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Home My Public Portal About051-2002-Abatement - BMW REALTY - REAL ESTATEAMENDED ORDINANCE NO. 51-2002 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, 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 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 - 5 YEARS BMW Realty, LLC New Jobs: 3 Jobs Retained: 0 Estimated New Value: $126,800.00 Dated: May 24, 2002 Passed and adopted this day of_ 2002 by the Common Council of the City of Richmond, Indiana. 1 President (Bruce Wissel) A4SILN^rr. City Clerk (Nor7fa Schroeder) i�- PRESENTED to the Mayor of the City of Richmond, Indiana, this day of , 2002 at 9:00 a.m. City Clerk AP OVED by me, Shelley D. Miller, Mayor of the City of Richmond, Indiana, this day of 2002 at 9.05 a.m. Mayor {Shelle .Miller} ATT T City Clerk (Nor d Schroeder) " STATEMENT OF BENEFITS - t State Form 27167 (11614-00) sl♦\\ ' Form SS -1 is prescribed by the State Board of Tax Commissioners, 1969 f•1• TRY 2 1 FGRM 58-1 INSTRUCTIONS: 1. This statement must be submitted to the body designating the economic revitilization 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 manufacturing 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"plannad or committed to after July 1, 1987 and areas designated attar July 1, 1987 require a STATEMENT OF BENEFITS (IC 6-1. 1-1 Z 1) 2. Approval of the designating body (City Council, Town Board, County Council, ate.) must be obtained prior to Initiation of the redevelopment or rehabilitation, or prior to in of the new manufacturing equipment and l or research and development equipment, BEFORE deduction may be approved. 3. To obtain a deduction, Form 322 ERA, Real Estate improvements and l or Fort 322 ERA / PPME and l or322 ERA I PPR & DE, must be filed with the county auditor. With respect to real property, Fort 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 I PPME and I or 322 ERA PPR & DE must be filed between March i and May 15 of the assessment year in which new manufacturing equipment and I orresearch and development equipment becomes assessable, unless a filing extension has been obtained. A person who obtains a filing extension must rite the form between March i and June 14 of that year 4. Property owners whose Statement of Benefits was approved after June 30, 1991 must submit Fort CF- i annually to show compliance with the Statement of Benefits. (IC 6-1.1-12. 1-& 6) r 5. The schedules established under IC 6-1.1-1 Z 1-4(d) and iC 6- 1. 1-12.1-4.5 (e) effective July 1, 2000 apply to any statement of benefits riled 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. ._�SECTION11' TAXPAYER O RMATIO Name of taxpayer BMW Realty, LLC Address of taxpayer (street and number, city, state and ZIP code) 1017 East Main Street, Richmond, IN 47374 Name of contact person Telephone number .Sue Shields, CPA, 115 Garwood Road, Richmond, IN 47374 ( 765)935--9161 Name of designating body Resolution number Common Council of City of Richmond, Indiana 7-2002 Location of property County Taxing district _1017 East Main Street, Richmond IN 47374 Wa ne Richmond -Corp__ Description of real property improvements and I or new manufacturing equipment and I or ESTIMATED research and development equipment (use additional shoats it necessary) Start Date Completion Hate Real Estate 4/15/02 5/15/02 Complete renovation of existing building New Mfg Equipment - into Laundromat. R&DE Current number Salanes Number retained SalariestNumber additional Salaries 0 0 0 03 39,520.00 Real Estate Improvements Pursuant to IC 6-1.1-12.1-5.1 (d) (2) the P ine R+aearch and DevelopmentNOTE: rY EquipmentCDST of the property is confidential. Cost Asasaa+d ValueAsaeas+d Value Cost Asaesaed Value Current values 1 Plus estimated values of proposed project 150,000 150,000 Less values of any property being replaced Net estimated values upon completion of project 257 000 257,000 Estimated solid waste converted (pounds) __ Estimated hazardous waste converted (pounds) __• _ -• ��__ Other benefits: ' I hereby certYX that the representations in this statement are true. of authorized representative Title Dais signed {manta, day, year) IS+gnature r- 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. 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. Approve gnature and t< of authorized member) Telephone number Date signed (month, day, year) At sted by: all �c_ De ated body rmwmn Q�_ 0 * If t e 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: BMW Realty, LLC William Wingate 1017 East Mai t eet Richmond, IN n47 7i 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 active at the information requested on this form. It is subject to review as a part of our monitoring process 1. The length of the abatement you are requesting. 