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Home My Public Portal About071-1995 - TAX ABATEMENT - GOLD STAR COATINGS;SUKHIMINDER S BHAORDINANCE NO. 71-1995 A SPECIAL ORDINANCE AUTHORIZING THE APPROVAL OF STATEMENTS OF BENEFITS FOR PROPERTY OWNERS APPLYING FOR DEDUCTIONS UNDER I.C. 6-1.1-12.1 WHEREAS Common Council has designated eight economic revitalization areas within the City of Richmond, and WHEREAS L. 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 per Statute for a ten year period from the assessed value, and WHEREAS an owner of new manufacturing equipment is entitled to deductions per Statute for a 5 year or 10 year period from the assessed value of new manufacturing equipment, and NOW, THEREFORE, be it ordained by the Common Council of the City of Richmond, Indiana, that the following property owners meet the requirements for property tax assessed valuation deductions as follows: NEW MANUFACTURING REAL ESTATE - 10 YEARS EQUIPMENT - 10 YEARS Cinram, Inc. New Jobs: 32 Jobs Retained: 505 Dated: September 11, 1995 H & P Tool Company, Inc. New Jobs: 0 Jobs Retained: 32 Dated: August 25, 1995 Sanko Peterson Corporation New Jobs: 2-5 Jobs Retained: 7 Dated: August 22, 1995 Gold Star Coatings -Richmond, Inc. Gold Star Coatings -Richmond, Inc. New Jobs: 1.5 Jobs Retained: 29 New Jobs: 1.5 Jobs Retained: 29 Dated: July 27, 1995 Dated: July 27, 1995 Sukhminder S. Bhangoo New Jobs: 2 Jobs Retained: 11 Dated: August 25, 1995 Be it further ordained by said Common Council that its President be authorized to sign the above listed Statements of Benefits for the purpose of evidencing said Common Council's approval thereof. Passed and adopted this 2nd day of October, 1995, by the Common Council of the City of Richmond, Indiana. ti ,President (Sarah L. Hutton) ATTES �4 , City Clerk (Norma Carnes) PRESENTED to the Mayor of the City of Richmond, Indiana, this 3rd day of October, 1995, at 9:00 a.m. XAk OA) City Clerk (Norma Carnes) APPROVED by me, Roger Cornett, Mayor o�njiond,�hIndiana, this 3rd day of October, 1995, at 9:05 a.m. Mayor _ 11 a 7ger L ATTEST. �J ,City Clerk (Norma Carnes) S P 08 '95 12:24 BRADY WARE & SCHOEPF P.2/e STATEMENT OF BENEFITS c� FARM STataPermM67(Rat14-'gs) SB R 1 Fam W - 1 is presenbed by the SM* S=M of Tax COMM- 5ipnet5, 1988 WSrRucTrow. RECEIVFn SEP 1 3 1995 f . This atatsm�nr n+vst be subrrxtmd Fo tfre bode deslgnairitg �tre acartomic revitifiza>mrh area er�rtroorr to the puNic hearing rt the ch?&Vnagn f body requires inlor- nl8tfon fieVr7 the in making iffi d8aWW about whether to da orWe Orr ECOMMiC l4evitr'f WW' n Area. Otherwise lti$ $Uoment must be SUbnNted 1vhrch t & jgr=A � SEFOR a pamon lnsAws the new manrdactu" equOMW, or VEIVRE the redevelQpmenr Of rahabrfitaDAn of real pWerty for (7e/ o►t wishes tra rafaim a deducticn. A statemem of henetrts !s nai ,r6 qq6*W r7 the area was deskPuMd an EPA pftr !o July 1. 1987 arrd the i71a1 eC2" was pl3nlfed Sntl cantmfttr3d trt by the apPiicer�t, arrd appm rl 6y thRa daa r'AW,' g body, prior to that date. prni#Cr$, ptanaed or Committed to alter Jul}rl, 19$7andar asdesi�rr�aiadaftarfvlyr, t5tB7regvireaSTArFiWENTM ErIFS (iCs-r.i-72tj 2. ApprQsraf Q! the dasigrtaang body (City Covncif, Town Board, County touncif, etc } most be obtained prior ro i»itiation of rite redetrelopmsvtt or rahatailltation, ar prier to insratlah'arr of the thew manufacturing aqufpment, BlrFQHE a daductiout 3. InRy be approved, To obtain a rreducYiQn. Form Eta, Rs at f s>afe Tmpravements areal / Cr Form = ERA t ?P New Machinefy, must be filed with this county auditor. Mr1h rrspecT to real property, f-Grrr+ 322 F.fi�4 me%t b8 h76d ICY tfte Intel Qf (t) lEaay 10; ar l2} IitfrtY l3pj dAys after a rtotke of inCteese irr naJ property assa5smanF ig rsoeiv*d from th9 lown.5hrp assessor. Form =2 j�RA PP must be filed beWasn March f arrq May 15 Of ftte assessment year In which new manlifac• tunhq equrpmerrt trecomas as888Sabte, unless a fifrng extenBiorr has been abtalmed, A person whp abtg a filing, extenSIM must file the form hvmWn MartCfr i am June tQ of that year. 4. Properly owners whose Statement of SenekS wan approved ZWJtrly r, T991 must submit Form CF. I annually to Show WMplianCe with the Statement of 8enetrts. (IC tr r. l-lE 7vr 8) 1M —\b� rl C . Address of taxpayer (&VWI atldnumber, any, stagy ar4,dipcbde) 1 �.