HomeMy Public PortalAbout008-1997 - Tax Abatement - Dana Corp Sleeve CastingORDINANCE NO. 8.1997
A SPECIAL ORDINANCE AUTHORIZING THE APPROVAL OF A
STATEMENT OF BENEFITS FOR A PROPERTY OWNER APPLYIN
FOR DEDUCTIONS UNDER I.C. 6-1.1-12.1 G
revitalization areas within the City of Richmond, and WHEREAS, Common Council has previously designated eight economic
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 b
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 and prior Council
resolution for a ten 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 Propertytax ond,
assessed valuation deductions, including the above findings, as follows:
NEW MANUFACTURING
EOUIPMENT - 10 YEARS
Dana Corporation -Sleeve Casting Plant
New Jobs: 10 Jobs Retained: 250
Estimated New Value: $1,143,777.00
Dated: January 7, 1997
Passed and adopted this -Z day o
Council of the City of Richmond, Indiana 1997, by the Common
pres
j (Robert Dickman) ident
ATTES
T: L� ti� )C � �� .C�� _City Clerk
(Norma Schroeder)
RESENTED to the Mayor of the City of Richmond, Indiana, this -<<' day of
1997, at 9:00 a.m.
'� A(-�, City Clerk
(Norma Schroeder)
API ROVED b me, Dennis Andrews, Mayor of the City of Richmond, Indiana, this
�? day of 1997, at 9:05 a.m.
`J
Mayor
(Dennis Andrews)
ATTES ity Clerk
4(Norma roeder)