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Home My Public Portal About042-2000- TAX ABATEMENT - B & F PLASTICS - NEW MANUFACTORING EQA 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 EOUIPMENT - 10 YEARS B & F Plastics Inc. New Jobs: 6 Jobs Retained: 64 Estimated New Value: $235,000.00 Dated: June 15, 2000 Passed and adopted this day o 2000, by the Common Council of the City of Richmond, Indiana. LA S City Clerk (No Schroeder) PRESENTED to the Mayor of the City of Richmond, Indiana, this day o c: , 2000, at 9:00 a.m. �A'L- k x- - - - — �' , i-�l City Clerk (No a Schroeder) tOVE Je Dennis Andrews Ma or of the Ci of Richm d di a this �kda Y t5' � Y 2000, at 9:05 a.m. Mayor STATEMENT OF BENEFITS CORM _ RECEIVED State Farm 27167 (R5I 11-S5j . �. Form S8 -1 is prescribed by the State Board of Fax Commissioners, 1M JE1N 19 2000 INSTRUCTIONS: A 10-YEAR ABATEMENT IS BEING REQUESTED. 1. This statement must be submitted to the body designating the economic mvitalizadon area prior to the public hearing if the designating body requires infomadon 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 BEFORE 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 STATEMENT OF BENEFITS. (IC 6-1.1-12.1) 2. Approval of the designadng 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 lorForm 322 ERA /PP, New Machinery, 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 /PP must be filed between March 1 and May 15 of the assessment yearnn 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. (lC 6-1.1-12.1-5.6) .J ^ R.�.: .:..:..Q::.:.:,r..v::vv::.ty: :.}.::{:.�:::.. t.i::.Y...:: . •M...O.r: . , ?:4i:}{-t,.... .. �. ...:: .}:r{•.::4:: r,•r v:: {.�:.:::::tt~tii:]:}i., {.ii{{.}:n}:n};W.`.{]}{:5}:{,: .. o.... .. :::.:::::.:::•:.:::....:..:..:. vnrr+_:.:.a::::.,.::.n;nr...:...:.1/��[.�► .:/�(�i'' �y.♦� '-l�1y�+�� ,4..:..:........:....... ....}...:...:. •:o...........:.� ..:�'{:i{ry?.u}}}�r:�.?:::::::::.r::.::?::?::?:v::nv;.:•;;:;..�:.:::...;:•:a•:s{:o;;{b:o}„�n:{{Ti4�l�'k:YEl�:illli'.�RIYf��.i.ILFfY...:::.,yi.:..}:::::::::::.:...::::.�:.:.�?5:`{:.:o.............:.... ........:::::: .. ::: :.::. ............ ....: Name of taxpayer & F Plastics, Inc. Address of taxpayer (street and number, city, state and ZIP code) 540 North 8th Street chmond IN 47374 Name of contact person Telephone number Melanie Bertsch 1(765)962-6125 {{MM ■��{ �y •;;:LOCA')'Id11��11�113•.t�t#� �Ilifi►i01�:�1�..�#�,iFilE?�I�.�. - r Name of designating body CcmTKDn Council of the City of Rictm md, IN Resolution number 10-1984,11-1991 ounty Location of property �ayne 540 North 8th Street Richrond IN 47374 Taxing district dwa d Corp Description of real property improvements and 1 or new manufacturing equipment (use additional sheets if necessary) See attached ESTIMATED Start Gate Com ietian date Real Estate New Mf E ul ment 05 04 00 11 01 00 :.::.::::`:::``'::::>:: S'I�M1�IAEI;lF.141i'LC'&Al�I.LAiIES>' 61ErC'E[C3N .............................E Current number Salaries Number retained JSalaries Number additional Salaries 6 1,018,35 6 1,018,35 140,001 ��}� �:1/ii'� { jib j j��. �/•j� �j/� �Ari :L��iiMI�VIk{iwriY �lr::i%cvirt��i.:{ {��/�� t�;:;:r�';'+:.>u,:.q,.;,o-..{;{.>:;::.> •••:r{•�;t: +><::: f)I`f'! ` := :i{: ;v.{ \k :.:.:.: ri :.y:: );?' .....:...:: {.:::t• NOTE: Pursuant to IC 6-1.1-12.7-5.1 (d) (2) the CAST of the roe is confidential. is }:: :::�: �{:<��.�n'�i='31i:��afi►:f...:.....lfaei»etlls:>:.::..>;:<.:.,a.s;:;,:::a:,,:::�y?:.e{.:::,...{:.,::?.::.??...:�atriyin }]:.{..: :.........,.:...........:..........: '`<?s `" old .:...,'?......... Assessed Value * � . s . *..