HomeMy Public PortalAbout075-1997 - Tax Abatement - Alusuisse CompositesORDINANCE NO.75-1997
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
Alusuisse Composites, Inc.
New Jobs: 2 Jobs Retained: 33
Estimated New Value: $1,550,000.00
Dated: June 13, 1997
Passed and adopted this 4 day of � a 1997, by the Common Council of
the City of Richmond, Indiana.
/C President
(Robert Dickman)
ATTEST_:City Clerk
(Norma Schroeder)
i�
PRESENTED to the Mayor of the City of Richmond, Indiana, this kD day of
1997, at 9:00 a.m.
L'City Clerk
(Norma chroeder)
AP OVED by me, Dennis Andrews, Mayor of the City of Richmond, In t is o5 , day
of 1997, at 9:05 a.m. �.
(Dennis
ATTEST t� �'v`�c� _c�._c C� 'e ti _ City Clerk
(Norma Schroeder)
STATEMENT OF BENEFITS FORM
State Form 27167 (R4 / 10-93) SB
Form SS - 1 is prescribed by the State Board of Taxfabrms, 1989
REQUESTING 10 YEAR ABATEMENT
INSTRUCTIONS: JUN 161997
1. This statement must be submitted to the body designating the economic revitilization area prior to the public hearing if the designating body requires infor
mation from the applicant in making its decision about wheth°r to -designate an Economic Revitilization Area. Otherwise this statement must be submittec
to the designating body BEFORE a person installs the in= nofacturi equipment, or BEFORE the redevelopment or rehabilitation of real property fog
which the person wishes to claim a deduction. A staterVe(7ffbf !s"hot 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)
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. 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
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 - i annually to show compliance with the Statement of
Benefits. (IC 6- 1. 1- 12.1-5.6)
of taxpayer
ALUSUISSE COMPOSITES, INC.
Address of taxpayer (street and number, city, state and ZiP code)
P 0 BOX 507
BENTON KY 42025
Name of contact person Telephone number
DAVID L HANCOCK I ( 502) 527-4232
LOCATION AND DESCRIPTION OF -••• . PROJECT
Name of designating body
COMMON COUNCIL OF THE CITY OF RICHMOND INDIANA
Resolution number
10-1984 11-1991
Location of property
910 INDUSTRIES ROAD RICHMOND IN 47374
County
WAYNE
Taxing district
RICHMOND CORP
Description of real property improvements and I or new manufacturing equipment to be acqquired (use additional
sheets if necessary) SINTREX PRODUCTION LINE $200,OU0
FOAM LINE EXTRUDERS $750,000
Estimated starting date
JUNE 20, 1997
Estimated completion date
FOAM X LAMINATOR $100 , 000
MISC MANUFACTURING EQUIPMENT $500,000
DECEMBER 31, 1998
SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES
Current number Salaries Number retained
AS RESULT OF PROPOSED PROJECT
Salaries Number additional Salaries
33 789,683 33
789,683 2 30,000
NOTE: Pursuant to IC 6-1.1-12.1 5.1 (d) (2) theReal Estate Improvements
COST of the property is confidential. Assessed Value
Machinery
`?"'`Gosh W Assessed Value
Current values
'
'
Plus estimated values of proposed project
1,550,000
155,000
Less values of any property being replaced
Net estimated values upon completion of project
6,576,864
657.690