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HomeMy Public PortalAbout037-2005 - Tax Abatement - Amended - Color Box, LLC..pdf.w.exh.AMENDED ORDINANCE NO.37-2005 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. 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: COLOR -BOX, LLC Jobs Retained: 316 Estimated New Value: $481,347 Dated: May 23, 2005 Passed and adopted this 20`h day of June, 2005 by the Common Council of the City of Richmond, Indiana. President (Bruce Wissel) AT TET,_c��ity Clerk (Karen Cbasteen) PRESENTED to the Mayor of the City of Richmond, Indiana, this day of Q�—� 2005 at 9:00 a.m. 1�1—� City Clerk (Karen Chasteen} APPROVED by me, Sarah L. Hutton, Mayor of the City of Richmond, Indiana, this �2 [_ day of 2005 at 9:05 am. Mayor Sarah L. Hutton `74,* STATEMENT OF BENEFITS RECEIVED FORM x PERSONAL PROPERTY20 SB - 1 1 PP State Form 51764 (5-04) t' ,e�. � Prescribed by the Department of Local Government Finance 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 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, Form 322 ERA/PPME and/or Form 322 ERAIPP Other, must be filled with the county auditor. Form 322 ERA/PPME and/or Form 322 ERA/PP Other must 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 becomes assessable, 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-i annually to show compliance with the Statement of Benefits. (IC 6-f.f-12.1-5.6) 5. The schedules established under iC 6-1.1-12.14(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. SECTION•- • Name of taxpayer COLOR -BOX, LLC Address of taxpayer (street and number, city, state, ZIP code) 623 S G STREET/1050 INDUSTRIES RICHMOND IN 47374 Name of contact person �(765) Telephone number SHELLIE MADILL 966-758 SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT Name of designating body Resolution number COMMON COUNCIL OF THE CITY OF RICHMOND, IN 10-1984, 11-199 Location of property IWAYNE County Taxing district 1050 INDUSTRIES ROAD RICHMOND IN 47374 RICHMOND CORP. Description of manufacturing equipment and/or research and development equipment ESTIMATED and/or logistical distribution equipment and/or information technology equipment (use additional sheets if necessary) Start Date Completion Date Manufacturing Equipment 0 6 / 01 / 2 0 0 5 12 / 31 / 2 0 0 6 PRINTING PLATE MAKING EQUIPMENT R & D Equipment Logist Dist Equipment* IT Equipment' SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT Current number Salaries Number retained Salaries Number additional Salaries 316 13,006,400 1 316 1 13,006,400 I SECTION 4 ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT NOTE: Pursuant to IC 6-1.1-12.1-5.1 (d) (2) the Manufacturing R & D Equipment Logist Dist Equipment ` IT Equipment " COST of the property is confidential. P Equipment Cost Assessed Value Cost Assessed Value Cost AssessedCost Value os ssesse Value Current values 36, 84a, 973 11, 054, 692 Plus estimated values of proposed project 425,000 145,500 Less values of any property being replaced Net estimate values upon completion of project 37, 333 , 973 11, 200,192 SECTION• ■ AND OTHER BENEFITS PROMISED BY THE TAXPAYER Estimated solid waste converted (pounds) Estimated hazardous waste converted (pounds) Other benefits: r • SECTION I hereby certify that the representations in this statement are true. ature of thorized repre Title Date signed { onth, day, year) Nnttive ki s * We Form SBA/PP, page 1- Copyng hl Q 2CO5 CIS, Inc. ClienilLoc COLORBOX 05PPT ' We have reviewed our prior actions relating to the designation of this economic revitalization area and find that the applicant meets the general standards adapted 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. Installation of new manufacturing equipment; ❑ Yes ❑ No 2. Installation of new research and development equipment; ❑ Yes ❑ No 3. Installation of new logistical distribution equipment. ❑ Yes ❑ No 4. Installation of new information technology equipment; ❑ Yes ❑ No C. The amount of deduction applicable to new manufacturing equipment is limited to $ cost with an assessed value of $ D. The amount of deduction applicable to new research and development equipment is limited to $ cost with an assessed value of $ E. The amount of deduction applicable to new logistical distribution equipment is limited to $ cost with an assessed value of $ F. The amount of deduction applicable to new information technology equipment is limited to $ cost with an assessed value of $ G. Other limitations or conditions(specify) H. The deduction for new manufacturing equipment and/or new research and development equipment and/or 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 ERNs established prior to July 1, 2000 2aLy 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 reason- able and have determined that the totality of benefits is sufficient to justify the deduction described above. Approved: (sig reandtiteofau o�rze�dv Telphonenumberr Date signed (month, day, year) �mecmbber)r) /,q ✓ 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 Farm SB-1/PP, page 2 -Copyright ©2005 DIS, Inc. Client/Loc Form SB-XA City of Richmond, Indiana Taxpayer Wage & Benefit Information Company Name and Address: Color —Box, LLC 623 South G Street. Richmond, IN 47374 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 $ 20.44 2. Average hourly wage for projected new positions $ NSA 3. Average hourly health insurance benefit $ 2.82 cThe length_ofthe abatement youare requesting.< (A 1-10 year abatement may be requested for real estate improvements and manufacturing equipment.) 'If pur..chasing'equipment„please state;the.projected,useful life. . "If purchasing equipment,, -,please state whether. the,equiprnent°is new or -used. �-If purchasing used equipment, list the state in which, it. is .being brought into Indiana from 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. Shellie Madill, Controller 5-18-2005 Simatu a itle) �' Date 1,� ORDINANCE NO.37-2005 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. 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 - 10 YEARS COLOR -BOX, LLC Jobs Retained: 316 Estimated New Value: $48-,000 Dated: May 23, 2005 Passed and adopted this day of 2005 by the Common Council of the City of Richmond, Indiana. President (Bruce Wissel) ATTEST: , City Clerk (Karen Chasteen) PRESENTED to the Mayor of the City of Richmond, Indiana, this day of , 2005 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 , 2005 at 9:05 a.m. Sarah L. Hutton ATTEST: , City Clerk (Karen Chasteen) Mayor