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HomeMy Public PortalAbout056-2002-Abatement - B & F PLASTICS - NEW MANUFACTURING EQUIPMEORDINANCE NO.56-2002 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 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: NEW MANUFACTURING EQUIPMENT - 10 YEARS B & F Plastics, Inc. New Jobs: 10 Jobs Retained: 43 Estimated New Value: $585,000.00 Dated: June 27, 2002 Passed and adopted this Lday o 2002 by the Common Council of the City of Richmond, Indiana. LIA A PRESENTED to the Mayor of the City o 2002 at 9:00 a.m. President (Bruce Wissel) City Clerk f Richmond, Indiana, this JVL day of t3' , Ci Clerk rma Schroeder) ROVED by me, Shelley D. Miller, Mayor of the City of Richmond, Indiana, this t day of , 2002 at 9:05 a.m. Mayor (Shell . Miller) A S City Clerk (Norma chroeder) ,.•:�. d, STATEMENT OF BENEFITS FORM g ��� SB _ 1 Y: Stare Form 27167 (R71 12-01) R � � E9 tl ED Pmau ed by the Department of tacat Govemment Finance +� l A 10-YEAR ABATEMENT IS BEING REQUESTED. INSTRUCTIONS: i. 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 i 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 designated after July 1, 1987 require a STATEMENT OF BENEFITS. (IC &I.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 now manufacturing equipment and i or research and development equipment, BEFORE a deduction may be approved. 3. To obtain a deduction. Form 322 ERA, Real Estate Improvements and I or Form 322 ERA i PPME and I or 322 ERA i PPR 3 DE, must be riled with the county auditor. With respect to real property. Form 322 ERA must be Cued 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 E DE must be riled between March 1 and May 15 of the assessment year in which new manufacturing equipment and i or research and development equipment becomes assessable. unless a riling extension has been obtained. A person who obtains a riling extension must rile the form between March 1 and the extended due date of that year. 4. Properly owners whose Statement of Benefits was approved after June 30, 1991 must submit Form CF - f annually to show compliance with the Statement of Benefits. (iC &1.1-12.1-5.6) 5. The schedules established under IC 6-1.1-lZ 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. Name of taxpayer B & F Plastics Inc. Address of taxpayer (street and number, city, state and ZIP code) 540 North 8th Street, Richmond, IN 47374 Dame of contact person Sue Shields, Shields & Co., P.C. Name of designating body Common Council of the City of Richmond Indiana Location of property Cout 814 South L Street, Richmond, Indiana I Wi rresoarch andtion foal development development qu pment (use additional sheets it necerovements and I or now ssary) and 1 or See attached Current number Salaries 43 1 1.3 NOTE: Pursuant to IC 6 1.1•t2.1-5.t (d) (2) the COST of the property is confidential. Current values Plus estimated values of proposed Projec Less values of any property being replace Net eslimaled'values upon completion of Number retained ISalanes Real Estate improvements Cost jAssessad Vail iphone number 765 )935-9161 Resolution number 10-1984; 11-1991 Taxing district ESTIMATED Start Date I Completion Data Real Estate New Wg Equipment 8/1/02 1/31/03 RADE Cost additional IlAaehina Research and Development rY Enufament Estimated solid waste converted (pounds) Estimated haxardous waste converted (pounds) fOther benefits: Coat IAssessed Value I hereby certi that thereresentations in this statement are true. thonzed representative Tiue Date signed (month. day, year) 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, 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; 2, Installation of new manufacturing equipment; 3. Installation of new research and development equipment; 4. Residentially distressed areas calendar years " (see below). The date this ©Yes ❑No *Yes *No ❑Yes ❑No ❑ Yes ❑ No 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 $ value of $ cost with an assessed 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. Appr ved: rgn uro and of authonzed member) Teleptwne nwftw pate signed (month, day. year) i L(J tcd by: k X .d f A� . If the designatindbody 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 B & F Plastics, Inc. Attachment -Form SB-IA Equipment 1. Resin Blending System Projected Life-15-20 yr. State Purchased From -Illinois Cost-$50,000.00 2. Ital Products Sheet Extrusion Line Projected Life-20 yr State Purchased From -Italy Cost-$125,000.00 3. 3 Cumberland Grinders Projected Life-15-20 yrs State Purchased From -Illinois Cost-$60,000.00 4. Crown Sheet Extrusion Line Projected Life-20 yr State Purchased From -Illinois Cost-$200,000.00 5. AST 200mm Extruder Pellitizer Projected Life-20 yr State Purchased From -Illinois $150,000.00 Form SB-1A, City of Richmond, Indiana Taxpayer Wage & Benefit information Company Name, Address & Contact Person: B & li Plastics, Inc. Melanie Bertsch 540 North 8th Street ' e ormMan 4req esEed on, this supplement to form SB-1 must be completed and submitted along with your SB-1 mi order for your tax abaU=mit request to be considered by Richmond Common Cowcil. Please retain your records and calculations used to amve at the information requested on, this form. It is subject to review as a part of our moritming proccm 1. Average hourly wage for existw& employees $ 10.00 2. Average hourly wage for projected m w positions $ 10.00 3. Average hourly health ius rwance benefit $ 10.00 1. The length of the abatement you are requesting 10 (I 1-10 year abwemew may be requested for real estate bVrovemer& and rnarrufueta nnQ equipmem.) 2. If purchasing equipment, please attach a list that includes the following: • brief description of each piece of equipment being pur bud • the projected useful life of each piece of egOpment • the state(s) in, which the equipment is being brought into Mana from if purchasing used equipment • the cost of each piece of equipment 3. if making real estate improvements, pleat p nddt a list beat includes the following: • brief description of the real estate improvement (new constuction, rehab, expansion, etc.) • size of the proposed real estate improvements • costs of the proposed real estate imgrove:menis DFM NrrIONS 1. Average hourly wage for existing employees: for your most retest pay period please provide the average base wage per hour for all cawnt full time, non-mVavi,sory employees. Do not.include the following Stoups: A. parr time employees: Ek management, supervisors form, or any other supervisory personzel; C. awuas, stockholder.% or partners if they own r10 or more of the bu=m% and their hmiiy meaabem 2. Average howdy wage for projected new postiors: Use the same definition of employees to be included as in number one above. 3. Average homiy health mmmme benefit: Please provide the cement company paid health wsurance be rX= provided to hourly employea (as de5aed above) end family members. Please r:esmt is tho farm �r ourly rare compm ed using the anus' coat per eftible employee diNided by 2080 h,:= � and Title) "d?-Oz, (Date) �. B & F Plastics, Inc. Attachment -Form SB-1 A Equipment 1. Resin Blending System Projected Life-15-20 yr. State Purchased From -Illinois Cost-$50,000.00 2. Ital Products Sheet Extrusion Line Projected Life-20 yr State Purchased From -Italy Cost-$125,000.00 3. 3 Cumberland Grinders Projected Life-15-20 yrs State Purchased From -Illinois Cost-$60,000.00 4. Crown Sheet Extrusion Line Projected Life-20 yr State Purchased From -Illinois Cost-$200,000.00 5. AST 200mm Extruder Pellitizer Projected Life-20 yr State Purchased From -Illinois $150,000.00 DISPOSITION OF ORDINANCE NO. 6. -2002 RESOLUTION NO. BY COMMON COUNCIL Ordinance No. - 2002 Elstro Lundy Wissel Sharp Welch Parker Combs Dickman Hutton Resolution No. Date — r t j d rules Ist Second Moved to Second Second Engrossment Second ,3rd reading Second Date Passed � - 5 — 0 x COMMITTEE ASSIGNMENTS Committee Date