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Home My Public Portal About085-1997 - DEFEATED - Tax Abatement - FRR Development CorpORDINANCE NO. 85-1997 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: REAL ESTATE - 10 YEARS FRR Development Corporation New Jobs: 27 Jobs Retained: 132 Estimated New Value: $900,000.00 Dated: June 27, 1997 Passed and adopted this day of 1997, by the Common Council of the City of Richmond, Indiana. President ATTEST: (Norma Schroeder) City Clerk (Robert Dickman) PRESENTED to the Mayor of the City of Richmond, Indiana, this day of 1997, at 9:00 a.m. , 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. (Dennis Andrews) ATTEST: , City Clerk (Norma Schroeder) Mayor STATEMENT OF BENEFITS [!SB! StateForm Znb7 Mot 10.9M Form SB - 1 is pesarbed by the Sim Board of Tax Cprrousaorwrs.1989 iNSTRUCT7ONS. i. This statement must be submitted to the body designating the economic nmd&adori area prior to the public hearing if the designating body requires matron from the applicant in making its decision about whether to designate an Economic Revidliranon Area. Otherwise this statement must be sub to the designating body BEFORE a person installs the new manufacturing equipment: or BEFORE the redevelopment or rehabiiitairon of read props which the person wishes to claim a deduction. A statement of benefits is not required d the area was demyntred an ERA prior to July 1, 1987 ai project' was planned and committed to by the appdiCaM and approved by the designat M body, prior to that date. "Protects' pls med or committed ti July 1, 1987 and areas designated after July 1, 1987 require a STATE)41ENT OF EE NEFiTM (1C 6-1.1-121) 2. Approval of the designating body (City Count! Town Board. County Counter or-) must be obtained prior to init lion of the redevelopment or rehabill 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 Mac hety, must be flied with the county auditor respect to real property, Form 322 ERA must be filed by the later at. (1) May 10; or (2) thirty (30) days attar a notice of &xxease in real propeny asses 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 ma Wring equipment becomes assessable, undess a filing extension has been obtained A person who abtauhs a tiAW extension must file the form bs 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 annt=* to show compfiarmce with the Staten Bennis. (1C it 1.1-121-5.6} Name of taxpayer FRR Development Corp. Address of taxpayer (street and number, city, SUM and ZIP code) 1010 South A Street Richmond IN 47374 Name of contact person Telephone number Jeff Hanna (765 ) 966-7653 SEC77ON 2: LOCATION AND DESCRIPTION OF PROPOSED PROJEC77 Name of designating bony Resotution number Richmond Common Council I ocanon of property County Taxing district 450 Industrial Parkway Wayne Wayne Descr=on of real property unprovemenrs and / or new manufactunng equipment to be acquired (use additional Estimated sartoig date sheets if necessary) 1998 SEE ATTACHED Estirrtated completion date 12/98 -SECTION 3 ESTTMATEOF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT- — Current number Salaries Number reUnied Salaries Number adtational 70.00 132 2,219,000.00 132 2,219,000.00 27 additional SECTION 4- ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT NOTE Pthrauarmi to IC 15121.5.t (d) (2� theReal Estate Improvements Machinery COST of the property► is CWdWW CML = Assessed Vahr .-. Amassed Val Current values. bare 1,and 65,000.00 Plus estimated values of pmaosed protect goo,. Less values of any prooerry bang replaced leased space Not esurnated values upon completion of protect 950, 000.00 - 11,000,000.00 office -5uilding N that the r sentanons in tnfs te t aUM. ie Q Signature of autnomzeo f day, y _�id �o M fn tJ `< 1 _ O 7� n * Cd r-- D O D .... V""rI M rn V J m z C z rn a o d -< a z m *� H vV �`� �► bcoo 00 �" UT'"TY [AStME N r m Js m X z M