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Home My Public Portal About093-2001- TAX ABATEMENT - ECONOMIC DEVELOPMENT TARGET AREA FORAMENDED ORDINANCE NO.93-2001 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 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 properly 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 - 10 YEARS Richmond Mutual Bancorporation New Jobs: 15 Jobs Retained: 125 Estimated New Value: $3,000,000.00 Dated:. November 15, 2001 Passed and adopted this " ay of cl 2002 by the Common Council of the City of Richmond, Indiana. . A City Clerk President (Bruce Wissel l.LwI llla O]'iLu UCucl ) PRESENTED to the Mayor of the City of Richmond, Indiana, this, day of 2002 at 9:00 a.m. —� Clerk %—y yROVE by me, Shelley D. Miller, Mayor of the City of Richmond, Indiana, this,_.lq of I� C 2002 at D. a.m. n City Clerk Mayor ( ley D. Miller) 6�,�..� � STATEMENT OF BENEFITS ,State Form 27167 (11614.00) Form SB - 1 is prescribed by the State Board of Tax Commissioners, 1989 a INSTRUCTIONS: FORM 1. This statement must be submitted to the body designating the economic revlfilization 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, 1987 require a STATEMENT OFBENEFITS (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 deducton, Form 322 ERA, Real !;state Improvements and/or Form 322 ERA/PPME and%or 322 ERA/PPR & DE, must be filed with the county auditorr iMth respect to real property, Form 322 ERA must be filed by the later at (1) May 10; or (2) thirty (30) days after a notice of increase in real property assessment is received from She township assessor. Form 322 ERA/PPME and /or322 ERA PPR & DE must be filed between March i and May 15 of the assessment year in which new manufacturing"bqufpmentand/or research and development equipment becomes assessable, unless a filing extension has been obtained. A person who obtains a filing extension must file 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 Form CF- i annually to show compliance with the Statement of Benefits. (1C 6-1.1-12.7 5.6) 5. The schedules established under IC 6-1.1-12.1-4(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. + TAXPAYER • - i • Name of taxpayer, Richmond Mutual. Bancorporation Address of taxpayer (street and number, city, state and ZIP code) 20 North 9th Street Richmond IN 47374 Name of contact person Telephone number Garry Rleer (765 ) 962-2581 ext.29 •N:2 LOCATION AND DESCRIPTION OF -••• ■ PROJEC Name of designating body' Kesolution number Richmond Common Council Location of property County Taxing district 20 and 31 North 9th Street Wayne Richmond Description of real property Improvements and / or new manufacturing equipment and I or research and development equipment (use additional sheets If necessary) Complete renovation to inside of buildings, new sky=:; walk and new outside facade to both buildings. ESTIMATED Start bate Completion Date _-. Heal Estate 10-06-00 11--30—OZ New Mfg Equipment Buildings will be utilized for bank operations.. =R& (See Attached) 'SECTION 3: ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT Current number Salaries Number retained Salaries " Number additional Salaries 32 1$3,250,000.00 * 1 125 3,250,000.00 j 15 1$237,000.00 ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT 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 Deveiopment Equipment Cost Assessed Value Cost Assessed Value Cost Assessed Value Current values 225 000. 0 425 600.00 Plus estimated values of proposed project 3,000,000.00 Less values of any property being replaced 137, 000.0 Net estimated values upon completion of project SECTIONS,• ■ 1 ■ OTHER BENEFITS PROMISED BY THE TAXPAYER Estimated solid waste converted (pounds) Estimated hazardous waste converted (pounds) Other benefits: * DOES NOT INCLUDE FRINGE BENEFITS TAXPAYERCERTINCAT1W I hereby certify that the representations in this statement are true. Signature of authorized representative Ti<e 65Y�IR V� Vf Date signed (month, day, year) 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; 0 Yes ❑ N o 2. Installation of new manufacturing equipment; 0 Yes ❑ No 3. Installation of new research and development equipment; DYes ❑ No 4. Residentially distressed areas ❑ Yes ❑ No C .The amount of deduction appllcable for redevelopment or rehabilitation is limited to $ cost with an assessed value of $ p .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. dZed member) Approved: (signature a d title of7IL-1, Telephone number Date signed (month, day, year) _ .ram % ( ) A ogled by: Desl nated 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 4.5 Form SB-1A 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 M' "6rder 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 $ 9.25 2. Average hourly wage for projected new positions $ 8.75 3. Average hourly health insurance benefit $ Individual $ 1.55 $ 3.00 1. The length of the abatement you are requesting to (A 1-10 year abatement may be requested for real estate improvements and manufacturing equipment.) 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. Eve (Autho ' rS_igadfure arid Title) (Date) Form SWIB - Uptown 'Tw%d Area City of Ricbmond, Indiana Taxpayer Wage & Benefit Information Company Nme, Address Sc Contact Person: The information requested gn this supplement to form 8E-1 must be completed and submitted along with your SR-1 in order for your tax abatement mgty to be considered by FUd mood Common CouncH pease retam your records and calculations used to arrive at the inf'oirmatiorl requested. on this fog. it is subject to preview as a part of our moniWAng process 1. The lug& of the abatement you are requesting 10 years (A 1-I oyear abatement may be requested -tip to 5 years for 1"floor renovations and up to 1 Q years for upperfloor renovation and/or eatarior improvements)_ 2. Ate the real estate improvements — new construction ^ rehaWitatioa — exPan.'iou other (if other, please descn'be) 3. Will the improvemeuis involve a first floor 4. Will the improvements involve upper floors or basements .g_ yea no 5. Will the improvements involve the exterior of the smmc=e g,. yes no 6. Attach a brief description of the type ofrcg estate improvements including, but not limited to, location, siZe (if a TMding), cost WW3UtM drawmp (if avaflable) and scope of im1rove�ments. The scope of improvements should include descriptions ofthe 1� etc. floor .eaovations, extaior improvemeoft and any other applicable iffomration. 7. ,Average howdy wage for a d5bLug employees S. Average hourly wage for projected new positions .- .85 -- 1.55 individual 9. Average bourly health iuwrawm benefit $ 3.00 amily pJLFXA13E%ONS a lease vide the averaf;e base wage paP I_ Aveiagehotaly fore o eu�piaYees; your most reoentpay V P PTO hoot for all a mwn f+illtime, non-s4xxvismy cw&yem Do not melude the foliowmg 9MW: A patttime employees; �- �, set�viaors, fvrsroiao., or aaj► other s�r►isory del; C. *,mms, stocchaldcM orparmets if thqyDvm 29'e or more of the buA ness, and tacit farUy MCA*eM 2. Avetagehotal5' �a �' prOje�d now � Use dre same definition of employeesto be hmMec as i�an>ttnbc7 am shove. I Average ito�aly beaidt lease Provide the CWreet company �d bray ce baneiits pmv ded to bong employe= (as defined above) sad �y members Please Present in tine fosnn of an honxiy ra:e computed --r �%he wm W Costper eligil a employee divided by 2080 hones. Date 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 readii Second Moved to Second Readi Second 3rd readin Second �I Date Passed COMMITTEE ASSIGNMENTS �v Date J Committee i