Loading...
HomeMy Public PortalAbout060-2006 - Tax Abatement - Marvel - Equipment.pdf.w.exhORDINANCE NO.60 -2006 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 Iisted in the SB-I. 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. 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 Marvel Industries Jobs Retained: 140 Jobs Created: 7 Estimated New Value: $1,440,000 Dated: June 28, 2006 Passed and adopted this -IT- day of 2006, by the Common Council of the City of Richmond, Indiana. 7,z, , President (Karl Shar ATTE ty Clerk (Karen Chasteen) PRESENTED to the Mayor of the City of Richmond, Indiana, this /D day of 2006, at 9:00 a.m. City Clerk (Karen Chasteen) APPROVED by me, Sarah L. Hutton, Mayor of the City of Richmond, Indiana, this day of , 2006, at 9:05 a.m. Mayor Sarah L. utton ATTE T: (Karen Chasteen) STATEMENT OF BENEFITS FORM SB-1 I PP PERSONAL PROPERTY *�. State Form 51764 (R 1 1-06) PRIVACY NOTICE e J`' Prescribed by the Department of Local Goverment Finance The cost and any specific individuals salary infonnatian is confidential: the P 4 balance of the filing is public record INSTRUCTIONS: I r} w �+ ` I perk 6.7.1-12.1.5.1 (c and (d). 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 a person installs the new manufacturing equipment and/or research and development equipment, and/or logistical distribution equipment and/or information technology equipment for which the person wishes to claim a deduction, 'Projects" planned or committed to after July 1, 1987, 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 installation of the new manufacturing equipment and/or research and development equipment and/or logistical distribution equipment and/or information technology equipment. BEFORE a deduction may be approved 3. To obtain a deduction, a person must file a certified deduction schedule with the person's personal property return on a certified deduction schedule (Form 103-ERA) with the township assessor of the township where the property is situated. The 103-ERA most be filed 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 is installed and fully functional, unless a filing 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 Benefits was approved after June 30. 1991, must submit Form CF-1 /PP annually to show compliance with the Statement ofBenefrts, (IC 6-1. 1-12.1-5.6) 5. The schedules established under 1C 6-1. 1- 1 2.1-4.5(d) and (a) apply to equipment installed after March 1, 2001, For equipment installed prior to March 2, 2001, the schedules and statutes in effect of the time shall continue to apply. (1C 6-1.1-12.1-4.5(1) and (g)) SECTION• • Name of taxpayer �+ Address o tax ayes street and number, ci ,state, ZIP cad Q ► � 1� m or�d. Name of contact per e �e erg Telephone numb �I -fob- 5,2 ! SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT Name design ting body Resolution number (s) A. o rn Lwme i L Location of roper P County �A D FG taxing district number alwlu� APkLo i6,rxnc),3d, 0-orP Description of manufacturing equipment and/or research and developmAd equipment ESTIMATED and/or logistical distribution equipment andlor information technology equipment (use additionalsheets if necessary) Start Date Completion Date Manufacturing Equipment o0 0 R & D Equipment Logist Dist Equ7pment' IT Equipment' O SECTIONOF • . SALARIE S AS RESULT OF -r • ■ PROJECT Current number Salaries Number retained Salaries Number ditional Salaries ad y o aoo y boo 000 Qo ooD SECTION 4 NOTE: Pursuant to IC 6-1.1-12.I-5-1 (d) (2) the D TOTAL COST Manufacturing Equipment AND VALUE OF PROPOSEDPROJECT R & D Equipment Logist Dist Equipment * IT Equipment COST of the property is confidential. Cosy Assessed Value Cost Assessed Value Cost Assessed Value Cost Assesse Value Current values Plus estimated values of proposed project Less values of any property being replaced Net estimate values upon completion of project SECTION• ■ AND OTHER BENEFITS PROMISED BY THE TAXPAYER Estimated solid waste converted (pounds) Estimated hazardous waste converted (pounds) Other benefits- SECTION• I hereb certi that the re resentations in this statement are true. Sin 1 e ova ihorize represqiv& Title Date 19ned I ( onth, day, year) A 6�wk ?- 001 o ►Y Form 88-11PP, page 1 - Copyright 0 2006 DIS, Inc. We have reviewed our prior actions relating 10 the designation of this economic revilalzation area and find that the applicant meets the generaP standards adopted in the resolution previously approved by this body. Said resolution, passed under IC 6-1.1-12.1-2.5, provides for the following limitations as authorized under IC 6-1.1-12A-2. A. The designated area has been limited to a period of time not to exceed _ is B. The type of deduction that is allowed in the designated area is limited to: 1. Installation of new manufacturing equipment; 2. Installation of new research and development equipment; 3. Installation of new logistical distribution equipment. 