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Home My Public Portal About125-1996 - TAX ABATEMENT - SPARTECH PLASTICS - NEW MANUFACTORINORDINANCE NO. 125-1996 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, are 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: NEW MANUFACTURING EQUIPMENT - 10 YEARS Spartech Plastics New .lobs: 0 Jobs Retained: 129 Estimated New Value: $702,000 Dated: November 22, 1996 Passed and adopted this day�ZL�1996, by the Common Council of the City of Richmond, Indiana. President (Geneva Allen) ATTES City Clerk (Norma Schroeder) RESENTED to the Mayor of the City of Richmond, Indiana, this -� ^ day of 1996, at 9.00 a.m. A �i n Ck p , , City Clerk (Norma S hroeder) this Mayor a STATEMENT OF BENEFITS FORM State Form 27167 (R4 / 10-83) SB - Form SS - t is presml)ed by fhe Stale Board of Tax Commissioners,1 M ��- 'Ss NOU 25 fln 8 44 INSTRUCT1oNS: 1. This statement must be submitted to the body designating the economic revitalization area prior to the public hearing if the designating body requires infor- mation 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. A statement of benefits is not required if the area was designated an ERA prior to July 1, 1987 and the project" was planned and committed to by the applicant and approved by the designating body, prior to that date. "Projects" planned or committed to after July 1, 1987and areas designated after July1, 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 maybe 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 ►eal property assessment is received from the township assessor. Form 322 ERA / PP must be filed between March 1 and May 15 of the assessment year in which new manufac- turing 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 July 1, 1991 must submit Form CF - 1 annually to show compliance with the Statement of Benefits. (IC 6-1.1-12.1-5.6) Name of taxpayer 6PAR-I;-CH PLRST,Ls Address of taxpayer (street and number, city, state and ZIP code) 4�i5 WooDSiDi IJe, c iwrvwNo 1rorJ,oeY2i 4-73,74 Name of contact person Telephone number Kt<N A aLULC ONTP-nur e (3 1'7 ) Q3!5 -7541 SECTION• • AND DESCRIPTION OF -•-• r+ PROJECT Name of d signating body Resolution number 70MNNOrJ �(]KNC« G C`F��[LL+V1oN0 10-0gO4-it-Iclg I Location of property I+gr Co Taxing TTaaxxiing district ls WOOD51br: �t�Jc "5[u+„ Yjsiv[�i A �%7374 Woyric (MP Description of real property improvements and / or new manufacturing equipment to be acquired (use additional Estimated starting date sheets if necessary) Estimated completion date �crb»e Igq-T SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT Current number Salaries Number retained Salaries Number additional Salaries /aq .3,, 5a /A9 �36/1-�50 SECTIONrr TOTAL COSTAND VALUE OF -••• PROJECT NOTE: Pursuant to !C b-1.1-12.1-5.t (d) (2) theReal Estate Improvements COST of the property is confidential. -Costs. Assessed Value Machinery Casa Assessed Value Current values Plus estimated values of proposed project '70; 0 00 Less values of any property being replaced Net estimated values upon completion of project 7D 000 _ t hereby certify that the Signature of authorijed representative in this statement are true. Ile IDate signed (month, day. year) !f -.z;. -94 Sp artech Plastics Extruded sheet & Rollstock 1997 Capital Expenditure Plan 110" Die w/Power Deckles Upgrade Line 5 New Lighting System in Production Material Handling System New Feedblock System Pool of Misc 'Items (New Screws, barrels, roll and todie maintain resurfacing, general upgrades current capacity) *10 Year Abatement Requested $105,000 $55,000 $30,000 $30,000 $50,000 $432,000 $702,000 4815 Woodside Drive • P.D. Box 757 • Richmond, IN 47375 • (317) 935-7541 (800) 428-8573 Fax (317) 935-4685 /a s DISPOSITION OF ORDINANCE NO. - 19 RESOLUTION NO. - 19 by Common Council Ordinance No. -� Resolution No. Date a Elstro Lundy Wissel Stamper Welch Parker Allen Dickman Hutton Susp. rules 1 st reading Title only Second Move to 2nd reading Second Engrossment Second I Susp.rules 3rd reading Second Passage Rejection Date Passed - A I COMMITTEE ASSIGNMENTS: Committee Date