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Home My Public Portal About078-1997 - Tax Abatement- Pittsburg TubeORDINANCE NO. 78-1997 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. 6-1.1-111 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 WIEIZLAS, 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 arc 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 Pittsburg Tube Company New Jobs: 13 Jobs Retained: 51 Estimated New Value: $2,000,000.00 Dated: June 16, 1997 REAL ESTATE — 10 YEARS Pittsburg Tube Company New Jobs: 13 Jobs Retained: 51 Estimated New Value: $1,200,000.00 Date: June 16, 1997 Passed and adopted this �' day of it. 1997, by the Common Council of the City of Richmond, Indiana. t f �.�President (Robert Dickman) Af"I I S'I':, City Clerk (Norma Schroeder) i PRF.SEN 11"D to the Mayor of the City of Richmond, Ihdiana, this day of 11,k h + 1997. at 9:00 a.m. - �� i )�. �� .ve City Clerk (Norma Schroeder) I A1)1)1 E1) by me, Dennis Andrews, Mayor of the City of Richmond, Indiana„this of 1997, at 9:05 a.m. - -- Mayor (Dennis Andrews) V L I'ES EST:, � .Z .�. w. City Clerk (Norma Schroeder) STATEMENT OF BENEFITS �,' "` � 1r1 'State Form 27167 (R4 / 10.93) l Form SB - 1 is prescribed by the State Board of Tax Commissioners, 1989 J U N 19 1997 S � �ele FORM SB-1 INSTRUCTIONS: ;,Iiy co y i ; 1. This statement must be submitted to the body designating the economic revitilization area prior, the designating body requires infor mation from the applicant in making its decision about whether to designate an Economic Reviti ization Area. Otherwise this statement must be submittec to the designating body BEFORE a person installs the new manufacturing equipment, or BEFORE the redevelopment or rehabilitation of real property fo, 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 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. Witt 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 tuning equipment becomes assessable, unless a filing 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) Name of taxpayer pl` bur Address of taxpayer treet and number, city, tate and ZIP code) Name of contact person Telephone number 1d Cso lot R q , Con fro /l,Cr I ( 800 ) 2:? U-g R 2-3 Name of designating body Resolution number 0 /7crlP Cat o�ic��aHd; Zi►�(ta ci 10- 8 Amended 6� I I-IGG Location of pro erty Coun O � � � Taxing district Sf re el I ck7WOO cI' Zh Description of real property improvements and / or new manufacturing equipment to be acquired (use additional Estimated starting date sheets if necessary) See 11110ch� G is Estimated completion date See ach GIs n Se Ac�SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF , PROPOSED PROJECT Current number Salaries Number retained Salaries Number additional Salaries 1 1 2 o�y 51 128U O&V 1 3 hourly f zgZ'Soo 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 bF PROPOSED PROJECT Estate improvements ��'� Cost'- Assessed Value - Machinery Cost xn+._ Assessed Value Current values po0 5 Plus estimated values of proposed project Less values of any property being replaced Net estimated values upon completion of project �"K -) Qe ��e t a 10 4 6t�Nj-- u cl- z lyl luu fmonul, oay, year/ PITTSBURGH TUBE COMPANY Ocscription of real property improvements and/or ne.w manufacturing equipment to he acquired Nlachr►Iery/FclLtipmcnt includes such items as a centerless grinder, new haven facing machine, rocker shalt drilling station. hridgeport cnc mill. new lift truck, and overhead crane. We plan to purchase these items between .July. 1 and Jeeen;ber I ; . 1997 at a cost ()f S2_t)00.000, Kcal Estate IIKIMIcs such items as a 16.800 s(I. Q. huilding and two smaller connectinL, huildings t roughlti2-800 and 1,000 sq. lt. ). a road extension tM- the ticy huilding, parking lot for employees. and shelters for production and shipping supervisors. ('(instruction started on Fchrum 21. 1997 and is estimated that it will he complete by JulN I15_ 1(t97 at a cost oI