HomeMy Public PortalAbout124-1997 - Tax Abatement - Spartech PlasticsORDINANCE NO. 124-1997
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
WHI?REAS, 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:
NEW MANUFACTURING
EQUIPMENT— 10 YEARS
Spartech Plastics
New Jobs: 0 Jobs Retained: 137
Estimated New Value: $362,767.00
Dated: October 20, 1997
Passed and adopted this day aiAiC-1997, by the Common Council of
the City of Richmond, Indiana.
tJcd'� r
President
A ITEST-City Clerk
(Norma chroeder)
PRI,:SENTED to the Mayor of the City of Richmond, Indiana, thisr-,) day of---,,—(:
1997, at 9:00 a.m.
City Clerk
(Norma Schroeder)
APJ'ROVED by pie, Dennis Andrews, Mayor of the City of Richmond, I a this day
1997, at 9:05 a.m.
is
A"I"II,S'I: �t�^ ��. �i •.� t �c City Clerk
(Norma Schroeder)
Mayor
Spartech Plastics
1998 Capital Expenditure Plan
Extrusion
Line #
Line 4
Line 5
Line 5
Line 5
Line 6
Line 6
Line 7
Line 7
Line 7
Acquisitions Planned for Fiscal 1998
Screen Changer
$ 13,000
4 112" Barrel
12,500
4 112" Screw
17,500
Haircell Upgrade
13,300
Screen Changer
13,000
4 112" Keldex Grey Screw
17,500
Matte Upgrade
13,350
Matte Upgrade
13,350
4 112" Barrel
12,500
Equipment for Cooling System 125,000
Pool of Misc Items 111,767
(New Screws, Barrel Rolls,Die
Resurfacing, and General Upgrade)
Total Enhancements
362,767
Note: 10 year Abatement Requested
Page 1
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STAILMENT OF BENEHI.S � �
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