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Home My Public Portal About067-1997 - Tax Abatement - Mosey MfgORDINANCE NO.67-1997 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 Mosey Manufacturing Company, Inc. New Jobs: 10 Jobs Retained: 323 Estimated New Value: $1,291,000.00 Dated: June 11, 1997 Passed and adopted this day of of Richmond, Indiana. ATTEST: �L \ '� A_e_ City Clerk (Norma Schroeder) PRESENTED to the Mayor of the City of Richmond, Indiana, this ? `-day of L. 1997, at 9:00 a.m. C" A 4---� �� _�City Clerk (Norma Schroeder) REAL ESTATE - 10 YEARS Mosey Manufacturing Company, Inc. New Jobs: 10 Jobs Retained: 323 Estimated New Value: $150,000.00 Dated: June 11, 1997 1997, by the Common Council of the City esident (Robert Dickman) APPR VED by me, Dennis Andrews, Mayor of the City of Richmond, Indiana, this i 1 day of ___L 1997, at 9:05 a.m. Mayor (Dennis Andrews) ATTEST,. �,,�,- . � E.'City Clerk (Norma S oeder) STATEMENT OF BENEFITS State Form 27167 (R4 ! 10-93) Owl' Form SB - 1 is prescribed by the State Board of Tau Commissioners. 1989 x Request 10 Yr Abatement JUN 13 07 INSTRUCTIONS: 1. This statement must be submitted to the body designating the economic revid/izadon area prior to the 1vat",q >ag if.thedesignating body requires inh mation from the applicant m making its decision about whether to designate an Economic RevitilizaiCbri�,dhis statement muss be submitsto the designating body BEFORE a person installs the new manufacturing equipment, or BEFORE theee��bb or rehabilitation of real property i 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 t) project" was planned and committed to by the applicant, and approved by the designating body, prior to that date. "Projects" planned or committed to aft July 1, 1987 and areas designated after July 1, 1987 require a STATEMENT OF BENEFITS. (/C 6-1.1-121) 2. Approval of the designating body (City Council, Town Board, County Council, etc.) must be obtained prior to initiation of the redevelopment or rehabilitatic 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. W respect to real property, Form 322 ERA must be filed by the later of (1) May f 0; or (2) thirty (30) days after a notice of increase in real property assessme 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 manufa turfing equipment becomes assessable, unless a filing extension has been obtained. A person who obtains a filing extension must rile the form betwe; 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 Benefits. (IC 6-1.1-12.1-5.6) Name of taxpayer Mosey Mfg Co Inc (Address of taxpayer (street and number, city, state and ZIP code) 262 Ft Wayne Ave Richmond, In 47374 Name of contact person Telephone number Jack W Alexander ( 765)983-8708 SECT70N 2. LOCATION AND DESCRIPTION OF PROPOSED PROJECT Name of designating body Resolution number City of Richmond Economic Revitalization Area Location of property County Taxing district 262 _Ft Wayne Ave, 1700 N F St I Wavnc r.T—..,., Description of real property improvements and I or new manufacturing equipment to be acquired (use additiana/ Estimated starting date sheets if necessary) Real Estate & Machinery Schedule Attached completion date Schedule Attached SECTION 4 ESTIMATED NOTE: Pursuant to IC 6-1.1-12.1-5.1 (d) (2) theReal COST of the property is confidential. TOTAL COST AND VALUE Estate Improvements 7 _=- ; . t - OF PROPOSED PROJECT Asked Value Machinery _ " boa a °� _` Assessed Value Current values 3/ 9 7 2,357,813 535,130 10,116,170 g 4 2 Plus estimated values of proposed project 15 0 , 0 0 0 ? 1,291,000 172,133 Less values of any property being replaced Net estimated values upon completion of project 2,507,813 11 4 0 7 17 0 1,241,175 I hereby certify that the repr Signature of authoh1d representative__. v in this statement are Sec/Treas signed (month, day, year) 6/11/97 SCHEDULE FOR STATEMENT OF BENEFITS MOSEY MANUFACTURING CO INC 262 FT WAYNE AVE RICHMOND, IN 17374 DESCRIPTION - 6/11/97 Application 1. Construct Addition to Corporate Office 2. Construct 8 4 Axis Turn & Bore Machines 3. Construct 8 Orientors 4. Purchase a Horizontal Machining Center 5, Other Misc Equipment Purchases JUN 131997 EST EST PROPOSED COST START COMPLETE AOOL EMPL Ty 150 00@ 7-1-97 11-30-97 0 960,000 7-1-97 12-31-91 8 56,@00 7-1-97 12-31-91 0 175,000 7-1-97 7-1-97 2 100,000 7-1-97 12-31-97 0 TOTAL 1,441,000 10