5 10 years (A I -10 year abatement may be requested- Up to S 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 consauction ._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 — yes X no 5. Will the improvements involve the exterior of the structure . 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 l o, Td, 3nd , etc. floor renovations, exterior improvements and any other applicable information. 7. Average hourly wage for existing employees S None 8. Average hourly wage for projected new positions S 7.60 9. Avcragc hourly health insurance benefit S None DEFINITIONS period lease molds the average base wage per 1. Average hourly wage for existing employees: for your mod root Pay p� P P hour for all cttn=t full time, non -supervisory employcas. Do not iaelude tha fallowing groups: A. part time employees: B. management, supervisors, foremen. or say other supervisory pmounel; C. ownen. stockholders. or partners if they own 2%or mwra of tho business, sad their fancily members. 2. Average hourly wage for projected new positions: Use tha same definition of easpiayees to be included as in number one above. d health iasuraaco beac$ts provided to 3. Average hourly health insurance beneft Please provim�dms. �� in � �� of as hourly rate computed hourly tmployers (as defined above) and family Pit using! the annual cost pert e7ligible employee divided by 2080 houm Date Authorized Sigpdytrc and Title EXHIBIT "A" 2-22-02 Job specifications for renovation work to owner's property located at 1017 East Main Street, Richmond, IN. SITE WORK • Install new sewer line service and water service to building • Remove interior concrete as necessary for pew plumbing under rough • Pour concrete landing for new set of exit doors. Install (2) steel pipe bollards • Pour level equipment pad for new wash machines EXTERIOR Remove and replace (5) existing window units with vinyl double lock Insulated units • Remove and replace painted steel siding and insulation on west and south ,,walls Remove existing, overhead doors, install steel support framing for (7) new Gf't by Sit. vinyl slider window units with double locks and insulated glass • Remove and replace gutters and downspouts Remove and replace (1) full glass aluminum entry door • Install ( l) pair of insulated steel exit doors with steel frame and hardware INTERIOR Remove existing partition walls in back area • Load and haul all debris from work area • Install steel liner panels to interior west and south wails Metal stud frame nevv east dryer wall and new expanded north restroom wails • 1lang; and tinish 518 drywall to all new wall areas • Install ( ,) new solid core wood interior doors with hardware • Paint and finish all new drywall, wood and steel doors • Install a 2x4 suspended ceiling grid system with 5/8 flat humi-guard tiles by Armstrong. Install 12" vct tile in restroom • Install wall mirrors, grab bars, and toilet paper dispensers in new restrooms • Relvork existing masonry wall for new aft. restroom doors and owner supplied coin machines • Install wall fan on south exterior wall PLU%Al31NG;"HVAC • Install new drain lines for wash machines • Provide new water line service to machines • Provide and install one lint interceptor and one HE645 Hamilton hot water system and 370 _gallon storage tank • Install new gas lines for (26) dryer units and regulators for each unit, gas line to water heater and (2) heating units • Install vent piping for dryer unit, terminate to outside • Install (2) new gas hanging unit heaters • Provide and install (2) DFC commercial appliance outlet centers • Set (2) ADA toilets and wall hung lavatories ELECTRICAL • Install a 600 AMP single phase electric service panel • InstaIl (24) 2x4 drop in light fixtures • Provide outlets for all dryer units, wash units, vending, coin and arcade units • Install (5) duplex outlets • Install emergency exit lights • Install (2) fan/light restroom fixtures • Provide circuits for unit heater, water heater, and wall fan MISCELLANEOUS • Provide engineer drawings for IN State Design Release • Provide State Design fees and local building permit fees • Unload and set all new equipment -�S DISPOSITION OF ORDINANCE NO. -2002 RESOLUTION NO. BY COMMON COUNCIL Ordinance No. - 2002 Elstro Lundy Wissel Shar Welch Parker Combs Dickman Hutton Resolution No. Date -- Suspend rules 1st read ina Moved to Second Readi Second Engrossment Second 3rd reading Second Date Passed 6 — t I - 0 � COMMITTEE ASSIGNMENTS Committee Date