HomeMy Public PortalAbout030-1997 - Tax Abatement - Vandor CorpORDINANCE NO. 30-1997
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:
l . 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.
APPROVED y me, Dennis Andrews, Mayor of the City of Richmond, Indi
of , 1997, at 9:05 a.m.
Mayor
ATTES4� -City Clerk
(Norma Schroeder)
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
Vandor Corporation
New Jobs: 20 Jobs Retained: 70
Estimated New Value: $1,000,000.00
Dated: March 24, 1997
Passed and adopted this day of 1997, by the Common Council of
the City of Richmond, Indiana.
�f' 4 jj— resident
(Robert Dickman)
ATTE T*- �A(Ak c City Clerk
(Norma chroeder)
PRESENTED to the Mayor of the City of Richmond, Indiana, this A day of
1997, at 9:00 a.m.
(� L ity Clerk
(Norma Schroeder)
day
STATEMENT OF BENEFITS
FORM
State Form 27167 (R4 / 10-93) S® _
Forth SB -1 is prescribed by the State Board of Tax Commissioners, 1989
.,. r '97 r97�eJ' M 2 08
-RUCTIONS: Mq
"his statement must be submitted to the body designating the economic revitilization area prior to the public hearing if the designating body requires infor-
-adon from the applicant in making its decision about whether to designate an Economic Revitifization Area. Otherwise this statement must be submitted
o the designating body BEFORE a person installs the new manufacturing equipment, or BEFORE the redevelopment or rehabilitation of real property for
.vhich 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)
Aoproval 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.
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 file the form between
,' larch 1 and June 14 of that year.
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)
3rne of taxpayer
Vou,d-, Car
ddress of taxpayer (street and number, city, state and ZIP code)
>me of contact person Telephone number
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ame of dg,signgting body
_ation of property eCounty
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=scription of real property improvements and / or new manufacturing equipment to be acquired (use additional
,eats ifnecessary)
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Current number
-)A
Resolution number
10-l9sy
Taxinq district
Estimated starting date
7�19.7
Estimated completion date
` // l99
��ECTION 4- ESTIMATED TOT41LCOST AND VALUE OF PROPOSED PROJECT
NOTE: Pursuant to iC 6-1.1-12.1-5.1 (d) (2) theReal Estate Improvement Machinery,
COST of the property is confidential. Cost Assessed Value Cost Assessed Value
'urrent values
Plus estimated values of proposed project
/ O o, v a u
Less values of any property being replaced
Net estimated values upon completion of project
Lwk—,. +-
r� 2 5 1997