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Home My Public Portal About027-2004 - Tax Abatement - West End Savings - Real Est - with eORDINANCE NO.27-2004 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 AND SPECIFICALLY 6-1.1-12.1-7 (UPTOWN AREA) WHEREAS, Common Council has previously designated an Economic Development Target Area for Uptown Richmond pursuant to Ordinance No. 7-2002; and WHEREAS, T.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 redevelopment or rehabilitation of real property in the Economic Development Target Area; and WHEREAS, an owner of real property located in an Economic Development Target 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), which time period has been more further redefined by the provisions of the above Ordinance depending upon the work to be performed; 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, is reasonable for projects of that nature. 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. 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. 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. 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: REAL ESTATE - 10 YEARS West End Savings Bank New Jobs: 4 Jobs Retained: 57 Estimated New Value: $500,000.00 Dated: April 27, 2004 Passed and adopted this day of 2004 by the Common Council of the City of Richmond, Indiana. ATTEST. (, lerk (Karen Chasteen) PRESENTED to the Mayor of the City of Richmond, Indiana, this day ofLa---411 2004 at 9:00 a.m. ity Clerk (Karen Chasteen) APPROVED by me, Sarah L. Hutton, Mayor of the City of Richmond, Indiana, this / S/ day of 2004 at 9:05 a.m. . 7!;�� // a4—, Mayor (Sarah L. Hutton) ATTES ity Cleric (Karen Chasteen) .aa cury� 3. STATEMENT OF BENEFITS State Form 27167 (R614-00) f� Form SB - 1 is prescribed by the State Board of Tax Commissioners, .1989 iy� may: r4ie INSTRUCTIONS: 1. This statement must be submitted to the body designating the economic revltilization 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 Aevitalization Area. dtlrerwise this statement must be submitted to the designating body BEFORE a person installs the new manufacturing equipment and/ or research and development equipment, or BEFORE m 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 designated after July 1, 1987require aSTATEMENT OFBENEFITS. (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, orprior 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 /PPMEand /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/ PPME and/or 322 ERA PPR & DJ; must be filed between March f and May 15 of the assessment year In which new manufacturing equipment and / 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. (1C 6-1.1-12.1-5.6) 5. The schedules established under 1C 6-1.1-12.1-4(d) and IC 6-1.1-12.1-4.5 (a) 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. M. 11-11-grg I• Name of taxpayer WEST END SAVINGS BANK Addgs gf6 yej�r eland number, city, state and ZIP code) RICHMOND, INDIANA 47374 Name of contact person Telephone number JOHN P. MCBRIDE (765 �62-9557 Name of designating body Resoluflon number Location of property County Taxing district 34 SOUTH 7TH STREET RICHMOND, INDIANA WAYNE RICHMOND Description of real property improvements and I or new manufacturing equipment and 1 or ESTIMATED research and development equipment (use additional sheets if necessary) Start Date Completion Date EXTENSIVE REMODELING OF 1ST/2ND FLOOR ANTERIOR, Real Estate 5-18-04 9-1-04 REPAIR OF ROOF, PAINTING OF EXTERIOR & ILHPROVEMENTS New Mfg Equipment TO PARKING LOT R&DE � s • • ,• s •s•s • •• Current number Salaries Number retained Salar€es Number additional Salaries 57 $1,420,129 -0 $1,420,129 200 •an 111114111• . ■ . -••. ••• NOTE: Pursuant to IC 6-1.1-12.1-5.1 (d) (2) the Real Estate Improvements Machinery Research and Development COST of the property is confidential. Equipment Cost Assessed Value Cost Assessed Value Cost Assessed Value Current values Plus estimated values of proposed project 500,000 500,000 Less values of any property being replaced Net estimated values upon completion of project Estimated solid waste converted (pounds) F_st€mated hazardous waste converted (pounds) Other benefits: • I hereby cerfif y that the re resentations in this statement are true. . Si atur thorize r resentative Title Date signed (month, day, year) PRESIDENT & CEO 4-27-2004 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 6-1.1-12.1-2.5, 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 ❑ N o C . The amount of deduction applicable for redevelopment or rehabilitation is limited to $ cost with an assessed value of $ D .The amount of deduction applicable to new manufacturing equipment is limited to $ cost with an assessed value of $ E, The amount of deduction applicable to new research and development equipment is limited to $ cost with an assessed value of $ F. Other limitations or conditions (specify) 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; (signat an if! of authorized me ber) Telephone number Date signed (month, day, year) -2- Attett5dX Designated body " If the designating body limits the time period during which an area is an economic revitilization 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-1B - Uptown Target Area City of Richmond, Indiana Taxpayer Wage & Benefit Information Company Name, Address & Contact Person: JOHN P. MCBRIDE, PRESIDENT & CEO WEST END SAVINGS BANK 34 SOUTH 7TH STREET--RICHMOND, INDIANA 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 forma. It is subject to review as a part of our monitoring process 1. The length of the abatement you are requesting 10 YEARS (A 1-10 year abatement maybe requested -Up to 5 years for 1"floor renovations and up to 10 years for upper floor renovation and/or exterior improvements). 2. Are the real estate improvements new construction X rehabilitation % expansion other (if other, please describe 3. Will the improvements involve a first floor x yes _ no 4. Will the improvements involve upper floors or basements X yes —no 5. Will the improvements involve the exterior of the structure gy yes _ no 6. Attach a brief description of the type of real estate improvements including, but not limited to, location, size (if expanding), cost estimates, drawings (if available) and scope of improvements. The scope of improvements should include descriptions of the 1", 2"d, P , etc. floor renovations, exterior improvements and any other applicable information. 7. Average hourly wage for existing employees $ 1 0.7-4 S. Average hourly wage for projected new positions $ 10.00 9. Average hourly health insurance benefit $_.25 DEFINTTIONS 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. PIease present in the form of an hourly rate computed using a ann cost per e717"'`/ 'employee divided by 2080 hours. G'1R.. G 6D r-'77 -? nnA Signature and Title Date Estimated Cost of Construction for West End Savings Bank Second Floor - $124,035 First Floor - $89,066 Vestibule - $50,590 Painting of the Outside - $4,570 Casework - $39,748 Electrical - $66,276 Mechanical - $36,852 Parking Lot Improvements - $100,000 West End Savings Bank will be remodeling both our first and second floors of our Main Office at 34 South 74h Street. Exterior painting and a new vestibule will also be included. l.:�[ . ��..