4. Installation of new information technology equipment; C. The amount of deduction applicable to new manufacturing equipment is limited to $ calendar years ` (see befow).The date this designation expires ❑ Yes ❑ No ❑ Yes ❑ No ❑ Yes ❑ No ❑ Yes © No cost with an assessed value of D. The amount of deduction applicable to new research and development equipment is limited to $ with an assessed value of $ E, The amount of deduction applicable to new logistical distribution equipment is limited to $ F. The amount of deduction applicable to new information technology equipment is limited 10 $ G. Other limitations or conditions (specify) cost cost with an assessed value of cost with an assessed value of H. The deduction for new manufacturing equipment and/or new research and development equipment andlor new logistical distribution equipment and/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 0. my a ❑ 2 years ❑ 7 years 5 or 10 year schedule may be deducted. ❑ 3 years ❑ 8 years ❑ 4 years ❑ 9 years ❑ 5 years '" ❑ 10 years `" Also we have 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 10 justify the deduction described above. Approved: nature and title of th rued member) Telphone number Date signed (month, day, year) 4k`3 r7 ;7 3 /- o Attest b /% Designated body " If the designating body limits the timne 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 Form SB-1/PP, page 2 - Copyright a0 2006 DIS, irnc. Form SBAA City of Richmond, Indiana Taxpayer Wage & Benefit Information Company Name and Address: t\t\AVve L a OLt-s �a �� I33 —r,,,d� U.s-L-r; A y Rick mo►', . zr4 L039Y The information requested on this supplement to form SB-1 must be completed and submitted along with your SB-1 in order for your tax abatement request to be considered by Richmond Common Council. Please retain your records and calculations used to arrive at the information requested on this form. It is subject to review as a part of our monitoring process. 1. Average hourly wage for existing employees $ 13. 7 JC' 2. Average hourly wage for projected new positions $ 13. $0 3. Average hourly health insurance benefit $ `• ! 5 1. The length of the abatement you are requesting (A 1-10 year abatement may be requested for real estate improvements and manufacturing equipment.) 2. If purchasing equipment, please attach a list that includes the following: • brief description of each piece of equipment being purchased • the projected useful life of each piece of equipment • the state(s) in which the equipment is being brought into Indiana from if purchasing used equipment • the cost of each piece of equipment 3. , If making real estate improvements, please provide a list that includes the following: • brief description of the real estate improvement (new construction, rehab, expansion, etc.) • size of the proposed real estate improvements costs of the proposed real estate improvements. DEFINITIONS 1. Average hourly wage for existing employees: for your most recent pay period please provide the average base wage per hour for all current full time, non -supervisory employees. Do not include the following groups: A. part time employees,- B. management, supervisors, foremen, or any other supervisory personnel; C. owners, stockholders, or partners if they own 2% or more of the business, and their family members. 2. Average hourly wage for projected new positions: Use the same.definition of employees to be included as in number one above. 3. Average hourly health insurance benefit: Please provide the current company paid health insurance benefits provided to hourly employees (as defined above) and family members. Please present in the form of an hourly rate computed using the annual cost per eligible employee divided by 2080 hours. J�fflr. M rued Signature and Title) (Date) NORTHLAND - MARVEL - RICHMOND SITE FC-1 Log 6/28/2006 MarvFC1-04-011 $250, 000 8SW C18SBAR MarvFC1-04-012 $100,000 UK Product Introduction MarvFC1-04-021 $160,000 60RD MarvFC1-04-026 $85,000 8ORD MarvFC1-04-027 $60,000 AGA Doors MarvFC1-05-006 $20,000 AGA Door Tooling for 60RD MarvFC1-05-010 $10,000 Additon to frothing area MarvFC1-05-013. $10,000 Air Handling Equipment MarvFC1-05-014 $15,000 Relocation of Door Dept. MarvFC1-05-015 $100,000 Full Wrap Glass Door MarvFC1-05-016 $20,000 Top Center Lock and Key Door MarvFC1-06-002 $125,000 Paint Line Upgrade MarvFC1-06-005 $5,000 Rule die for AGA 6WCA wine coolers MarvFC1-06-006 $5,000 Top of the line drilling fixture - clamping style MarvFC1-06-007 $5,000 Replacement Pump R134A MarvFC1-06-008 $160,000 Richmond Paint Wash Tanks MarvFC1-06-009 $25,000 New door racks stem MarvFC1-06-010 $50,000 Slip and Glide System MarvFC1-06-012 $200,000 AGA Tooling/Equipment new MarvFC1-06-014 $20,000 Viking New Product Tooling MarvFC1-06-017 $15,000 301M Tooling. Equip Total $1,440,000 Anticipated useful life 10 years plus +- A� L N-ckcse5