HomeMy Public PortalAbout081-2000- TAX ABATEMENT - IMPERIAL PRODUCTS INC - NEW MANUFACTOORDINANCE NO. 81-2000
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 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
EQUIPMENT - 10 YEARS
Imperial Products, Inc.
New Jobs: 0 Jobs Retained: 140
Estimated New Value: $830,000
Dated: October 25, 2000
REAL ESTATE - 10 YEARS
Imperial Products, Inc.
New Jobs: 0 Jobs Retained: 140
Estimated New Value: $425,000
Dated: October 25, 2000
Passed and adopted this .rp d o 2000, by the Common Council of the City
of Richmond, Indiana.
esident
(L6 Parke
A ES tY
i Clerk y
,(Norra Schroeder)
PRESENTED to the Mayor of the City of Richmond, Indiana, this aL day
2000, at 9:00 a.m.
City Clerk
(No a Schroeder)
*ROVE&by me, Shelley D. Miller, Mayor of the City of Richmond, Indiana, this day
2000, at 9:05 a.m.
City Cleric
Schroeder)
'�-�•
or
(ShqmD. Miller)
STATEMENT OF BENEFITS RECE ` State Form 27167 (R5111-95) REQUESTING 10 YEAR ABATEMENTForm SB - 1 is prescribed I,y the State Board of Tax Commissioners, 1989
FeuU 1 0rr}}Lwmi
V 2000
INSTRUCTIONS:
1. This statement must be submitted to the body designating the economic revitalization area prior to the public hearing if the designating body
requires infomation 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, 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 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 Form 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 yearin
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. (1C 6-1.1-12.1-5.6)
EAPERIAL PRODUCTS, INC.
Address of taxpayer (street and number, city, state and ZIP code)
51 INDUSTRIAL PARKATAY
CCE MOND IN 47374
Name of contact person Telephone number
ICHAEL HOOBER 1(765)966-0322
Name or designating body Resolution number
COMMON COUNCIL OF THE CITY OF RICHMOND, INDLNIa 10-1984,11-1991
451 INDUSTRIAL PAFKVaY
Description of real property improvers
(use additional sheets if necessary)
attached
RICHMOND IN 47374
its and / or new manufacturing equipme
Real Estate
ment
CHMOND CORP
ESTIMATED
Start Date I Completion Date
Current number JSalaries
14
3,322,00
Number retained JSalaries
14
3,322,00
Number additional
0
Salaries
0
NOTE: Pursuant to IC 6-1.1-12.1-5.1 d 2 the
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Assessed Value
Assessed Value
Current values
1, 365, 36
398,67C
1,450,162
216, 86
Plus estimated values of proposed project
425, OOC
125, OOC
830, OOC
110, 67
Less values of an roperty being replaced
Net estimated values u on cam lesion of project
1, 790, 36
523, 67q
2,280,163,
327,53
Estimated solid waste converted (pounds)
Other benefits:
Estimated hazardous waste converted (pounds)
I hereby certify that the representations in this statement are true.
Signature of authorized representative
IVLa�.� /2,i�
Title
61�ou 7ii.i z.�ar �-�
` Date signed (month, day, year
6 0 -1-00
rui rn on- i, page i - uopyrign[v zuuu uemvon mrormanon oysiems, inc.
a
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 1C 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 $ 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 dedwion period will be five (5) years unless the designating body has by resolution specified the ten (10) year period.
Also we have reviewed th ntained in the statement of benefits and find that the estimates and expectations are reasonable and have
determined that the tat of benefits is su ' nt to justify the deduction described above.
A roved: (sign re a e of authorized mom or)
Telephone number
Date signed (month, day, year)
ed by:
Designated body
* If the designating bod 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)
.......................................................................................................................
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Year of
Five (6) Year
Ten (10) Year
Deduction
Percentage
Percentage
1 st
100°%
100%
2nd
95%
95%
3rd
80°%
90°%
4th
65°%
85%
5th
50°%
80°%
6th
70°%
7th
55°%
8th
40%
9th
30°%
10fh
25°%
E}F-REiQL>AIiEl'Y':#MPaME#lT<<< 's£'£>'
Year of
Deduction
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
5°%
Farm SB-1, page 2 - Copyright 0 2000 Decision Information Systems, Inc.
Form SB-1A
City of Richmond, Indiana
Taxpayer Wage & Benefit Information
Company Name and Address: Imperial Products, Inc.
451 Industrial Parkway
Richmond, IN 47374
The information requested on this supplement to form SBA must be completed and submitted
along with your SB- I 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
2. Average hourly wage for projected new positions
$ 9.50
3. Average hourly health insurance benefit $ 2.00
The length of the abatement you are requesting 10 Years
(A 1-10 year abatement may be requested for real estate improvements and manufacturing equipment.)
If purchasing equipment, please state the projected useful life. 20 Years
If purchasing equipment, please state whether the equipment is new or used. New
If purchasing used equipment, list the state in which it is being N/A
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 form of an hourly rate computed using the annual cost per
eligible employee divided by 2080 hours.
c.tR o .z -.V- v o
Signature ana Title) (Date)
Attacbment.to Form SB-1, page 1, Section 2 Page: 1
Description of Real. Property Improvements and/or New Manufacturing Equipment
IMPERIAL PRODUCT'S, INC.
$ 425,000 - 15,000 SQUARE FEET' ADDED IM MANUFACTURING PLANT
60,000 - COMPRESSOR
65,000 - FOREVER SILT
300,000 - (2) AUTOMATED THRESHOLD ASSEMBLY LINES
50,000 - AUTOMATED SILL ALUMINUM RAIL PUNCH & CRIMP
65,000 - AUTOMATED ROUGH CUT SAW
144,000 - TOOLING PROJECTS
26,000 - TAPPER DRILLS
20,000 - MULL POST ROUTER
50,000 - SILL HORNING MACHINE
50,000 - WOOD HOGGER
$1,255,000
Date Passed %l'�Q - Im
COMMITTEE ASSIGNMENTS
Committee Date