HomeMy Public PortalAbout037-2007 - Tax Abatement - Bev's Threads - Real Estate.pdf.w.eORDINANCE NO, 37 -2007
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
VdMREAS, 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
WFIEREAS, in order for Common Council to approve a Statement of Benefits to allow
a deduction, it must make the following findings, to -wit -
I. 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.
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.
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
Thor Construction Company.
Jobs Retained: 34
Jobs Created: 7
Estimated New Value: $3,200,000
Dated: July 27, 2007
Passed and adopted this -1�1 day of September, 2007, by the Common Council
of the City of Richmond, .Indiana.
President
(Diana rappinf
ATTEST: Clerk
(Karen Chasteen)
PRESENTED to the Mayor of the City of Richmond, Indiana., this day of
September, 2007, at 9:00 a.m.
City Clerk
(Karen Chasteen)
APPROVED by me, Sarah L. Hutton, Mayor of the City of Richmond, Indiana, this
.5-- day of September, 2007, at 9:05 a.m.
"qe;�4ayor
(Sarah L. Hutton)
ATTEST ty Clerk
(Karen Chasteen)
STATEMENT OF BENEFITS
x : $ REAL, ESTATE IMPROVEMENTS
State Form 51767 (R21 1-07)
Prescribed by the Department of Local Government Finance
ae
This statement is being completed for real property that qualifies under the following Indiana Code (check one box):
❑ Redevelopment or rehabilitation of real estate improvements (IC 6-1.1-12.1-4)
❑ Eligible vacant building (lC 6-1.1-12.1-4.8)
20� PAY 20�
FORM SB-1 I Real Property
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 BEFORE the redevelopment or rehabilitation of real property for which the person wishes to claim a deduction.
"Projects" planned or committed to after July 1, 1967, and areas designated after July 1, 1987, require a STATEMENT OF BENEFITS. (iC 6-1.1-12.1)
2. Approval of the designating body (City Council, Town Board, County Council, etc.) must be obtained prior to initiation of the redevelopment or rehabilitation,
BEFORE a deduction may be approved.
3. To obtain a deduction, application Form 322 ERA/RE or Form 322 ERA/V80, Whichever is applicable, must be filed with the County Auditor by the later
of., (1) May 10; or (2) thirty (30) days after the notice of addition to assessed valuation or new assessment is mailed to the property owner at the address
shown on the records of the township assessor.
4. Property owners whose Statement of Benefits was approved after June 30, 1991, must attach a Form CF-I/Real Property annually to the application to
show compliance with the Statement of Benefits. (IC 6-1.1-12.1-5.1(b) and IC 6-1.142.1-5.36)1
5. The schedules established under 1C 6-1.1-12.1-4(d) for rehabilitated property and under IC 6-1.1-12.148(1) for vacant buildings apply to any statement
of benefits approved on or after July 1, 2000. The schedules effective prior to July 1, 2000, shall continue to apply to a statement of benefits filed before
July 1, 2000.
SECTION•-
•
Name of taxpayer
Thor Construction Company
Address of taxpayer (number and street, city, state, and ZIP code)
1111 N.W. T Street
Name of contact person
Telephone number
E-mail address
Dan Stamper
(765) 962-6553
SECTION 2 .... LOCATION AND DESCRIPTION OF PROPOSED PROJECT
Name of designating body
Resolution number
Richmond Common Council
Location of property
County
DLGF taxing district number
Midwest Industrial Park, Industries Road
Wayne
Description of real property improvements, redevelopment, or rehabilitation fuse additional sheets if necessary)
Estimated start date (month, day, year)
New Manufacturing Plant - 8 Acres, 60,000 Sq. Ft. Building
09/01/2007
Estimated completion date (month, day, year)
05/31 /2008
SECTIONOF •
OF -••• ••-•
Current number Salaries Number retained
Salaries Number additional Salaries
34.00 $998,484.00 34.00
$998,484,00 5.00
$181,520.00
SECTION 4 ESTIMATED TOTAL COST AND VALUE
OF PROPOSED PROJECT;
NOTE-. Pursuant to IC 6-1.1-12.1-5.1 (d) (2) the COST of the property
REAL ESTATE IMPROVEMENTS
is confidential.
COST
ASSESSED VALUE
Current values
0.00
0.00
Plus estimated values of proposed project
3.200.000.00
Less values of any property being replaced
0.00
Net estimated values upon completion of project
3,200,000.00
SECTION 5 WASTE CONVERTED AND OTHER BENEFITS PROMISED
BY THE TAXPAYER
Estimated solid waste converted (pounds)
Estimated hazardous waste converted (pounds)
Other benefits
SECTION
•
I ereby certify that the represents 'ons in this statement are true.
gnat re of authoriz a res ntaiive
Title
Dai (mon ,day, year)
e
71ged
Q
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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, provides for the following limitations:
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
B. The type of deduction that is allowed in the designated area is limited to:
1. Redevelopment or rehabilitation of real estate improvements ❑ Yes ❑ No
2. Residentially distressed areas ❑ Yes ❑ No
3. Occupancy of a vacant building ❑ Yes ❑ No
C. The amount of the deduction applicable is limited to $
D. Other limitations or conditions (specify)
E. The deduction is allowed for
years' (see below).
We have also reviewed the information contained in the statement of benefits and find that the estimates and expectations are reasonable and have
determined that the totality of benefits is sufficient to justify the deduction described above.
A ed (signafure and itl of authorized member of designating body) Telephone number pate si ned (month, day, year)
r
. 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 6-1.12-12.1-4.
A. For residentially distressed areas, the deduction period may not exceed five (5) years.
B. For redevelopment and rehabilitation or real estate improvements:
1. If the Economic Revitalization Area was designated prior to July 1, 2000, the deduction period is limited to three (3), six (6), or ten (10) years.
2. If the Economic Revitalization Area was designated after June 20, 2000, the deduction period may not exceed ten (10) years.
C. For vacant buildings, the deduction period may not exceed two (2) years.
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