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Home My Public Portal About077-1997 - Tax Abatement - Recycling CenterORDINANCE NO. 77-1997 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: l . 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 REAL ESTATE — 10 YEARS Recycling Center, Inc. Recycling Center, Inc. New Jobs: 10 Jobs Retained: 78 New Jobs: 10 Jobs Retained: 78 Estimated New Value: $3,500,000.00 Estimated New Value: $400,000.00 Dated: June 13, 1997 Date: June 13, 1997 i Passed and adopted this day of, �'jlcl 1997, by the Common Council of the City of Richmond, Indiana. pei4ifi"y Z—. .--President (Robert Dickman) ATTEST ( ►�� City Clerk (Norma Schroeder) i" PRESENTED to the Mayor of the City of Richmond, Indiana, this � day of \. c 1997, at 9:00 a.m. City Clerk (Norma Schroeder) (AP P YD by me, Dennis Andrews, Mayor of the City of Richmond, Indiana, this �_ day of 1997, at 9:05 a.m. Mayor t ATTEST: , -City Clerk (Norma Schroeder) STATEMENT OF BENEFITS State Form 27167 (R4 / 10-93) Form SB - 1 is prescribed by the State Board of Tax Commissioners, 1989 z U U it 171997 INSTRUCTIONS: 1. This statement must be submitted to the body designating the economic revitifizatiprt area prior to the,pu¢(ic hearing if the designating body requires info mation from the applicant in making its decision about whether to designate an Economic°Revitiliza�ior�A4a. Otherwise this statement must be submitte to the designating body BEFORE a person installs the new manufacturing equipment rof BER "( bdevelopment 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 body, prior to that date. "Projects" planned or committed to afte July 1, 1987and areas designated after July 1, 1987require 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 rehabifitatior, 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 Witi 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 assessmen 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 fifing extension has been obtained. A person who obtains a filing extension must file the form betweer 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 o Benefits. (IC 6-1.1-12.1-5.6) 1111-OARIATIUR Name of taxpayer RECYCLING CENTER INC Address of taxpayer (street and number, city, state and ZIP code) 630 SOUTH M STREET RICHMOND IN 47374 Name of contact person Telephone number DEBBIE EDELMAN (765 ) 966-8295 SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT Name of designating body Resolution number COMMON COUNCIL OF THE CITY OF RICHMOND IN 10-1984 11-1991 Location of property 630 SOUTH M STREET County 1 Taxing district RICHMOND IN 47374 WAYNE RICHMOND CORP Description of real property improvements and / or new manufacturing equipment to be acquired (use additional Estimated starting date sheets if necessary) DUNE 30, 1997 HARN'S SHEAR & VARIOUS OTHER MANUFACTURING Estimated completion date EQUIPMENT $ 3 , 500 , 000 DUNE 30, 1999 BUILDING ADDITION $ 400,000 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 OF PROPOSED PROJECT Machinery d �? Gos " Assessed Value Cast ,, ( Assessed Value Current values 1,622,576 245,180 5,356,639 527,283 Pius estimated values of proposed project 400,000 80,000 3,500,000 350,000 Less values of any property being replaced Net estimated values upon completion of project 2,022,576 325,180 1 8,856,639 877,283 I hereby certify that the re resentations in this statement are true. Signature of authorized representative Title Date signed (month, day, year) SECRETARY/TREASURE 6-13-97