�C�. ? 3 Name of can� person Telephone nu r `leu\ � r • Narr* of ee ignal§r Wdy E Resomen number c] rrtiCNN �.ti kItI. 1 dlC.aftion of prapetiy ` YU 7� 7axtrxJ deov �C.. n -t"C Car DQWi;IWM 4t teat properly WPMOmerd5 shut flar new manuring 9quipmeM to be acquired ( aatilitiona+f Estimated starling sheets if rrecessar}'1 q Sere. c�i'�C-ice Es%mated cantpk*m date Current number ` S813ri� • Number reWed r S ty Number adcltional Salaries NOM Pursmt to fe 6-1,1,lzl-5.1 tcfl jai COW of the property is Conrideratiel. > - ."l-„s•Aid Value A99eaged Vase Cumerrl values' — Plus estimated values a1 prpp WW pr4i t i Less +,slues 4f any prapedy being rep ed Nei estimated va�jes upon mmpteabn of praiBCt I We have reviewed our prior actions relating to the designation of this economic revitalization area and find that the applicant meets t. general standards adopted in the resolution previously approved by this body. Said resolution, passed under 1C 6-1.1.12.1-2.5, pr vides for the following limitations as authorized under IC 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 v designation expires is 6. 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 installed and first claimed eligible for deduction after July 1987, is limited to $ cost with an assessed value of $ D. The amount of deduction applicable to redevelopment or rehabilitation in an area designated after September 1, 1988 is limitec $ 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 duly 1, 1991 is allowed fc ❑ 5 years ❑ 10 years Also we have reviewed the information contained in the statement of benefits and find that the estimates and expectations are reasc able and have determined that the totality of benefits is sufficient to justify the deduction described above. Attested by: and title of authonkr memaer) Telephone number Date signed (march, day, year) J body If the designating body limits the time period during which an area is an economic revitilization area, it does not limit the length of fir 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 belc NEW MANUFACTURING.EQUIPMENT- Year of Five (5) Year Deduction Percentage Ten (10) Year Percentage st 100% 100% 2nd 95% 95% 3rd 80% 90% 4th 65%Q 85% 51 h 50% 8011% 6th I I 70% 7th I 55% 8th 40% 9th 30% 10th I 25% ! : ' ! • I• '•! Ec a R• ar. w.r. � Year of Three (3) Year Deduction Deduction '. •i Six (6) Year Ten (10) Ye. - Deduction Oeductior. 1st 100% 100% 100% 2nd 66% 85% 95% 3rd 33% I 66% 80% 4th 500/0 65% 5th 340/6 50% 6th 17% 40% 7th 30% 8th 20% 9th 10% 101h I I 5% CINRAM INC. 1600 RICH ROAD RICHMOND, IN 47374 DETAIL OF MANUFACTURING EQUIPMENT itAMMANN PRINTER WITH AID KYOTO PACKAGING MACHINERY MASK CLEANING SYSTEM $650,000 $500,000 $ 60,000 $1,210,000 STATEMENT OF BENEFITS ,� Y��,¢�.•n'��,(�e�u�r1.� 0r-su .estate Form27167 (Raf 10.93)Forme SS Iis prescribed by the State Board of Tax Commissioners, 1989 RECE! v GLa Ali ' INSTRUCTIONS. 