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Home My Public Portal About086-1997 - DEFEATED - Tax Abatement - Soma Lodging CorporationORDINANCE NO. 86-1997 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 Soma Lodging Corporation New Jobs: 20 Jobs Retained: 0 Estimated New Value: $1,600,000.00 Dated: July 3, 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 T STATEMENT OF BENEFITS shot. Form 27ts� (oar iti�931 ' Famt S8 - 1 is prrxrib•d by the Stet• Board of Tau Comm ssionem 1989 [fS tNSTRUC77ONS: 1. MIS statement must be submitted to the body designating the economic revMbadon area prior to the pubfic hearing if the designating body requires mation from the applicant in malting its decision about whether to designate an Economic RevitilizaamA►ea. Otherwise this statement must be subi to the designating body BEFORE a person installs the new manufacturing equipment or BEFORE the redevelopment or rehabuGtakw of real props which the person wishes to damn a deducton. A statement of beriefits is not required if the area was designated an ERA prior to July 1, 1987 ar pmject• was planned and corrrmilted to by the applicant; and approved by the designating body, prior to that date. Projects' planned or committed fc July 1, 1987and areas designated after July 1, 1987require aSTATEMENT OFBENEFITS (IC 6-1.1-121) 2. Approval of the designating body (City Council. Town Board, County Courxx4 at=) must be obtained phor to initiation of the redevelopment or mhab* or prior to installation of the new manufarxurmg equipment; BEFORE a deduction may be approved. 3. To obtain a deduction. Form 322 ERA. Rea/ Estate Improvements and / or Form 322 ERA / PP, New Machinery, must be fled *Qft the county auditor 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 frrasase in real party 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 whw h new mat turfing equipment becomes assessableunless a filing extension has been obtained A person who obtains a fang extension must file the form be, 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 aompfiance with the Statem Benefits. (1C 6-1.1-121-5.6) Name of taxpayer Sorn- T,0c'rAris Dori-o.r�;tzon Address of taxpayer (Street and number, City, state and uff 000e) 33 6''I, Eaton r i'.; ":lc- '';none-. ;.;,T 47374-. Name of contact person Kirit P,'t^J_ Name of designating bpoy Ric. and Common Co...nei l of property 533 west Eaton Pi!-e Icounty Description of real property improvements and / or new manufacturing equipment to be sheets if necessary) Construct ne-- 62-room Hampton Inn phone number 765 )966-759 olubon number rig district Kayne mated starting date mated completion d SECTION 4- ESTIMATED NOTE: Pursuant to IC fS-1.1-i21-5.1 (d) (2) the COST of the property is catiidendai. TOTAL COST AND VALUE OF PRCPOSED PROJECT Real Estate Improvements Machinery �_;AAWW Assessed Von —1-0 Assessed VO Current values Bare Land �'00 1 000 Pius estimated values of proposed project i 600 00 Less values of any property being replaced - 0- Net estimated values upon completion at project 11800,000 f Proposed site is currently bare -rol.rnC that ,rill have a 62-unit Campton ! nn motel al( ut 30,000 Sr. Ft . I t I ! 199(7 1 �. w.. 3 SECTTON 6 TAXPAYER CERTIFICATION I hereby cWW that the r rea-en ttftms in this statement we true. Signature of authorized represerimtive� Title._ Date signed (h dal: year) t'� 1 i �a t "t �'c Ic:_j 6l,J ' 1 I Ca -1