`. <...,.. Assessed Value Current values Plus estimated values of proposed project 235, OOC 78,332 Less values of any propertybeing replaced Net estimated values upon completion of 2roject 235, 00q 78,334 Estimated solid waste converted (pounds) Other benefits: Estimated hazardous waste converted (pounds) Sl_CTEON 6...:: .:.::: .. ,., ..: •�• . :.:.;'E'1i<XP!;RYEii" CEii?�I=i'!'fCiK ._...._ ...::. 1 herebycerti that the representations in this statement are true. Signat thorized representative Title ��f,-d"Y- - Date signed (month, day, year 6- /Y-'�;' ° Attachment to Form SB-1, page 1, Section 2 Page: 1 Description of Real Property IcYprovements and/or New Manufacturing Equipment B & F Plastics, Inc. 130irm Sterling extruder iFog b � OB-LA. City of gLir��ond, Indiana Taxpayer Wage & Benefit Wormation Company Name and Address: B & F Plastics, Inc. 540 North 8th Street Richmond, IN 47374 The information requested on this supplement to form SB-1 tmrst be completed and submitted along with your SB- I in order for your tax abatement request to be considered by Richmond Comrnon Council. Pie= retain your records and calculations used to acme at the information requested on this form. It is subject to re%riew as a part of our monitoring process• 1. Average hoursY wage for existing employees 2 Average hourly wage for projected new positions S, z 0 . ao 3.00 3. Average hourly health insurance benefit S The length of the abatement you are requesting — 10 (A 3. 6 or 10 year abatement can be requested for rear estate and a 3 or 10 }•ear abatemcnt can be requested for manufacturing.) DEFINMONS sees: for your most receat pay period please rs 1. Avsoc hourly wage for existing cmplo, provide the average base wagC Per hour for a0 curncnt hill tune. non-supctt-ison• employees. Du cot include the following 70UPs: A. put time employees: B. m=gement, supervisors. Ibleu a. or as}• other supervisory personnel. C. o • ers. stockholders. or pz=ers ifthey own ZT15 or toore of the business. and their family members• Z. Average hourly wage for projected nc+v posuas: Use do ume definition of cruployees to be included as in number one 3. Average hours}• hea3tb insurance benefit: Pkase provide the currant Company paid health insurance benefits VMvided to bouriy employees (as deaaei above) and famdv members. Pie= prexnt is the form of an hourly rate computed using the 3r Du--i cost jnr ell; ble employeeds:7ded by ZOSO bouts. (A44honzld Signanur sad IWO i Date) DISPOSITION OF ORDINANCE NO. - 2000 RESOLUTION NO, BY COMMON COUNCIL Ordinance No. —It 2000 Elstro Lundy Wissel Sharp Welch Parker Combs Dickman Hutton Resolution No. Suspend rules 1 st readin, Second Moved to Second Readin Engrossment Second 3rd reading Second om Date Passed b 0 COMMITTEE ASSIGNMENTS Committee Date 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 3. Residentially distressed areas N 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 yea IS The deduction period will be five (5) years unless the designating body has by resolution specMd the ten (10) year period. Also we have reviewed thy. l.aWnation-contained in the statement of benefits and find that the estimates and expectations are reasonable and have determined that theSet`alW,16of benefits is�stifficient to justify the deduction described above. -� aa led by: DeMated body ' If the designating body limits 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) fitlui*.><it: �'t�i►�rr+..l�t�lPM :<..1orDeduts. "Ito w+ied ir:€.}'aio�#t..:...::>> Year of Deduction Five (6) Year Percentage Ten (10) Year Percentage 1 st 100% 100% 2nd 95% 95% 3rd 80% 90% 4lh 65% 85% 5th 50% 80% 6th 70% 71h 55% 8lh 40% 9lh 30% 101h 25% :.:} ::..J.:............ }::i'.:-•:�:•:::::::.: ::..�:.: is-: .. Year of Three (3) Year Deduction Deduction Six (6) Year Ten (10) Year Deduction Deduction 1 st 100% 100% 100% 2nd 66% 85% 95% 3rd 33% 66% 80% 4th 50% 65% 5th 34% 50% 61h 17% 40% 7th 30% 8th 20% 9th 10% 10th 5%