The URL can be used to link to this page

Home My Public Portal About046-1997 - Tax abatement - Richmond Baking CoORDINANCE NO. 46-1997 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: 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 Richmond Baking Company New Jobs: 5 Jobs Retained: 85 Estimated New Value: $250,000.00 Dated: April 18, 1997 Passed and adopted this the City of Richmond, Indiana. fk = day of it N ATTET: tww� �,__ �, City Clerk (Norma chroeder) 1997, by the Common Council of Xesident (Robert Dickman) A PRESENTED to the Mayor of the City of Richmond, Indiana, this , day of Z0 iI 19971, at 9:00 a.m. • �' a ,.City Clerk (Norma chroeder) APPROVED by me, Dennis Andrews, Mayor of the City of Richmond, Indi ' a, thisc-° day of 1997, at 9:05 a.m. l Mayor (Dennis Andr s) ATTESfI: City Clerk (Norma S roeder) 'STATEMENT OF BENEFITS I F-uh m y_ State Form 27167 (R3 / 11.91) SB - 1 Form SB • 1 is presCntxd by the Slate Board of Tax Commissioners. 1989 +�1.1� The records in this i�{�e� +�4!lR QENTIIAAL�accordinLg to IC 6.1.1-35.9 j n 'p �q I ,.�. J ( (11'i1 71 I f1 I 9 10 / ®' J ai Y 1 INSTRUCTIONS: � - _ --- -- -_ - _---t`---- 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 Revitilization Area. Otherwise this statement must be submitte to the designating body BEFORE a person installs the new manufacturing equipment, or BEFORE the redevelopment or rehabilitation of real property fc 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 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 ath 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. Wit respect to real property, Form 322 ERA must be filed by the later of. (1) May 10; or (2) thirty (30) days alter a notice of increase in real property assessmer 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 is installed, unless a filing extension has been obtained. A person who obtains a riling extension must file the form between March 1 any 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 c Benefits. (IC 6-1.1-12.1-5.6) Name of taxpayer Richmond Baking Company Address of taxpayer (street and number, city, state and ZIP code) 520 North 6th Street, Richmond, Indiana 47374 Name of contact person I Telephone number Dean Fleenor (765) 962-8535 LOCATION AND DESCRIPTION OF PROPOSED PRO Name of designating body Resolution number Conlon Council City of Richmon Location of property County Taxing district 520 North 6th Street Wayne Richmmnd Description of real property improvements and / or new manufacturing equipment to be acquired (use additional Estimated starting date sheets ffnecessary) New research and development equipment to efficiently 4-18-97 produce samples for customers. Other manufacturing equipment to Estimated completion date produce cracker product for a new customer 7-31-97 I—SECTION41 1 • • 1 VALUE OF • • • 1 PROJECT Cost Assessed Value Cost Assessed Value Current values 2,505,226 250,523 Plus estimated values of proposed project 250,000 33 333 Less values of any property being replaced Net estimated values upon completion of project 2,755,226 283,856 New research and development equipment will enable company to efficiently produce samples for customers and not cut into daily production runs. Other new manufacturing equipment will enable company to provide additional eight hour shift to existingDart time employees and sometimes 2 days per week depending on demand. I hereby certify that the representations in this statement are true. Signature of authorized representative Title Date signed (month, day, year) Vice President 4-18-97