The URL can be used to link to this page

Home My Public Portal About075-1994 - STRICKEN - SPECIAL ORDINANCE OUTLINING QUALIFICATIONORDINANCE NO. 75-1994 A SPECIAL ORDINANCE OUTLINING QUALIFICATIONS FOR TAX ABATEMENT WHEREAS the Tax Abatement Program is a financing tool made available to promote economic development to new and expanding businesses and industries which make improvements in real property or acquire new manufacturing equipment, and WHEREAS tax abatement provides tax relief to the owner, at a phased deduction, on the increase in taxes generated by new investment, ._______.....___..__.N0W-THEREFQRE--- be it ordained -by -the -Common Council ofmthe-_City of.._...m......_ Richmond, Indiana, that certain qualifications must be met: I. ELIGIBILITY A. Tax abatement petitions to the Richmond Common Council shall only be considered from owners of real property or new manufacturing equipment located within the city who propose economic revitalization projects. B. When considering petitions for personal property tax abatement, the Richmond Common Council will make a determination based on the following findings: I. whether the estimate of the cost of the new manufacturing equipment is reasonable for equipment of that type; 2. whether the estimate of the number of individuals who will be employed or whose employment will be retained can be reasonably expected to result from the installation of the new manufacturing equipment; 3. whether the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained can be reasonably expected to result from the proposed installation of new manufacturing equipment; 4. whether any other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed installation of the new manufacturing equipment and 5. whether the totality of benefits is sufficient to justify the deduction. C. When considering petitions for real property tax abatement, the Richmond Common Council will make a determination based on the following findings: 1. whether the estimate of the value of the redevelopment or reevaluation is reasonable for the project of that nature; 2. whether the estimate of the number of individuals who will be employed or whose employment will be retained can be reasonably expected to result from the proposed redeiielopmerif or rehabilitation; " 3. whether the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained can be reasonably expected to result from the proposed redevelopment or rehabilitation; 4. whether any other benefits about which information was requested are benefits can be reasonably expected to result from the proposed redevelopment or rehabilitation; and 5. whether the totality of benefits is sufficient to justify the tax abatement. D. The common council may limit the dollar amount of the abatement that will be allowed either on real or personal property. II. PETITIONS TO COMMON COUNCIL A. Petitions for tax abatement will be scrutinized by a Tax Abatement Committee, which shall be the primary determiner for rejection or acceptance. Those Petitioners which meet requirements and whose petitions are accepted by the Tax Abatement Committee will then be recommended by the Committee for acceptance by Richmond Common Council. B. Members of said Tax Abatement Committee shall include: 1. a mayoral -appointed representative from the City of Richmond Law Department; 2. a representative from Richmond Common Council; 3. the City of Richmond Planning Director; 4. the Director of the Wayne County Economic Development Association; and 5. a representative from the Wayne County Auditor's Office. C. The Tax Abatement Committee shall meet each month unless there are no abatement petitions. The City of Richmond Law Department shall call these monthly meetings, being responsible for contacting each member ...____..___... . ........ D. Upon the conclusion of the meeting of the Tax Abatement Committee, the City of Richmond Law Department will then send a letter to each accepted Petitioner advising them that they are required to attend the Richmond Common Council meeting, the date to be included in said letter, at which their abatement, included in the Statement of Benefits Ordinance, will be acted upon. Petitioners are required only to attend those meetings at which their petition is discussed. E Upon the conclusion of the meeting of the Tax Abatement Committee, the City of Richmond Law Department will then send a letter to each rejected Petitioner advising them that their Petition to the Tax Abatement Committee was not accepted and stating the reasons for said rejection. F Any time a petition for abatement is submitted to Council, a representative from the petitioning company must appear in person to answer any and all questions from Richmond Common Council. That representative shall include one of the following: 1. the person who signed the petition; 2. the CEO of the company; or 3. a qualified representative of the company. G. ANY PETITION THAT IS FILED UNDER THIS ORDINANCE FOR WHICH A REPRESENTATIVE DOES NOT APPEAR WILL BE REMOVED FROM SAID ORDINANCE AND NO ABATEMENT GIVEN. Passed and adopted this - day of October, 1994, by the Common Council of the City of Richmond, Indiana. ATTEST: (Norma Carnes) (Larry Parker) City Clerk ,President PRESENTED to the Mayor of the City of Richmond, Indiana, this - day of -.October-, -4.994, ,City Clerk (Norma Carnes) APPROVED by me, Roger Cornett, Mayor of the City of Richmond, Indiana, this - day of October, 1994, at 9:00 a.m. ,Mayor (Roger Cornett) ATTEST: City Clerk (Norma Carnes) DISPOSITION OF ORDINANCE NO. -19 �'7 RESOLUTION NO. -19 Eq by Common Council Ordinance No. Resolution No. _ Elstro Lundy Brookban Donat McBri a Parke Allen Dickmar Hutton Date Susp. rules Ist read Title only --------------- - --------- Seconded ------ -------- ---------- ------ ------ ------ ------ ---------- Proof of Publicaton Seconded Move to 2nd read ------------------------- Seconded ------ -------- ---------- ------ ------ ------ ------ ---------- Engrossment ------------------------- Seconded ------ -------- ---------- ------ ------ ------ ------ ---------- Susp rules 3rd read ------------------------- Seconded ------ -------- ---------- ------ ------ ------ ------ ---------- Passage ------- --- O R- ------ --------- ----------- ----- ----- ---------------------------- Rejection Date �t LLVIYIIYII i I CC M001UJNMMp4 I Committee Date Commitee Hearing Date Reassigned to Council Agenda PUBLICATION DATES: AMENDMENTS: COMMENTS: