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Home My Public Portal About014-2005 - Tax Abatement - Gamco Components, LLC..pdf.w.exhORDINANCE NO. 14-2005 A SPECIAL ORDINANCE AUTHORIZING THE APPROVAL OF A STATEMENT OF BENEFITS FOR A PROPERTY OWNER APPLYING FOR DEDUCTIONS UNDER T.C. 6-1.1-121 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 matte 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. NOW, THEREFORE, be it ordained by the Common Council of the City of Richmond, Indiana, that the following property owner meets the requirements for property tax assessed valuation deductions, including the above findings, as follows: EQUIPMENT - 5 YEARS Gamco Components, LLC New Jobs: 26 hourly employees recalled from lay-off and one employee to transfer to Richmond Facility Jobs Retained: 102 Estimated New Value: $1,190,366.00 Dated: March 1, 2005 Passed and adopted this al% day of 2005 by the Common Council of the City of Richmond, Indiana. President (Bruce Wissel) ATrE CIerk (Karen Chasteen) PRESENTED to the Mayor of the City of Richmond, Indiana, this day of 2005 at 9:00 a.m. a4_�_�ity Clerk (Karen Chasteen) APPROVED by me, Sarah L. Hutton, Mayor of the City of Richmond, Indiana, this ,,92-- day of /) , 2005 at 9:05 a.m. Zz�a&l6vi `46- -1!v -ayor Sarah L. Hutton ATTE -ty Clerk (Karen Chasteen) State Form 27167 (Rfi 14-00) Form SB - 1 is prescribed by the Stake Board of Tax Commissioners, 1989 ha +era 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 infor- mation 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 manutacturing equipment and / or research and development equipment, or 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, 1987 and areas desr'g,rated 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, or prior to installation of the new manufacturing equipment and/ or research and development equipment, BEFORE a deduction may be approved. 3. To obtain a deduction, Form 322 ERA, Real Estate Improvements and / or Form 322 ERA/ PPME and/ or 322 ERA / PPR & DE, must be filed with the county auditor. With respect to real property, Form 322 ERA must be filed by the later of: (1) May 10; or (2) thirty (30) days after a notice of increase in real property assessment is received from the township assessor. Form 322 ERA 1 PPME and / or 322 ERA PPR & DE must be filed between March land May 15 of the assessment year in which new manufacturing equipment and 1 or research and development equipment becomes assessable, unless a filing extension has been obtained. A person who obtains a filing extension must file the form between March 1 and June 14 of that year. 4. Property owners whose Statement of Benefits was approved after June 30, 1991 must submit Form CF- 1 annually to show compliance with the Statement of Benefits. (IC 6-1.1-12.1-5.6) 5. The schedules established under IC 6-1.1-12.1-4(d) and IC 6-1.1-12.1-4.5 (e) 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 of benefits filed before July 1, 2000. Name of Y'11-mco ayer 0 o r, s LLC Address of taxpayer (street and number, city, state and ZIP code) 15W A10 1/""' S4,-ee�_- 1C re�e,rior,Q6 , 141 473-7V Name of eon act person Telephone number • a • ro,• a • •••• p .c >4 F Name of d� lgnating body j' Resolution number /{rc.�jrnonc� ��7ytnrron �-ouH��f dgq.i t ric Location of property County Toxin 156,1 /�/,� %� ��r�e ClGhmond ioI4y'WE i-GAmon� Description of real property improvements and 1 or new manufacturing equipment and / or ESTIMATED research and development equipment (use additional sheets If necessary) Start Date Completion Date Real Estate �r7z. ns�e rre�l Pr-�C�tcC-`�t an �f9'3 Q n cc �li 4�ir rr.�� / /�u.�'+�r�. Mf E u meat 'f-b12b fps �lt�mre .2(6,S 2�urlJ��-� �r Q(`trmrnum � R & DE Current number Salaries Number retained Safarles Number additional Salaries 75 �o?, �35, o0D /ba #=see bel�ev $3,1�3, o� ' see,, �` see h � ° "- h �f&V Research and Development NOTE: Pursuant to iC 6-1.1-12.1-5.1 (d) (2) the Real Estate Improvements Machinery Equipment COST of the property is confidential. Cost Assessed Value Cost Assessed Value Cost Assessed Value Current values ✓� /g0 5�02 Plus estimated values of proposed project Less values of any property being replaced Net estimated values upon completion of project s 37D 71"Y ww Estimated solid waste converted (pounds) Estimated hazardous waste converted (pounds) Other benefits: '-,� z r ek - d, r r•-ti i 'rx h;�;f'i 'r• a , 1. ' y . rf` [: R C ;'hY F...,i .,1t?r-.'y.�" ,, : +� �. • + us" 4 e I hereby certify that the representations in this statement are true. Signature of authorized representative Title Date signed (month, day, year) v 1/l�/T�i Lt o�G nt�Lcv�y GtSS6C[R�PS d�-onn &V-1W all7j 4ns�er 6I1� C�SSc�Cra�e - �cy��( c27 QSS6C�a�es_ yy� ve 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 B. The type of deduction that is allowed in the designated area is limited to: 1 . Redevelopment or rehabilitation of real estate improvements; ❑Yes ❑ N o 2. Installation of new manufacturing equipment; ❑ Yes ❑ N o 3. Installation of new research and development equipment; ❑ Yes ❑ N o 4. Residentially distressed areas ❑ Yes ❑ No C.The amount of deduction applicable for redevelopment or rehabilitation is limited to $ value of $ _.. D .The amount of deduction applicable to new manufacturing equipment is limited to $ value of $ E. The amount of deduction applicable to new research and development equipment is limited to $ an assessed value of $z 9 d F. Other limitations or conditions (sAecifv) `s cost with an assessed cost with a 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. s Approved: ( ture and title authorized member) Telephone number Date signed (month, day, year) Attested by: 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 or 4.5 Form SB-lA City of Richmond, Indiana Taxpayer Wage & Benefit Information Company Name, Address & Contact Person: The information requested on this supplement to form SD-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 subj ect to review as a part of our monitoring process. 1. Average hourly wage for existing employees $ %2 Z13 2. Average hourly wage for projected new positions $ 4Z 14 3. Average hourly health insurance benefit $ //'�;' g 1. The length of the abatement you are requesting 5 YL-A"e (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 DlaFRUTIONS 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 peMrmel; C. owners, stockholders, or partners if they awn 2% or more of the business, and their family members. 2. Average hourly wage for projected new positions: Use the same.defi.nition of employees to be included as in number one above. I 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. - Ai" 4Z.1-- .3l1, DOS (Authorized Signature and Title) (Date) 1561 NORTHWEST 11TH STREET, RICHMOND, INDIANA 47374 (765) 966-6161 General Aluminum Mfg. Company Richmond Plant Form SB-1A City of Richmond, Indiana Submitted - March 1, 2005 Estimated Equipment Transfers from Wisconsin Estimated Useful Life - 5 Years Tippers $241,014 Rotary Saw 15,000 Stamper 2,500 Quench Tanks 30,000 Rockwell Tester 10,000 Toolrites 40,000 Stamper 39,081 Age Oven 10,000 Desprue Saw 239,470 Xray 350,000 Digital Camera 15,431 Datescrew Stamper 36,373 EDM Machines 50,000 Electrical Tester 10,000 Dust Collector/Paint Booth 27,149 Bridge Crane 9,348 Lab X-Ray 25,000 Doser 40,000 Total Estimated Value $1,190,366 General Alunintm M A N U F A C T U R I N G C O M P A N Y