1. This statement must be submitted to the body designating the economic reviffGzation 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 Revitilization 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, 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 f2) 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 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 - f annually to show compliance with the Statement of Benefits. (IC6-1.1-12.1-56) SECTION• Name of taxpayer _ Address of taxpayer (street and number, city, state and ZiP code) /6/o Sau S"er �e`��mon� Name of contact person / Telephone number /U: e w h n aj (717) 9iZ-- ySDy Name of designating body A1,n A t.' i ®® / I�, 0 /� i��jYliifAA 1 .4►/i•1m� Resolution number /D-/99Ae,./( � Location of prope�r`ty� 6/0 Satr�ft. S�rrG� County /[i�limon 1.) y�371/ 1 Wo y Taxing district Ike-/1W- �r , Description of real property sheets if necessary) improvem nts and i or new manufacturing equipment to be acquired (use additional Estimated starting date it 9 t//� NGw out ,' / % MoWE Ca�i j 15nrer e Pq u 1 �f+ wi ?15 '/. 'li�nc� `ft+►„S ar�/� Nr ySk Z co/a7 CXT cc%ar 7-6F Gi¢PY l�%wl�/r.rAwl� Estimated completion date Q IgS .95 L-'7--/ t'A, D een ilfVtl /D Yee,, 0P_/511 E'C-}-,4 . III SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT �'Numberadditional -SECTION• • a VALUE OF -•-• PROJECT NOTE: Pursuant to IC 62.1112.1-$.1 (d) (2) liceReal Estate Improvements CAST of the property is confidential. . E Cos'^ %i Assessed Value Machinery - Assessed Value Current values $ O / 36r �/ SD / y 0 Plus estimated values of proposed project `15 'YZA Z 7 L9 Less values of any property being replaced -- — Net estimated values upon completion of project 796 S Z G D CERTIFICATIONSECTION 6 TAXPAYER I hereby certify that the representations in this statement are true. Signature of u o 'zed represent q Title Date signed (month, day, year) 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 1C 6-1.1712.1-2.5, pro- vides for the following limitations as authorized under IC 6-1.1-12.1-2. A. The designated area has been limited to a period of time not to exceed, 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; 2. Installation of new manufacturing equipment; 3. Residentially distressed areas calendar years ' (see below). The date this ❑ Yes ❑ No ❑ Yes ❑ No ❑ Yes ❑ No C. The amount of deduction applicable for new manufacturing equipment installed and first claimed eligible for deduction after July 1, 1987, is limited to $ cost with an assessed value of $ D. The amount of deduction applicable to redevelopment or rehabilitation in an area designated after September 1, 1988 is limited to $ cost with an assessed value of $ Other limitations or conditions (specify) F. The deduction for new manufacturing equipment installed and first claimed eligible for deduction after July 1, 19911s allowed for: ❑ 5 years ❑ 10 years Also we have reviewed the information contained in the statement of benefits and find that the estimates and expectations are reason- able and have determined that the totality of benefits is sufficient to justify the deduction described above. Approved: (signature and Attested by: Telephone number Date signed (month, day, year) body " If the designating body limits the time period during which an area is an economic revitilization 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) NEW MANUFACTURING EQUIPMENT For DeducffionsAlloviied Year of Deduction over Five (5) Year Percentage • Ten (70) Year Percentage 1st 166% 1000% 2nd 951/40 95% 3rd 80% 90% 41h 65% 85% 5th 50% 80% 61h 70% 7th 55% 8th 40% 9th 30% 10th 25% REDEVELOPMENT OF •IMPROVEMENT . ..0 OR REHABILITATION Over • Year of Deduction Three {3) Year Deduction Six (6) Year Deduction Ten (10) Year Deduction 1st 100% 100% 100% 2nd 66% 85% 95% 3rd 33% 66% 80% 4th 50% 65% 5lh 34% 50% 6th 17% 40% 7th 30% 8th 20% 9th 10% 10th 5% RECEIVJE3 JUL 2 8 10 * `T47' STATEMENT OF BENEFITS State Form 27167 (R4110-93) Form SB -1 is prescribed by the State Board of Tax Commissioners, 1989 / 0 veAK A 41e ,,"ei,T i ,. I . FORM J U L 2 8 .95 INSTRUCTIONS: 1. This statement must be submitted to the body designating the economic revitalization area prior to the public hear01g1�ft&$1MQajUW requires infor- mation from the applicant in making its decision about whether to designate