Chasteen) Mar 12 08 09:39a p.2 tier 11 On 02:340 Brada Ware 7659625015 p--1 a STATEMENT OF BENEFITS REAL ESTATE IMPROVEMENTS Stato Form 51767 (RZ/ 1-07) Prescribed by the DepaulmeetofLocalGor9rnmeMFEn3nce This slalament is being completed for real properly Ihat qualtgas under the iollowing lrttllane Code (check Onebo* ® Redarebpment Or rehabililation of trot estate nnprovements (tC ❑ Eligibbvacan[iwddirrg{IC6.1.1•iz,-l-a.e1 2009 PAY 2070 FORM SB-1 t Real Property 1USTRUC370K., 1. This statement must Iw 3uhrn1tfed to roe body cWJ9ra1irrg the EConorrrk RavltaBYatrorl Area prror ro dlra pUIXIC hmft rr Mo doalIgnal(ng body raWtres irrformarlon rrorn Ire apprkWf )n melting Its declsron aboutwhet@arf0 d"fgualean Eeonomic Revfializaflon Arsa. Odrbnvfma this statement must" vd mffled to pte doslgnatrag body BEFORE Mo redavalop fflot or rehabriftawn of rear properly far whkh the person wf6he5 to valm a dacwuon, 'PXjw4s' planned orconxnlffedfoafrer.My f, f987nrrdanoaa designated offer July1, 107fequfrea STATEMEWOF SENIMM , (fC &1.1-12.1) 2 Appw�valofrhedesrgnaffngbedy(CiVCoumcr7 Tom &=fr4Comfy CovncY,eta)must hevbrdneoprilorro t+acanorrr�rede+�raparorrrorrerraauiratrar, BEFORE a deduc?bri mayfa appiGve& 3. 7b abraln a tired CUM. applkafror: Farm 322 ERAQEarForm 322 ERAP/BD• INhkhever is appffcable, mast be nfadivrth 640 CcWlyqudbr0Y1he rarer cr., (1f may io; or &) mlefy (30) My5 agar the ndka oraidr m to assessed varua9011 ornew assessment rs mefred ro dre properly 06vremr at fha address sholyn on the records o(cre wmshfp assessor. 4. Froperry own0m whose Stalernentaf Bunv is was approvedarrerJuno 39, 1991, must atfaeh a Fomr CF-vRoal pmporlyannuaryty the application to show rompf we with theStawavarOrBenarltsC,PC6-1.1411-5,f(bjard)c6-1.1-r21-5.3(j}) S. Tnesct+adweseaD#fthedwtWrrGfor rehanllrtarodproperryandambi,IC6-1.a-izT-4.s(1)rorvaeanifhaftagsapprytflanystarenwi ofbenaflts approved to or efferdufy 1. 2000. ThaschoduleselTaetW prior to Jury 1, 200e, shot eandruie toappryro.1 aaWnent onamefrts I7lcu r Name at tupayer CDM AssoCiates LLC Address of taxpay[x ,(numharand streat. dty, slate. aad ZT7 code) 7000 W. 5t Andrews Avenue Yorktown IN 47396 Name of aordaet person Tetephone number Email address C- Duaine Moore Sr. 765-744-9071 Named designating body PROPOSED PROJECT Rr^soiuliun number Richmond City Council Locabun of prteporiy Ccunly OLFCY twang distdet number 2859 Salisbury Road North Richmond IN Wayne Oe�piion or real property improvements, redevelopment, or rchabikation {use adoJtlarraf sheets (IrroCOSSafp) Eslimaled slant date (manll, day. year) Expansion: Adding 147,000 square feet to 10/01/2007 facility for tenant retention. Estimated =npleliondale (monfh,da%ymo 06/30/2008 151ATE OF EMPLOYEE S AND Carron! mmber Sat3nos Number rdabied SALARIES AS RESULT OF PROJECT PROPOSEDEST Salaries Nunberarldilionst Salaries 80 2,000,000 BO 2,Op0,000 16 484,000 !SECTION 4 ESTINIATE0 TOTAL COST ANO VALUE OF • REAL ESTAT'5m6PR01:Ef TS N0TE:Pursuanllo4C4S•i.i-12.1.6.1 (d)(2)the COSailhopropedy is confidential. COSIF ASSE55ED VALUE cvrrenlvafues 9, 060, D00 . Plus eslinaled values of proposed pra)Act 3, 500, (IOU Less values of any property Wing it prerxd Nat eatimele Values upon Complofion of prgeel 11 r 53L`. 0 00 Estimated solid vmegeconvorted (pauadsj Estmmamd hazardous wasleoomrerlad (pounds) 01her baF fits: Expansion of facility will able tenant to remain in Indiana. SECTION 6 TWAY---R CERTIFICATION I h2Le!sy colt! that the re resentations in this staternerd are true. Signature of aulhar¢c senlative Title Gale sigirod (-AM. day, year) ` zz;? I ow./sre I v Fore $&i r Fed Pmpedlr. page 1- LoW91ha O 7Wr M norm Cka.&'L— 1 ze74