HomeMy Public PortalAbout031-2007 - Tax Abatement - Amends GuidelinesORDINANCE NO. 31-2007
AN ORDINANCE DEFINING ALLOWABLE DEDUCTIONS REPORTED ON
COMPLIANCE WITH STATEMENT OF BENEFITS (CF-I) FORMS FOR
TAX ABATEMENTS
WHEREAS, The Common Council of the City of Richmond, Indiana has previously established
an Economic Development Plan for the City in Resolution 1-1984 which deemed it
necessary and beneficial to stimulate private investment and to provide for the
creation and/or retention of job opportunities; and
WHEREAS, Pursuant to Indiana law, I.C. 6-1.1-12.1 et. seq., the Common Council for the City
of Richmond has designated areas within the City as Economic Revitalization
Areas, which provide as an economic development incentive certain property tax
deductions for the redevelopment or rehabilitation of real property; and
WHEREAS, The Local Designating Body for such certain property tax deductions is Richmond
Common Council; and
WHEREAS, For personal property abatements, property owners whose Statement of Benefits
was approved must file Form CF-I/PP with Richmond Common Council to show
the extent to which there has been compliance with the Statement of Benefits no
later than May 15 of each year; and
WHEREAS, For real estate abatements, Form CF-I/Real Estate must accompany the initial
deduction application that is filed with the County Auditor and must file annually
an updated CF-I/Real Estate Form with the County Auditor and Richmond
Common Council to show the extent to which there has been compliance with the
Statement of Benefits by May 15; and
WHEREAS, CF-I Forms require property owners to report items, not limited to, job creation,
job retention and investment goals outlined in the approved Statement of Benefits;
and
WHEREAS, CF-I Forms require property owners to report actual items, not limited to, job
creation, job retention and actual expenditures related to the project approved in
the original Statement of Benefits; and
WHEREAS, Property owners investments sometimes exceed the original estimate listed in the
Statement of Benefits; and
WHEREAS, It is necessary for Richmond Common Council to approve each CF-I Form
annually so the Wayne County Assessors Offices and Wayne County Auditor's
Office can accurately formulate deductions as a result of the initially approved
Statement of Benefits and annual CF-I form; and
NOW, THEREFORE, be it ordained by the Common Council of the City of Richmond,
Indiana, as follows:
Property owners whose CF-I Form(s) report an increase of 10% or less over
the approved investment estimate listed in the original Statement of Benefits
shall be granted a deduction on that increased investment; and
2. Property owners must provide documentation that the increased investment is
related to the project approved in the original Statement of Benefits and it now
includes equipment not listed in the original Statement of Benefits, then the
property owner must file a petition with Richmond Common Council
requesting to have their original Statement of Benefits modified to reflect the
equipment added to their original Statement of Benefits.
Property owners whose CF-I Form(s) report an actual investment exceeding
10% of the original approved Statement of Benefits estimate must file a
petition with Richmond Common Council requesting to have their original
Statement of Benefits modified to reflect the actual investment amount and
equipment added to their original Statement of Benefits.
4. This Ordinance shall take effect upon passage.
Passed and adopted this 7th day of May 2007, by the Common Council of the City of Richmond,
Indiana.
S/S Diana Pappin President
(Diana Pappin)
ATTEST: S/S Karen Chasteen City Clerk
(Karen Chasteen)
PRESENTED to the Mayor of the City of Richmond, Indiana, this 9th day of May, 2007, at 9:00
a.m.
S/S Karen Chasteen City Clerk
(Karen Chasteen)
APPROVED by me, Sarah L. Hutton, Mayor of the City of Richmond, Indiana, this 9th day of
May, 2007, at 9:05 a.m.
S/S Sarah L. Hutton Mayor
(Sarah L. Hutton)
ATTEST: S/S Karen Chasteen City Clerk
(Karen Chasteen)