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Home My Public Portal About031-2001- ABATEMENT - QUALITY TOOL & GARAGE - NEW MANUFACTORINGORDINANCE NO.31-2001 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 pursuant to Indiana law for either a three (3), six (6) or ten (10) year period from the assessed value, and WHEREAS, an owner of new manufacturing equipment is entitled to deductions pursuant to Indiana law for either a 5 year or 10 year period from the assessed value of new manufacturing equipment, 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: I . 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 Quality Tool & Gage, Inc. New Jobs: 9 .lobs Retained: 20 Estimated New Value: $1,397,000.00 Dated: May 14, 2001 Passed and adopted this day of 2001, by the Common Council of the City of Richmond, Indiana. President (Karl harp) A City Clerk (Normd Schroeder) <fl PRESENTED to the Mayor of the City of Richmond, Indiana, this day of 2001, at 9:00 a.m. City Clerk ALI-nNQAna Schroeder) *PRVED me, Shelley D. Miller, Mayor of the City of Richmond, Indiana, this� day , 2001, at 9:05 a.m. ayor (Shell - Miller) A , City Clerk (Norm Schroeder) T- �"'s''' STATEMENT OF BENEFITS RECEIVED FORV State Farm 27167 (R5 / 11-95) SB " 1 Form SIB • 1 is prescribed by the State Board of Tax Commissioners. 1989 MAY 14 2001 MAY rare INSTRUCTIONS: 1. This statement must be submitted to the body designating the economic revitilizaticn area prior to the public hearing if the designating body requires info mation from the applicant in making its decision about whether to designate an Economic Revitalization Area. Otherwise this statement must be submitte to the designating body BEFORE a person installs the new manufacturing equipment, or BEFORE the redevelopment or rehabilitation of real property f, 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 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 rehabilitatior or prior to installation of the new manufacturing equipment, BEFORE a deduction may be approved. 3. To obtain a deduction, Form 322 EPA, Real Estate Improvements and / or Form 322 ERA / PR New Machinery, must be filed with the county auditor. Wi. 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 assessme. is received from the township assessor. Form 322 ERA / PP must be filed between March 1 and May 15 of the assessment year in which new manufa, turing equipment becomes assessable, unless a filing extension has been obtained. A person who obtains a filing extension must file the form betwec- 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 Statemer of Benefits. (IC Name of taxpayer Qualitv Tool & Gage, Inc. Address of taxpayer (street and number, city, state and ZIP code) 1747 South 5th Street Richmond IN 47374 Name of contact person Telephone number Tom Clements ( ) 962-5511 Name of designating body I Resolution number City of Richmond i Location of property I County Taxing district 1747 South 5th Street I Wa ne Description of real property improvements and I or new manufacturing equipment ESTIMATED (use additional sheets if necessary) Start Date I Completion Date 5—CNC Miyano Lathes Real Estate New Mfg Equipment 1 6 / 15 /01 7/27/01 NOTE: Pursuant to IC 6-1.1-12-1-5.1 (d) (2) the COST of the property is confidential. CAS Assessed Value -„* Assessed Value Current values 486,026 Plus estimated values of proposed project 1,397 000 1,397,000 Less values of any property being replaced — — j Net estimated values upon camp€etion of project Estimated solid waste converted (pounds) Other benefits: Estimated hazardous waste converted (pounds) i hereb certify that the representations in this statement are true. 5ignatu of Zre tle 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 genera€ 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 ❑ No 3. Residentially distressed areas ❑ Yes ❑ No C .The amount of deduction applicable for new manufacturing equipment is limited to $ value of $ D .The amount'of deduction applicable to redevelopment or rehabilitation is limited to $ value of $ E . Other limitations or conditions ;specify) cost with an assessed cost with an assessed F. The deduction for new manufacturing equipment installed and first claimed eligible for deduction after July 1, 1991 is allowed for: D 5 years ❑ 1 C years The deduction period will be five (5) years unless the designating body has by resolution specified the ten (10) year period. 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! ('slgnatur r7d title of autharized member) Telephone number Date signed (month, day, year) A ested by: Desi�ateddbboAdy� , 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 ta.receive a deduction to a number of years designated under IC 6-1.1-12.1-4 or 4.5 Namely: (see tables below) Year of Deduction Five (5) Year Percentage Ten (10) Year Percentage 1st 100% 100% 2nd 95% 95% 3rd 80% 90% 4th 65% 85% 5th ( 5o% 80% 6th 70% 7th I 55% 8th 40% 9th 30% 10th 25% QUALITY TOOL 17659623639 05/16 '01 10:04 N0.724 02/02 Form SB-IA City of Richmond, Indiana Taxpayer Wage & Benefit Information Company Name and Address- c"1tuA�,-t.� I-X%0L. 4, G*&'. The information requested on this supplement to form SB-1 must be completed and submitted along with your S13-1 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 $ '�'3 7 r 2. Average hourly wage for projected new positions $_ 3. Average hourly health insurance benefit $ • G The length of the abatement you are requesting fA 1-10 year abatement may be requested for real estate improvements and manufacturing equipment.) If purchasing equipment, please state the projected useful life. kmix If purchasing equipment, please state whether the equipment is new or used. 14� If purchasing used equipment, list the state in which it is being � / brought into Indiana from. / 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 forth of an hourly rate computed using the annual cost per eligible employee divided by 2080 hours. DISPOSITION OF ORDINANCE NO. - 2001 RESOLUTION NO. BY COMMON COUNCIL Ordinance No. - 2001 Elstro Lundy Wissel Sharp Welch Parker Combs Dickman Hutton Resolution No. Date Suspend rules 1 st readina Moved to Second Read C 3rd readin Second I Passaae I !/ I I c_---r v I ) --r 'r —I c _fl L---` I E--� Date Passed _ CR_- a,S 11 I COMMITTEE ASSIGNMENTS Committee ate