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Home My Public Portal About083-1997 - Tax abatement - Barco EngineeringORDINANCE NO. 83-1997 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 AND WAIVING NONCOMPLIANCE WITH THE TIME OF FILING 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; and WHEREAS, Indiana law enables a designating body to waive noncompliance by having a public hearing when a person desires to claim a deduction from the assessed value but has failed to submit the completed statement of benefits form before the initiation of the redevelopment or rehabilitation, or the installation of new manufacturing equipment. 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 Barco Engineering New Jobs: 5 Jobs Retained: 0 Estimated New Value: $333,027.00 Dated: June 16, 1997 Be it further ordained that the above property owner's noncompliance with the requirement to submit the completed statement of benefits form before the initiation of the redevelopment or rehabilitation of real estate improvements or the installation of new manufacturing equipment is hereby waived pursuant to Indiana Code 6-1.1-12.1-11.3 (a) (2) and (c) after conducting a public hearing upon said requests for waiver this same date, which public hearing was duly advertised in the Palladium -Item newspaper on July 8, 1997. Passed and adopted this 14 day o 1997, by the Common Council of the City of Richmond, Indiana. 4 �- ,President (Geneva Allen) ATTE�T: 2d��L City Clerk (Norma Schroeder) c� PRESENTED to the Mayor of the City of Richmond, Indiana, this day of LC �J, 1997, at 9:00 a.m. C bwa City Clerk (Norma Schroeder) ;Ql- A OVED by me, Dennis Andrews, Mayor of the City of Richmond, Indiana, this day of 1997, at 9:05 a.m. j Mayor (Dennis Andrews) ATTE�T: �) City Clerk (Norm Schroeder) STATEMENT OF BENEFITS State Form 27167 (q41 14-93) Forn SB • 1 is prescribed by the State Board of Tax Commissioners, 1989 Hsu REQUESTING 10 YEAR ABATEMENT FORM S�1 INSTRUCTIONS: 1. This statement must be submitted to the body designating the economic revitalization area prior to the public hearing if the designating body requires infor mation from the applicant in making its decision about whether to designate an Economic Revitilization 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 fol 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 afte, 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. 1Mth 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 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 of Benefits. (IC 6-1.1-12.1-5.6) 11[1&'1A1;1A%1&ni Name of taxpayer BARCO ENGINEERING INC Address of taxpayer (street and number, city, state and ZIP code) 531 NORTH 6TH STREET RICHMOND IN 47374 Name of contact person Telephone number ALAN RUSSELL ( 765) 935-0715 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 531 NORTH 6TH STREET County Taxing district RICHMOND IN 47374 1 WAYNE RICHMOND CORP Description of real property improvements and / or new manufacturing equipment to be acquired (use additional Estimated starting date sheets if necessary) SEE ATTACHED Estimated completion date SEE ATTACHED SEE ATTACHED SECTION 4 ESTIMATED TOTAL COST AND TALIE OF PROP05ED PROJECT NOTE: Pursuant to IC 6-1.i-12.1 5.1 {d) {2) theReal Estate Improvements COST of the property is confidential. Ofl1 Assessed Value Machinery CaatE Assessed Value Current values 0 0 Plus estimated values of proposed project 333,027 46,100 Less values of any property being replaced Net estimated values upon completion of project 333,027 46,100 - I hereby certify that the representations in this statement are true. Signature of authorized �epresentTtive Title Date signed (month, day, year) �� PRESIDENT 6-16-97 Barco Engineering, Inc. Statement of Benefits Date Description 3/31/95 Tooling for Milling Equipment 3/31/95 M Handing Equipment 3/31/95 Pipe Chain Vise 3/31/95 Portable Welder 3/31/95 Milling Machine 3/31/95 Brake Press 3/31/95 Vertical CNC Mill 3/31/95 Industrial Compressor 5/31/95 Radial Arm Saw 5/31/95 Drill Press 5/31/95 Material Handling Equipment 6/30/95 Rewind Motor 6/30/95 Milling Equipment 7/31/95 Wells CNC Mill 8/31/95 Milling Vise 11/30/95 Iron Platten 3/31/96 Iron Worker 3/31/96 (2) Bliss Presses 3/31/96 CNC Controls 3/31/96 Radial Arm Saw 3/31/96 Iron Platten 3/31/96 Paint Line 3/31/96 Material Handling Equipment 3/31/96 Tooling for Milling Equipment 3/31/96 Material Handling Equipment 3/31/96 CNC Machine 3/31/96 Mill Plate 3/31/96 Hydraulic Cylinder 4/30/96 Parma Saw 7/31/96 Jig Bore 12/10/96 CNC Turning Center & Bar Feed 9/17/96 Jig Grinder 3/1/97- Miscellaneous Manufacturing Equipment 6/30/98 Cost 9,270 926 331 500 150 7,500 5,000 1,500 300 500 633 252 2,500 7,500 250 1,445 6,000 6,200 12,105 300 355 5,335 600 1,645 5,000 7,490 200 1,410 1,600 3,000 113,780 29,450 100,000 $ 333,027