HomeMy Public PortalAbout075-2004 - Tax Abatement - Richmond Center LLC - Real Esta.pdf.AMENDED ORDINANCE NO.75-2004
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
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:
REAL ESTATE - 10 YEARS
Richmond Center, LLC
New Jobs: 20
Jobs Retained: 170
Estimated New Value: $209,561
Dated: September 7, 2004
Passed and adopted this /S' day of 2004 by the Common Council of the City
of Richmond, Indiana. �1
President
ATTE T• .. w A // ,� Clerk
(Kasen Chasteen)
PRESENTED to the Mayor of the City of Richmond, Indiana, this 4 � day of
. XL�
2004 at 9:00 a.m.
City Clerk
(Karen Chasteen)
PROVED by me, Sarah L. Hutton, Mayor of the City of Richmond, Indiana, this Z day of
2004 at 9:05 a.m.
y l Aayor
Sarah L. Hutton
ATTE Clerk
(Karen Chasteen)
MEMO
Department of Community Development & Transit
TO: Law
FROM: Tony Fost*2004
DATE: Septembe
RE: Tax Abatement — Richmond Center LLC
Please draft an ordinance for the October 4, 2004 Richmond Common Council Meeting
for the following tax abatement request from Richmond Center LLC, Please let me know
if you have any questions.
C `TAR
. STATEMENT OF BENEFITS
a REAL ESTATE IMPROVEMENTS
State Fonn 51767 (5-04)
Prescribed by the Department of Local Government Finance
FORM
__. SB -1 1 RE
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 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, 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, Form 322 ,ERA, Application for Deduction from Assessed Valuation of Structures in Economic Revitalization Areas, 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 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.
SECTION•'
Name of xna ar
Add red of taxpayer (street and number, city, state and ZIP code)
]
g2-ff [c-t�us 71�i�J Q� a�.� did
kd[W,u, `-/7.3"7Y
Name of contact person
ark
Telephone number
-76 S-SECTION
2 LOCATION AND DESCRIPTION
OF PROPOSEDPROJECT
Name f desi nating body
Resolution number
u
Location of property
)()" W IKC&S esna �'
I,
County
W h
Taxi gtriGt
`L,". 6r
Description of real property improvements (use additional sheets if necessary)
2)6 C ks' ?Cw" t ' r Q Cyn T,rr ��a t^r-�! oKir rs
S ,-t l 'A
ESTIMATED
Start Date Completion Date
Real Estate
<--o,f 0 0-s-
SECTION 3 ESTIMATE OF • AND SALARIES
AS RESULT OF PROPOSED PROJECT
Current number Salaries Number retained
/-70 ZS6iaz'v 1749
Salaries Number additional Salaries
Zsv, r,6 do v
SECTIONs
TOTAL COSTAND VALUE
OF -•^• s PROJECT
NOTE: Pursuant to IC 6-1.1-12.1-5.1 (d) (2) the
Real Estate Improvements
COST of the property is confidential.
Cost
Assessed Value
Current values
°j
Plus estimated values of proposed project
00 C7
Less values of any property being replaced
Net estimated values upon completion of project
)J S
SECTION• s AND OTHER BENEFITS
PROMISED BY THE TAXPAYER
Estimated solid waste converted (pounds) Estimated hazardous waste converted (pounds)
Other benefits:
SECTION•
I hereby certify that the representations in this statement are trite.
Signature of authorized represe tive
Title
Date signed (month, day, year)
CIC-0
9Aloy
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 ❑ No
2. 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 $
b. 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 t lity of benefits is sufficient to justify the deduction described above.
Approved: (signatur nd ti o thorized member
Telephone number
Date signed (month, day, year)
fV o
Aue to y:
Designated body
C/z/ ✓.. C �6�L1
* 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 6-1.1-12.14.
Form SB-lA
City of Richmond, Indiana
Taxpayer Wage & Benefit Information
Company Name, Address & Contact Person:
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
$
2. Average hourly wage for projected new positions
$
1-S CAO
3. Average hourly health insurance benefit $ 3, 1
1. The length of the abatement you are requesting " g
(A 1-10 year abatement may be requested for real estate improvements and manufacturing equi ent.)
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.
Signature and TitXe) (Date)