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Home My Public Portal About114-1996- TAX ABATEMENT - FRR DEVELOPMENT CORP - REAL ESTATE.pdORDINANCE NO. 114-1996 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 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 property tax assessed valuation deductions, including the above findings, as follows: REAL ESTATE - 10 YEARS FRR Development Corp. New Jobs: 4 Jobs Retained: 0 Estimated New Value: $60,000 Dated: October 25, 1996 Passed and adopted this day �� 1996, by the Common Council of the City of Richmond, Indiana. , f - President (Geneva Allen) A=4(—Norma,gehroeder) �. C , City Clerk RESE D to the Mayor of the City of Richmond, Indiana, this day of 1996, at 9:00 a.m. -City Clerk (Norma chroeder) li, W. this Mayor STATEMENT OF BENEFITS FORS .�... - stars Fort 27167 (R4 r 10.93) SB - Fam SB - 1 is presaibed by the stale Board of Tax Cotrmunionm, I gt39 "" ' 96 OCT 25 AM 10 00 - NSTRUCTIONS; This statement must be submrtted to the body designating the economic revf6lizadon area prior to the public hearing if the designating body requires fir. mation from the applicant in making its decision about whether to designate an Economic Revidlization Area. otherwise this statement must be submr to the designating body BEFORE a person installs the new manufacturing equipment or BEFORE the redevelopment or rehabilitation of real property which the person wishes to Garth a deduction. A statement of benefits is not required if the area was designated an ERA prior to July 1, 1987 and project- was planned and committed to by the applicant and approved by the designating body, prior to that date. 'Projects' planned or comirutted to s July 1. 1987 and areas designated after July 1, 1987 require a STATEMENT CFBENERTS ?. Approval of the designating body (City, Council, Town Board, County Council, a=) mustbe obtained prior to initiation of the redevelopment orrehabilitat or prior to installation of the new manufacturing equipment. BEFORE a deduction maybe approved 3. To obtain a deduction, Form 322 ERA. Real EsWe Improvements and / or Form 322 FFIA / PP, New Machinery, must be fled with the county auditor. 6 respect to real property, Form 322 ERA must be filed by the later at. (1) May 10; or (2) thirty (30) days after a notice of increase in real property assessrr is received from the township assessor. Form 322 ERA / PP must be filed between Mandy I and May 15 of the assessment year in which new mane- turfing equipment becomes assessable, unless a filing extension has been obtained A person who obtains a filing extension must file the form betty March 1 and June 14 of that year. s. Property owners whose Statement of Benefits was approved after July 1, 1991 mustsubmit Form CF - ! annually to show compliance with the Statemer Benefits. (IC 6-1.1-12.1-5 6) �Ry •TAXPAYER INFORMATION Name of taxpayer FRR Development Corp. Address of taxpayer (street and number, c#, state and Zip code) -- 1010 S. A St., Richmond, IN 47374 Name of contact person Telephone number Jeff Hanna (317 ) 52 . DESCRIPTION OF - • • • R • - . Name of designating body Resolution number Richmond Common Council Location of property Coumy Taxing district See Attached Wayne Wa Vne Description of real property improvements and! or new manufacturing equipmermtta be acquired (use additional Estimated starting date sheets if necessary) A 1200 +-SF Commercial office building on a crawl spac-a Estimated completion date •;-rith driveway and parking for up to 10 cars. 12-30-95 SECIION3 ESTIMATEOF• R SALARIES AS OF PROPOSED PROJECT - Current number Salaries Number retained Sataries Number additional Salaries 0 0 0 0 a -r'$95 000 NOTE: Pursuant to iC 6-1.1-12.1-5.1 (d) (2) the Real Estate Improvements Machinery COST of the property is cormfidermai. = -' A»sseead Vaft _ �,.. As>sessrd Velrt€ Current values Pius estimated values of proposed project 60,000 Less values of any property being replaced Net estimated values upon Completion of prOlem 100,000 i n c. 1 a: E d This office building will be leased to Zumstein Inc., an Ohio company; a business office. SECTtflN 6 TAXPAYER CERTIFICATION DISPOSITION OF ORDINANCE NO. - 19 %cZ RESOLUTION NO. - 19 by Common Council Ordinance No. Resolution No. Date Elstro Lundy issel Stamper Welch Parker Aller Dickman Hutton Susp. rules 1st reading Title Only Second Move to 2nd reading Second Engrossment Second Susp.ruies 3rd reading Second / Passage Rejection Date Passed COMMITTEE ASSIGNMENTS: Committee Date