The URL can be used to link to this page

Home My Public Portal About125-1997 - Tax Abatement - Gold Star CoatingsORDINANCE NO. 125-1997 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: NEW MANUFACTURING EQUIPMENT — 10 YEARS Gold Star Coatings — Richmond, Inc. New Jobs: 3 Jobs Retained: 58 Estimated New Value: $700,000.00 Dated: November 7, 1997 Passed and adopted this day ;�C_C"—U'997, by the Common Council of the City of Richmond, Indiana. vec , J`µ President ` (Robert ielemn) ATTE IL&City Clerk (Norma chroeder) PRESENTED to the Mayor of the City of Richmond, Indiana, this day ACCv,,,. 1997, at 9:00 a.m. ROVE bye, Dennis Andrews, Mayo: Cev �cnJ, 1997, at 9:05 a.m. ATTE� City Clerk (Norma Schroeder) 2�-e City C]erk (Nor(na Schroeder) is D day Mayor NOV 7 197 10:47 FROM GOLD STAR COAT. RICH. NOV-07-97 %Cz23 FROM+CITY OF RICHMOHD FINANCE IDe1+317+983721$ PAGE. 001 PAGE 2/2 Foam SB-IA CRY of Rkhmand, iadkm T84 iyer Wee & BeneM Ytnfmmatfon 2omp�ny Nam : and Address Q-0/d C far R, ChmCnj J J Me information c requested on this suppkment to form SB-I must be completed And ;ubmitted alon= with your SE -I in order for your tax abatement request to be oonMdemd )y Richmond C ammon Coup U. 'lease retain yc ar records am caLml,ations used to arrive; at the information requested on his form. It is .object to revi w as a past of our monitoring proves, . Average hot ; ly wage for a fisting eatployces Avearap hot -1y wage for p ejected new posidonS Average hor -1y health inm -ante benefit i MMT' ON, $3J'fl/w // l�wG i11Q• Avm,-e hoi rly wage for a !testing eaonployees: for your most recent pay perms pk.&W provide the .verage base v age per hom for all cummt full Lithe, non -supervisory. employees. Do not includ : the following groups: _ part time er vloyees; f _ w=gemer 4 supervisors, foremon, or any otber supervisory personnel; C . owners. sto :kholders, or partners if they own 2% or more of the business, ar 3 their family members. Average boi fly wage for F zgjected new positions: Use the name de&&Jon of employees t, be included f i in number one above. :. Average hm 'Iy health rose -awe benefit: Please provide the cu=t company paid health kap ace beneftts P. ovided to hourly ez�ployees (as defined above) and fanuly members. P case pros= x i tbo form of all hourly rate computed using the; annual cost per ek ile employee iivided by 2080 hours. �utho " Six .afore and Titl :} (Daw) Nou 7 137 10:02 1+317+9837212 PAGE.002 ** TOTAL PAGE.001 ** `u'' STATEMENT OF BENEFITSStat�`��'J^� FORM Forme SB -1 Is prescribed by the State Board of Tax Commissioners, 1989 NOV 710 SB 1 S �* lAts CITY CONTROLLER INSTRUCTIONS: Q,TY OF RICHIMOND 1. This statement must be submitted to the body designating the economic revitalization area pnor 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 submitted to the designating body BEFORE a person installs the new manufacturing equipment; or BEFORE the redevelopment or rehabilitation of real property for 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 after July 1, 1987 and areas designated after July 1, 1987 require a STATEMENT OFBENEWS. (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 maybe 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. With 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 assessment 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 between 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) Name of taxpayer ,1 A Go�ir STi i�0a jj��r°I> — /��rr,�n+Or .TnC Address of taxpayer (street and number, city, state and ZIP code)' �rT1rFs>'.Iv�� /?1r4"nr,r>' v7��/ Name of contact person TeleTnu;b;� I�U�Pt F � L✓Ol f s,n l� /�—A 2e✓' ( ) - 7y2 Name of designating body / _ / Resolution number / t mmPn (4 Utit i / G i I- 0i 7` 6 /� (C411M1 r ./'. �tanl( /e /9K °/ Location of property County Taxing disf nct /S�fl ?/0 �$ >rI've 4(c�ffiprt` /N -V7i %/ �1%a e klG�f/hnr� ev - Description of real property improvem is and / or new manufacturing equipment to be acquired (use additional Estimated starting date sheets if necessary) / �/ r Nare,�, /!)- e 199 7 P L/ T f 0 t% �� iyy 4l r�G arc C p G1 /�hA S y S /'G11 Estimated completion date rear P SitTtmetf-1 ups/ J Ae-irmdr /99�; NOTE: Pursuant to iC 6-1.1-12.1-5.1 (d) (2) the-11lachinery COST of the property is confidential. Cost Assessed Value Cost Assessed Value Current values i ?SAS S00 Plus estimated values of proposed project % Less values of any property being replaced 1 Net estimated values upon completion of project y .SQ 7 5