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Home My Public Portal About127-1997 - Tax Abatement - Purina MillsORDINANCE NO. 127-1997 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 Purina Mills New Jobs: 0 Jobs Retained: 7 Estimated New Value: $100,000.00 Dated: November 5, 1997 Passed and adopted this ?-- day 1997, by the Common Council of the City of Richmond, Indiana. e'e, President • (Rebert-tBizlCnran) ATTE T: �� City Clerk (Norma chroeder) PRESENTED to the Mayor of the City of Richmond, Indiana, this day �C 1997, at 9:00 a.m. d�' , City Clerk (Norma Schroeder) (� ROVE by e, Dennis Andrews, Mayor of the City of Richmond, this day o ' 1997, at 9:05 a.m. (Dennis ATTESSTL C �� City Clerk (Norma chroeder) ^'"-' , Mayor STATEMENT OF j3ENF 'S SB - Stats Fa27197 (94 r ' � 5� d at Tax Comff=8*rws. t SO n, re �•, Fasa. a'° NOV 71997 'NS7'AUC77ON3: CITY CON"+; KULLt � bwythe ecarlornrie rev► +�+4rlorrf t19I4"NO i rg tart the ' This srarsr++Mrr must ae : "W 99 ar to desgnan an Re1�i�Io► Mir. Oth nme must bs sum Macon from me aowc^1 "n mataF� "I* the new egtapn w% or BEFORE rM redevwbprr *M a m0abt man of mtal tower ro me desrgneov oa0y et�iRORE a doacwL t7« a ststern*ru ol�ia not rtgtpred I the Arta was designated an ERA poor ro Jufy t, 1987 an "^'� m* o*rsat to darn + and ap m vtd the d qn�. body, prior to that data. Tmlo=' Waffled or caawm ad to °rDJe� was raid &V and ay 1, 1987 require a STATEMEM Of 8 ENEF175� (1C 8.1.1 • t 2 f) 2. Au11' t . 1987 and areas d (CiN Count rows Soand CountyCount NI») must de obtained pear to inidation of to redevelopment or rehabiftC oorvvat at the dlWgnaLn9 body or Prof to rnstartaaart d tare new marttrlaaunn9 egwprn*nt BEFO Jt a dedut.7ibn maybe approved to rest PVOW 3. To obtain a deduciiwt. Form = ERA. RPat E=" Ir► WVVW r*nts and / or Form 322 ERA / PP, New Madairtery, must bar fled wrfh me ccunry auditor. !esoecx . Form 322 ERA must be filed by the fur of.. (1) Mat► 10: or (2) MOW (30) dM ~ a noom of morose in rear Mowry assess ,s received from the tcwnsn,;p assessor Form 322 ERA / PP must be Filed be(*~M=0 1 and May 15 of the assessment year rn wmd? new mar, Mang @quo t netome assessable. urvesa a 4&V exnerww hu been obamrad. A parson who obtary a tt&t9 extowan must rite me torm b*r 4. Propeny OWWS wf►Ose Statem*nt of Barre t was approved alter July 1, 1991 mxw submit Form CF. 1 anrxmly to show co 70anre wrth the Staten Benefits (IC t5-t. t-t21-5.6) •TAXPAYER IrIFORMAT!ON Name of taxpayer Purina Mills. Inc. of taxpay*r (strut and number. WX 3rW and 1401 S. Hanley Rd., St. Louis, MO 63144 Name of contac person Beverly D. Riola 314 )768-4758 SECTION 2 LOCATION AND DESCRIPTION (IF PROPOSED PROJECT - ooay Nam* of o*srgnannq PAGWlson rsanber City of Richmond L=von of orop*rry Cour" Tandnq d WM 1050 Progress Drive Richmond, IN Wayne 89030 Richmond O escnvaon of rear prop" unprvv*m*rm and / or now manutactunnq *Quiixn*nt 10 be ao*xnd (use adtlebrtat row . ed taw sheets d necessary) / 9t7 Various Machinery & Equipment Items E III.309e NOTE: Pursuant to IC 5-1.1.121-i1 (d) lZl»w ' COST of tit* prop" is oonfldsn081. 'y �, ' •ANWand VON Assessed Val Current values Plus espmated values of p000e80 WV00 Less values of any Proo" b" reOtd=d ZW Net estmated values UoW COtT0*00 of =140 3 SECMOH a TAXPAVERCEFMFICATION hereay certTfv mat the reoresentatiotls in this statement ate t aut-ar' re�e5 ntative Oat* signed (mown. _,3. . We have reviewed our prior actions relating to the designation of this economic revitalization area and find that the applicant meets I general standards adoPW In the r "ubw previously approved by this body. Said resolution. passed under IC 6-1.1.12.1.25, p vides for the following iintitaifans U. authorized under IC 8-1.1.12.1.2. A. The designated area has bW limited to a period of time not to exceed calendar years ' (see below). The date ti designation expires is B. The type of deduction that is allowed in the designated area is limited to: 1. Redevelopment or rehabilitation of real estate improvements: ❑ Yes ❑ No 2. Installation of new manufacturing equipment: ❑ Yes ❑ No 3. Residentially distressed areas ❑ Yes ❑ No C. The amount of deduction applicable for•new manufacturing equipment installed and first claimed eligible far deduction after July 1987, is limited to $ cost with an assessed value of $ 0. T!'9 r.^.'Cunt of deduction applicable to redevz:cpment or reliabifiiauun iii an area designated after September 1, 1,jda is i1mite( $ cost with an assessed value of $ E. Other limitations or conditions (specify) F• The deduction for new manufacturing equipment installed and first claimed eligible for deduction after July 1, 1991 is allowed f ❑ 5 years ❑ 10 years Also we have reviewed the information contained in the statement of benefits and find that the estimates and expectations are react able and have determined that the totality of benefits is sufficient to justify the deduction described above. Approved: (s+Qnatun and title (/ aurdorrzad mernoor) 1 Talephorw mura r 1040 sprao (mcn t day. teary /JI: 0r: 0esgnated body I/t /97 If the designating body limits the time period during which an area is an economic re+rOzation are& it does not fimit the length of tii a taxpayer is entitled to receive a deduction to a number of years designated under IC 6-1.1-121-4 or 4.5 Namely: (so* tables bek MANUFACTURING For Deductlorm Yew of Deduction EQUIPMENTNEW Allowed Over Five (5) Year Percentage • Ten (10) Yew P"CW.t10e 1 st 100% 100% 2nd 95% 95% 3 rd 80% 90% 4th 65% 85% 5th 50% 80% 61h 70% 71h J 55% 8th 40% 9th 30% 10th I 25% REDEVELOPMENTOR REHABILITATION OF •-•• -0 For Deductions Allowed Over .. • Year of Thee (3) Yaer $br (bj Yt1er Tan (10) Yi 0eductlan Deduction Deductlo 1 st 100% 100% 100% 2nd 66% 85% 95% 3rd 33% 66% 80% 4th 50% 65% 5th 34% 50% 6th 17% 40% 7th 30% 8th 20% 9th 10% 1 Oth 5%