an Economic Revitillzation Area. 0t11e�pr{,�e,t(t+s�st be submitted to the designating body BEFORE a person installs the new manufacturing equipment, or BEFORE the redevelopm 3rr�$t oojY+FFe r iii�Ptteat 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, 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 year in which new manufac- turing equipment becomes assessable, unless a filing extension has been obtained. A person who obtains a filing extension must fife 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 SECTION I TAXPAYER INFORMATION Name of player` J I 7 %ail a `!fir 11 l? -, Address of taxpayer (street and numbs , city, state and ZIP Code) Name of contact person Telephone number Name f designatingy Resolution number �Aw�yM rin ! rl WA,,/ D4 0 ! Y d- 'e-- ,,Pn / Z/ �' �'/� �r/-/�e�'I� /'S ✓A( Location of prop7olre;�r ,q / wunry 46 —q U.0m." n 1$00 rrve sIS •�/�rt►,, /A'J73- VIA► 6te? ;e'lmpnl ergo Description of real property improvements and 1 or new manufacturing equipment to be acquired (use additional Estimated starting date sheets if necessary) // / / r r�/� / �� F` f 1 9 I S /1fn� L sTA j e- ZS rX Sr! r 0 J ► r�r� h./V7 r �r�� jt Fi.r i Air't?' ers = 63 017p, //�� -W f r Estimated completion date I ApN- h r trfr'7+ �q�„ , L C Nob r;Ahl Axel •ns�..GT�a k1 �r"rn n 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. pro- vides for the following limitations as authorized under IC 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 installed and first claimed eligible for deduction after July 1, 1987, is limited to $ cost with an assessed value of $ D. The amount of deduction applicable to redevelopment or rehabilitation in an area designated after September 1, 1988 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 Also we have reviewed the information contained in the statement of benefits and find that the estimates and expectations are reason- able and have determined that the totality of benefits is sufficient to justify the deduction described above. kpproved: (signature and title of authorized member) Telephone number Date signed (month, day, year) L'. ' if the designating body 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) Year of Three (3) Year Six (6) Year Deduction Ten (10) Year Deduction Deduction Deduction 1st 100% 100% 100% 2nd 66% 85% 95% 3rd 33% 66% 801/0 41h 50% 65% 5th 34% 50% 6th 17% 40% k 7th 30% 8th 20% 10% 9th 10th 5% STATEMENT OF BENEFITS y . - State Pore 27167 tR31 11 •91 y Form S8 • t is prescrnbeo by the State Board of tax Camrn+ssar>ers- 19t39 RECEIVE AUG 2 8 1995 :�. .% The records in this series are CONFFDUMAL accordIN to IC 6.1.1-35.9 MN f OHM SB-i INSTRUCTIONS: 1. This statement must be submitted to the body designating the economic revitifization area prior to the public hearing if the designating body requires info mation from the applicant in making its decision about whether to designate an Economic Revitifization Area. Otherwise this statement must be submate to the designating body BEFORE a person installs the new manufacturing equipment, or BEFORE the redevelopment or rehabilitation of real property 1c 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, 1967 and th project' was planned and committed to by the applicant. and approved by the designating bodyy, prior to that date. 'Projects'planned or committed to aftf July 1. 