HomeMy Public PortalAbout084-1997 - Tax Abatement - Innovative Tool & DesignORDINANCE NO. 84-1997
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
Innovative Tool & Design, Inc.
New Jobs: 4 Jobs Retained: 0
Estimated New Value: $55,000.00
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 / � day o c 1997, by the Common Council of the City
of Richmond, Indiana.
all�_iLzl President
(Geneva Allen)
ATTE(� g �1 �., City Clerk
(Norma Schroeder)
PRESENTED to the Mayor of the City of Richmond, Indiana, this _ day of
1997, at 9:00 a.m.
Ok City Clerk
(Norma Schroeder)
APPROVED by me,
Dennis Andrews, Mayor of the City of Richmond, Indiana, this day
of 1997, at 9:05 a.m.
Mayor
ATTEST �� ttt� ,.City Clerk
(Norma Schroeder)
STATEMENT OF BENEFITS
State Form 27167 (R4/ 10-93)
Form SIB - 1 is prescribed by the State Board of Tax Commissioners, 1989
REQUESTING 10 YEAR ABATEMENT
INSTRUCTIONS:
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 whether to designate an Economic Revitilization Area. Otherwise this statement must be submitte(
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 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. 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
turfing 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
INNOVATIVE TOOL & DESIGN , 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,
INDIANA
10-1984, 11-1991
Location of property
County
Taxing district
531 NORTH 6th STREET, RICHMOND, IN
I WAYNE
RICHMOND CORP.
Description of real property improvements and / or new manufacturing equipment
to be acquired (use additional
Estimated starting date
sheets if necessary)
Walls 8x16 cu off saw $
August 1, 1996
aiki Vertical turret mill
nj ersal grinder
11
I ;
Estimated completion date
rarrertgLHdieight master
1 ;.
August 31, 1996
on our an saw
;
SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES
AS RESULT OF PROPOSED PROJECT
Current number Salaries Number retained
Salaries Number additional Salaries
0 0 0
0 4 26,152
SECTION 4 ESTIMATED
NOTE: Pursuao IC 6-1.1-12.1 5
nt t.1 (d) (2) theMachinery
COST of the property is confidential.
TOTAL COST AND VALUE OF PROPOSED PROJECT
c ! ,- •
� Assessed Value
R Assessed Value
Current values
0
0
Plus estimated values of proposed project
55,000
7,330
Less values of any property being replaced
Net estimated values upon completion of project
55,000
7,330