HomeMy Public PortalAbout011-2000- TAX ABATEMENT - B & F PLASTICS INC - NEW MANUFACTORINORDINANCE NO. 11-2000
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:
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: 5 Jobs Retained: 64
Estimated New Value: $125,000.00
Dated: January 22, 2000.
k�
Passed and adopted this g day o 2000, by the Common Council of the City
of Richmond, Indiana.
ATT T City Clerk
(Norma chroeder) ww�
PRESENTED to the Mayor of the City of Richmond, Indiana, this 'day o C
L ,
2000, at 9:00 a.m.
kc,9--City Clerk
(Norm Schroeder)
tOVER by me, Dennis Andrews, Mayor of the City of Richmon i , this �� day
of , 2000, at 9:05 a.m.
Mayor
ATT T: x City Clerk
vrm Schroeder)
" STATEMENT OF BENEFITS�_� =0�
State norm 27167 (RS 1 11.95)
i Form SB - 1 is presenbed by the State Board of Tau Commsstoners, 1989 v
n
INSTRUCTIONS: A 10-YEAR ABATEMENT IS BEING REQUESTED.
1. This statement must be submitted to the body designating the economic revitalization area prior to the public hearing if the designating body
requires infamation from the applicant in malting its decision about whether to designate an Economic Revitalization Area. Otherwise this statement
must be submitted to the designating body BE'FOREa person installs the new manufacturing 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 STA TEMENT 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, BEFORE a deduction may be approved
3. To obtain a deduction. Form 322 ERA, Real Estate improvements and /or Fonn 322 ERA / PP, New Machinery, must be tiled 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 /PP must be Tiled between March 1 and May 15 of the assessment year in
which new manufacturing equipment becomes assessable, unless a filing extension has been obtained. A person who obtains a filing extension must
file the form between 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
Statement of Benefits. (IC 8-1.1-12.1-5.6)
sECTIGN Z ;,. EOG1�TIi1N ANFTDESGRiPTIQhf �3F PRY3Pt1SED;PFtiJEGT': ;
Name of designating body
Commn Council of the City of Richmond, IN
Resolution number
10-1984,11-1991
Location of property
540 North 8th Street Richmond, IN 47374
County
�ayne
Taxing district
chttond Corp
Description of real property improvements and i or new manufacturing equipment
(use additional sheets if necessary)
See attached
ESTIMATED
Start Date Completion Date
Real Estate
New Mfq Equipment
02 1S 00 05 01 00
SECTIt3N 3 ::ES nMATE:..OF:EMPLOYE>ES:ANOrSALARIES:ASA RESEILT'OF.PRQPOSED':PftO4EC7
Current number
6
Salaries
1/018/35
Num ber retained
6
Salaries
1,018,35
Number additional
Salaries
93,60
Estimated solid waste converted (pounds)
Other benefits:
Estimated hazardous waste converted (pounds)
..
: TwAYEit cEpinir"'
I hereby certify
that the representations in this statement are true.
Signature of authorized representative
"L'
Title
\&(- P'u�� -
Date signed (month, day, year
— /
Form 56.1, page 1 - uopyngntO .,jbb ueemon mtofmation Systems, Inc,
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, provides 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
N
3. Residentially distressed areas Yes No
C. The amount of deduction applicable for new manufacturing equipment is limited to $ cost with an assessed
value of $
D. The amount of deduction applicable to redevelopment or rehabilitation is limited to $ cost with an assessed
value of $
E. Other limitations or conditions (specify)
F. The deduction for new manufacturing equipment installed and first claimed eligible for deduction after July 1, 1991 is allowed for:
❑ 5 years ❑ 10 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 reasonable and have
determined that the totals f benefits is sufficient to justify the deduction described above.
Approved: (signature nd Ie of authorized me er)
Telephone number
Date signed (month, day, year)
v'
Z —'?-Q — 2
- 6��
A ste
Des€ ated body
" If the designating body ff is the time period during which an area is an economic revitalization 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 Namely: (see tables below)
IEiIjF<MkkIFAC €t#Me€EJEi!M
....................................................
......:..<= r dm.
W #41 + ':O r rsa.Perrvd
Year of
Deduction
Five (6) Year
Percentage
Ten (10) Year
Percentage
1 st
100%
100%
2nd
95%
95%
3rd
80%
90%
4th
65%
86%
5th
50%
80%
6th
70%
7th
55%
8th
40%
9th
30%
10th
25%
.......................... _
...........................
:.::...............
..:...............:::::.:::::::.:
> OF t.i� QPEit°j Y 11 ROx Elf�trfi3'... > <i
oirci�ll�as€ig�ti�'al�eripd
Sif..................................
Year of
Deduct -ion
Three (3) Year
Deduction
Six (6) Year
Deduction
Ten (10) Year
Deduction
1 st
100%
100%
100%
2nd
66%
85%
95%
3rd
33%
66%
80%
4th
50%
65%
5th
34%
50%
6th
17%
40%
7th
30%
8th
20%
9th
10%
10th
1 5%
Form SB-1, page 2 - Copyright®1998 Decision Iniormation Systems, Inc.
JAN- 14 -00 09755 FROM : C, : i'i OF R I CHMOND FINANCE I D = 1 7G5 S63 7212
Form SB-lA
City of Richmond, lu&ana
Taxpayer Wage & Benefit Information
Company Name and Address: s & F Plastics, Inc.
540 North Sth Street
Richmond, IN 47374
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 vour records and calculations used to arrive at the information requested on
this forzxa- It is subject to reNriew as a part of our monitoring process.
1. Average hourly wage for existing employees $ 10.00 -
2. Average hourly wane for projected new positions S 9.00
3. Average hourly health insurance benefit $ 3.00
The length of the abatement you are requesting 10
(A 3, 6 or 10 year abatement caxn be requested for real estate and a S or 10 year abatemnt
can be requested for manufacturing.)
DEFINMONS
1. Average hourly wage for existing employees. for your most recent pay period please
provide the average base wage per hour for aII current full time, non-supern-isory
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 fawi y 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 prosride the current company paid
health insurance benefits provided to houriy employees (as defined above) and fanuly_
members. Please present in the form of an hourly rate computed using the annual
cost per eligible employee divided by 2080 hours.
� uDa' -a J� c-. 1 j2zko
( Authorized Signature and Title) (Elate)
PAGE
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DatePassed 3 Ig o
COMMITTEE ASSIGNMENTS:
Committee Date