1987 and areas designated after July 1, 1987 require a STATEMENT OF BENEFITS. (lC 6-1.1-12.1) 2. Approval of the designating body (City Council, Town Board, County Council, etc.) must be obtained prior tp initiation of the redevelopment or rehabifr'tatior 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. Wit respect to real property. Form 322 ERA must be filed by the later of: (1) May to; or (2) thirty (30) days after a notice of increase fn real property assessme, is received from the township assessor. Form 322 ERA / PP must be filed between March i and May 15 of the assessment year in which new manufa, turfing equipment fs installed, unless a filing extension has been obtained. A person who obtains a riling extension must the the form between March 1 ar, June t4 of that year. 4. Property owners whose Statement of Benefits was approved alter July 1, 1991 must submit Form CF - 1 annually to show compliance with the Statement c Benefits. (IC 6.1.1-12.1-5.6) Name of taxpayer Sukhminder S. Bhan oo Address of taxpayer (street and number, cil 3516 Straightline Pike, Name of contact person Sukhminder S. state and ZIP code) Richmond, IN 47374 Name of designaing body Common Council of the City of Richmond, IN Location of property County 1325 Rich Road, Richmond, IN 47374 1 Wayne Description of teal property improvements and f or new manufacturing equipment to be acquired (use sheets d necessary) 10,000 sq. ft. additional building that will be used for warehousing/distribution by Motion Industries, Inc. Telephone number (317 )983-3010 Resolution number 10-1984, 11-1991 Taxing district Richmond Corp. Estimated starting date 10--1-95 Estimated completion date 1-1-96 rrstlt rYsmt+sr Salaries Number retained ll Salaries Number additional Salaries 11 $43,000/mo. 1i f $43,000/mo. 2 1$4,000/mo, _ iECT . ION 4 ESTIMATED TOTAL COST AMD VALUE OF PROPOSED PROJECT Real Estate Improvements Machinery Cost Assessed Value Cost Assessed Value Current values 128,073 22,030 Pkas estimated values of proposed project 250,000 44,000 Less values of any property being replaced Net estimated values upon completion of project 378,073 66,030 that the in this statement are true. of authorized representatyo Date signed month, day, year) Owner �s s We have reviewed our prior actions relating to the designation of this economic revitalization area and find that the applicant meets ine general standards adopted in the resolution previously approved by this body. Said resolution, passed under IC 6-1.1-12.1-2.5. pro- vides for the following limitations as authorized under IC 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: [J Yes C3 No 1. Redevelopment or rehabilitation of real estate improvements: 0 Yes ❑ No 2. Installation of new manufacturing equipment; ❑ Yes ❑ No 3 Residentially distressed areas C. The amount of deduction applicable for new manufacturing equipment installed and first claimed eligible for deduction after July 1, 1987, is limited to $ cost with an assessed value of $ D. The amount of deduction applicable to redevelopment or rehabilitation in an area designated after September 1, 1988 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, 1991is allowed for: ❑ 5 years ❑ 10 years Also we have reviewed the information contained in the statement of benefits and find that the estimates and expectations are reason- able and have determined that the totality of benefits is sufficient to justify the deduction described above. and We number luate ssgneo fmonm, ady. ru-i M. a is an economic oes not limift Ow •If the a taxpayer its terntibody titled oIimits receive ea time deducti n o aeriod i number of yeawhich an rs designated under IC i6-1.1 12.1-4area, or 4 5 Namely: (seed fables betime o) NEW MANuFACtURING EOUIPMEW ,. . .. ; Year of Five (5) Year Ten (10) Year Deduction Percentage Percentage 1st 100% 1000/6 2nd 95% 95% 3rd 800/6 90% 4th 65% 85% 5th 500/0 80% 6th 70% 7th 55% 8th 40% gth 30% 10th 25!6 EDEVELOPM EffT ..MON WROVEMENT .