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Home My Public Portal About054-1997 - Tax abatement - CinramORDINANCE NO. 54-1997 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 Cinram, Inc. New Jobs: 8 Jobs Retained: 615 Estimated New Value: $2,570,000.00 Dated: May 2, 1997 Passed and adopted this day of� `� �` 1997, by the Common Council of the City of Richmond, Indiana. ,President (R o4eft-Dwkman) ATTEST: _ c City Clerk (Norma Schroeder) PRESENTED to the Mayor of the City of Richmond, Indiana, this day of 1997, at at 9:00 a.m. tww t , City Clerk (No a Schroeder) -� APPROVED by me, Dennis Andrews, Mayor of the City of Richmond,)In7'this,_J day of "ln_1997, at 9:05 a.m. Mayor (Dennis Andrews) ATTEST: c , City Clerk (Norma chroeder) (01 i,*m 16110 rich road, richmond, indiana 47374-1489 • tel: (317) 962-9511 • fax: (317) 962-1564 City of Richmond Department of Administration 50 North Fifth Street Richmond, IN 47374 May 2, 1997 This letter is in reference to personal property tax abatement for new manufacturing equipment. A detail list of new manufacturing equipment to be placed in service includes: 1. CD Molding Dual Line $1,200,000 2. Cinister Laser $ L000,000 3. CD Packaging Equipment $360,000 Total: $2,570,000 This new manufacturing equipment will create 9 new positions. We request a 10 year tax abatement on this new manufacturing equipment. If you have any further questions you may contact me at (317) 962-9511. Thank You. Thaddeus D. McCord, CPA „4s STATEMENT OF BENEFITS FORM �;_ State Form.27167 (R41 10-93) SB - 1 Bonn S8. 1 is prescribed by the State Board of Tax Commissioners. 1989 '97 NU Fii'1 lu `�5 INSTRUCT/ONS: i, this statement must be submitted to the body designating the economic revitalization 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 submitie, to the designating body BEFORE a person installs the new manufacturing equipment, or BEFORE the redevelopment or rehabilitation of real properly to 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 afte 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 redeyelopment 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 reseed to real prooery, Form 322 ERA must be 171ed by the later of: (1) May 10; or (2) thirty (30) days after a notice of increase in real prcperty 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 filirg extension must file the form between March I and June 14 of that year. s. Property owners whose Statement of Benefits was approved after Juty 1, 1991 must submit Form CF - 1 annually to show ccrrmoGance with the Statement of Benefits. (1C o'-1.142.1-5.6) Name of taxpayer i _ Address of taxpayer (street and number; city, state and ZiP code) Name of contact person /� Telephone numcer l .u� - --- (I b5) j Name of designating body (( ' Resolution number 11 ccation of property �� county l ax tie district 1�". 1C1C�1MdCJ�ld. C"'(�• C-�scriction of real property improvements and i or new manufacturing equipment to be acquired (use additional Estimated starting date sheets if necessary) t q \ i (S�e ��Qc�ed) Estimated comple ion date ems d�an��aJ(r �1��tq"IpKe�la 131 Current number SECTION 4 ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT • Ctaal Fatata Irnnrnvarnontc I Machinim COST of the property is confidential Cost Assessed Value Cost Assessed Value Current values 5S r✓� c Plus -estimated values of proposed project Less values of any property being replaced i Net estimated values upon completion of project 3 �aCx c'•cz-' �,oWHDIW .40 ,-? -n-10H.LN03 AiLt-, 16% L AVW I TCERTIFICATION AXPAYER i hereby certify that the representations in this statement are true_. Signature ct authcnzed representative Title Date sign (month, day, year) Sc 11 «(I