HomeMy Public PortalAbout059-2002-Abatement - PAUL W LINGLE REVOCABLE TRUST - REAL ESTATORDINANCE NO.59-2002
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.
S. 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
Paul W. Lingle Revocable Trust
New Jobs: 5 Jobs Retained: 1$
Estimated New Value: $80,500.00
Dated: July 16, 2002
Passed and adopted this 5 day o 2002 by the Common Council of the City
of Richmond, Indiana.
r
President
(Bruce Wissel)
A S X. K 0 A vxCity Cleric
{Norm Schroeder)
PRESENTED to the Mayor of the City of Richmond, Indiana, this day of ,
2002 at 9:00 a.m.
City Clerk
(Nora Schroeder)
ROVED by
me Shelley D. Miller, Mayor of the City of Richmond, Indiana, this Ltday
2002 at 9.05 a.m.
n
Cleric
ayor
(Shell . Miller)
1Mt.[TA�
STATEMENT OF BENEFITS
i t State Form 27167 (196/4-00)
y Form SB - 1 is prescribed by the State Board of Tax Commissioners, 1989
Jai* *�
INSTRUCTIONS:
FDRM
58-1
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 / 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, 1987require 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,
or prior 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. /PPME and/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 & DE must be filed between March i 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 fort between March I 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. (IC6-1.1-12.1-5.6)
5. The schedules established under IC 6-1.1-12.1-4(d) and 1C 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.
• ., R. •
Name of taxpayer
Paul W. Lingle Revocable Trust
Address of taxpayer (street and number, city, state and .ZIP code)
801 North A Street, P.O. Box 1948 Richmond, IN 47375
Name of contact person
Telephone number
Jim Henley, Business Manager
( 765) 966"1581
Name of designating body
Resolution number
Common Council of the City of Richmond, Indiana
Location, of property
County
Taxing district
600 E. Main St., Richmond,_IN
Wayne
Richmond Corp
Description of real property Improvements and / or new manufacturing equipment and / or
research and development equipment (use additional sheets if necessary)
Renovate approx. 7,000 sq ft of first floor space to
ESTIMATED
Start Date
Completion Date
Real Estate
7/21/02
9/21/02
house State of Indiana Department of Motor Vehicles,
to include new walls/coverings, counters and floor
New Mfg Equipment
coverings
R&DE
• • • • + +-
Current number Salaries Number retained Salaries Number additional Salaries
18 346,800 18 346;800 5 88,600
NOTE: Pursuant to IC 6-1.1-12.1-5.1 (d) (2) the
COST of the property is confidential.
Real Estate Improvements
Machinery
Research and Development
Equipment
Cost
Assessed Valuel
Cost
Assessed Value
Cost
_
Assessed Vaiue
Current values
375 000
163,300
N/A
N/A
Plus estimated values of proposed project
80 500
Less values of any property being replaced
40 000
Net estimated values upon completion of project
415,500
mmawm • R • •
Estimated solid waste converted (pounds) Estimated hazardous waste converted (pounds)
Other benefits: '
The Bureau of Motor Vehicles will bring thousands of people to the uptown area. The
additional people will be a substantial economic boom for all the uptown merchants.
This is in addition to the 23 full time employees that will be added to the uptown
workforce who will be consuming products and services from the retail, food, and service
merchants.
a IBM=
hereby certify that the representations in this statement are true.
SlgrZat of authorized representative
Title
Date signed (month, day, year)
v
I 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 []No
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: (si a re and tiff of authorized member)
Telephone number Date signed (month, day, year)
A ested by:
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 4.6
Form SB-1B - Uptown Target Area
City of Richmond, Indiana
Taxpayer Wage & Benefit Information
Company Name, Address & Contact Person: Paul W. Lingle Revocable Trust:
801 North A St., P.O. Box 1948 Richmond, IN 47375
Contact:: Jim Henley, Business Manager
The information requested on this supplement to form. S134 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. The length of the abatement you are requesting 5
(A 1-10 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 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 _ yes X no
5. Will the improvements involve the exterior of the structure —yes X 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 Ise, 2°d, 3`d, etc. floor renovations,.
.,exterior improvements and any other applicable information.
7. Average hourly wage for existing employees $ 9.88
8. Average hourly wage for projected neW positions $ 9.08
9. Average hourly health insurance benefit $ 1.63
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
ourly employees (as defined above) and family members. Please present in the form of an hourly rate computed
ing the annual cost per eligibl emplo a v�ded by 2080 hours.
Signature
Date
DISPOSITION OF ORDINANCE NO. -2002
RESOLUTION NO.
BY COMMON COUNCIL
Ordinance No. - 2002 Elstro Lundy Wissel Sharp_Welch Parker Combs Dickman Hutton
Resolution No.
Date
rules 1st readin
Second
Moved to
Second
ment
Second
Date Passed S v 'a'
COMMITTEE ASSIGNMENTS
Committee Date