�.s Allowed Over • 1. Year of Deduction Three (3) Year Deduction six (5) Year Deduction Ten(10)Tear Deduction 1st 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 L 5% SANKO PETERSON CORPORATION -- A Suncail-Peterson Spring Joint Venture 505 INDUSTRIAL PARKWAY • RICHMON❑, IN❑IANA 47374 • PHONE: (317) 966-9656 • FAX: (317) 966-8684 August 22, 1995 Janet Hibner Department of Administration 50 North Fifth Street Richmond IN 47374 RE: Statement of Benefits Dear Janet: Enclosed please find an additional Statement of Benefits form The price on the Seat Belt Retractor Machine Line has increased, along with some additional testing equipment. We need to request an additional abatement amount of $250,000, bringing the total request to $750,000. Please let me if this is not the proper way to handle this situation. Thank you for your patience and cooperation in such matters. Sincerely yours, 0 � 0. 2'6v Lisa A. Wolf Enclosure STATEMENT OF BENEFITS "10 YEAR ABATEMENT REQUEST" State Form 27167 (R4 / 10.93) I=ORM Form S13 - 1 Is prescribed by the State Board of Tax Commissioners, 1969 RE e CE'VED AUG 2 4 t99 '� 5 INSTRUCTIONS: I. This statement must be submitted to the body designating the economic revitilization 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 Revifilization 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 properly 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 dale. "Projects" planned or committed 10 alter July I, 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, eta) 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 l 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 i 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 fife 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- t 2.1-5. B) Name of taxpayer Sanko Peterson Corporation Address of taxpayer (street and number, city, state and ZIP code) 505 Industrial Parkway, Richmond IN 47374 Name of contact person Lisa A. Wolf Name of designating body Common Council of the.City of Richmond Location of property 505 Industrial Parkway, Richmond IN Description of real property improvements and / or new manufacturinc sheets if necessary) Seq.t Belt Retractor Machine Line Wayne equipment to be acquired (use additional Current number Salaries � 7 $269,000 Number retained 7 NOTE: Pursuant to IC 6 1.f-12.i-5.t (d) (2) the COST of the property is confidential. coif Current values Plus estimated values of proposed project Less values of any properly being replaced Net estimated values upon completion of orofect Salaries $269,000 Assessed Value elephone number (317) 966-9656 Resolution number 10-1984, 11-1991 Taxing district Richmond Corp Estimated starting date 8/95 tsumated completion date 3/96 ber addit!!_$100,000 Salaries 2-5 (a 250,00 Assessed Value 83,333 In this statement are VP Saxes & Mfg (month, day, year) 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 10 6-1.1-12.1-2.5, pro- vides for the following limitations as authorized under IC 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 manufaclturing equipment; ❑ Yes ❑ No 3. Residentially distressed areas ❑ Yes ❑ No C. The amount of deduction applicable for new manufacturing equipment installed and first claimed eligible for deduction after July 1, 1987, is limited to $ cost with an assessed value of $ D. The amount of deduction applicable to redevelopment or rehabilitation in an area designated after September 1, 1988 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, 1991is allowed for: ❑ 5 years ❑ 10 years Also we have reviewed the information contained in the statement of benefits and find that the estimates and expectations are reason- able and have determined that the totality of benefits is sufficient to justify the deduction described above. Approved_ (signature and title of authorized memper) . Telephone number I Dale signed (month, day, by. I Designated body ' If the designating body limits the time period during which an area is an economic revitilization area, it does not limit the length of time a taxpayer is entitled to receive a deduction to a number of years designated under 1C 6-1.1-12.1-4 or 4.5 Namely: (see tables below) EQUIPMENTNEW MANUFACTURING .r e ct ons Allowed •Pe�odbfi Year of Five (5) Year Ten (10) Year Deduction Percentage , Percentage 1st 100% 100% 2nd 95% 9`95% ' 3rd 80% 90% 4th 65% 85% 51h 50% 80% 61h 70% 7111 55% 8th 40% 9lh 30% 1 oth 25% - HMEVr:LOPMENT • REHABILITATION •F 13r:AL PROPERTY IMPROVrEMENT ons Allowed over A Period• Year of Three (3) Year Six (6) Year Ten (10) Year Deduction Deduction Deduction Deduction 1st 100% 100% 100% 2nd- 66% 85% 95% 3rd 33% 66% 80% 41h 50% 65% 5th 34% 50% 6 th 17% 40% 7th 30% 8th 20% 9th 10% 10th 5% �• R,� ,� STATEMENT OF BENEFITS State Form 27167 (R41 10-93) Form SS • 1 is prescribed by the State Board of Tax Commissioners, 1989 > pals s� rr 10 YEAR ABATEMENT REQUEST'' FORM SB-1 RECElVE�M19 2 i9gg INSTRUC TlONS: I. This statement must be submitted to the body designating the economic revitilization 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 Revitilization 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, 1987 and areas designated aflerJuly 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 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 respecf 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 I 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 Sanko Peterson Corporation Address of taxpayer (street and number, city, state and ZIP code) 505 Industrial Parkway, Richmond IN 47374 Name of contact person Lisa A. Wolf Name of designating body Common Council of the City of Richmond Location of property County 505 Industrial Parkway, Richmond IN Wayne Description of real property improvements and / or new manu sheets it necessary) facturing equipment to be acquired (use additional Selt Belt Retractor Machine Line epnone number ( 317) 966-9656 Resolution number 10-1984, 11-1991 Taxing district Richmond Corp Estimated starting date 8/95 Estimated completion dale 3/96 We have reviewed our prior actions relating to the designation of this economic revitalization area anu nnu ulai UM at,Njj.,aj,. general standards adopted in the resolution previously approved by this body. Said resolution, passed under IC 6-1.1-12.1-2.5, pro- vides for the following limitations as authorized under 1C 6-1.1-12.1-2. The designated area has been limited to a period of time not to exceed calendar years' (see below). designation expires is The type of deduction that is allowed in the designated area is limited to: 1. Redevelopment or rehabilitation of real estate improvements; El Yes ❑ No 2. Installation of new manufacituring equipment; ❑ Yes ❑ No 3. Residentially distressed areas ❑ Yes ❑ No The amount of deduction applicable for new manufacturing equipment installed and first claimed eligible for deduction after July 1, 1987, is limited to $ cost with an assessed value of $ The amount of deduction applicable to redevelopment or rehabilitation in an area designated after September 1, $ cost with an assessed value of $ The deduction for new manufacturing equipment installed and first claimed eligible for deduction after July 1, 1991is allowed for: 0arbe'ductions Allowed Over .. a Year of F17 (s) Year Ten (10) Year Deduction Percentage Percentage 1st 100% 100% 2nd 95% 95% 3rd 80% 90% 4th 65% 85% 5th 50% 80% 6th 70% 71h 55% 8th 40% 9th 30% 10th 25% REDEVELOPMENTOR REHABILITATION • -.-IMPROVEMENT .r ••. • Year of Three (3) Year Six (6) Year Ten (10) Year Deduction Deduction Deduction Deduction 1st 100% 100% 100% 2nd 66% 85% 95% 3rd 33% 66% 80% 4th 50% 65% 5th 34% 50% 6th 17% 40% 7th 30% 8fh 20% 9lh 10% 101h 5% DISPOSITION OF ORDINANCE NO. _ -19- RESOLUTION NO. -19 by Common Council / Drdinance No. Resolution No. i*Istro Lundy Brookbank Donat McBrl a Parker 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 - ----- -------- --------- ----- ------- I --------------------------- Rejection Date Passed to - 2 COMMITTEE ASSIGNMENTS: Committee Date Commitee Hearing Date Reassigned to Council Agenda PUBLICATION DATES: AMENDMENTS: COMMENTS: