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Home My Public Portal About130-1997 - DEFEATED - Tax Abatement - Soma Lodging CorpCIjt 13�Q_S� I /-Z-c" % Cl 's�/ ORDINANCE NO. 130-1997 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: $1,800,000.00 Dated: September 19, 1997 Passed and adopted this day of 1997, by the Common Council of the City of Richmond, Indiana. ATTEST: (Norma Schroeder) City Clerk (Robert Dickman) President 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 13ENEFM • stet• Form 27167 (R4/ 10.93) sy` Fame SS - 1 is by the Sots Sawd at Tax Coamizai nam 1989 J P I ry IS (NSTRUCT70NS: 1. This statement must be submitted to the body designating the eeonamic reef 2tafion area prior to the pubdc hearing if the designating body requires matron from the appticam in making its derdsion about whether to designate an Eimnomic Revriftation Area Otherwise dlis statement must be subt to the designating body BEFORE a person installs the new mamdactcrring equipment. or BEFORE the redevelopment or rehabilitation of real props, which the person wishes to claim a deduction. A statement of benefits is not required rf the area was designated an ERA prior to July 1, 1987 an project' was planned and cannnitted to by the applicant: and approved by the designating body, prior to that date 'Projects' planned or committed X July 1, 1987and areas designated after July 1, 1987require aSTATEMENT OFBF-NERM (IC6-1.1-121) 2. Approval of the designating body (City Councif. Town Board. County Council, eta) must be obtained prior to irriliaton of the redevelopment or rehabilit or prior to installation of the new manufacrunng 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 Machinery, must be bled with the county auditor respect to real property, Form 322 EAA must be fled by the later of: (f) May 10: or (2) thirty (30) days aft�ar a rrotiae of fnaease in real property asses: I s received from the township assessor Form 32Z EAA / PP must be fired between March 1 and May 15 Of the assessment year fn whidt new mar luring equipment becomes assessable, uNess a filing extension has been obtained A person who obtains a filing extension must file the form bet March 1 and June 14 of that year. 4. Property owners whose Statement of Benefits was approved after July 1, 1991 rrurst submit Fort CF- 1 anrruafty to show compliance with the Stater Benefits. (IC 6-1.1-121-5 6) Name of taxpayer Soma Lodging Corporation oT taxpayer (street and number, city, state and 533 W. Eaton Pike cme/ Richmond IN 47374 Name of contact person Telephone number Kirit Patel (765 )966-7591 SECl1ON2_ LOCATION AND DESCRIPTION OF PROPOSED PROJECT Name of designating body Resolution number Richmond Common Council Location of property Courtly Taxing district 533 West Eaton Pike Wayne Wayne Description of real property improvements and / or new manufact i ing equipmgnt to be aoquinW (use add&onW Estimated starting date sheets if neCBssary) Construct new 69-room Hampton Inn jEsdmated completion dale SECTION 3 ESTIMATEOF EMPLOYEES AND SALVIES AS RESULT OF PROPOSED PROJECT Current nutr�er (des -0- INumbor relained Salaries Number additional Salaries O -0- 1 -0= 20 i 220,000 SECTION 4- ESTIMATED NOTE Ptusuant to IC 6-i.1-121-5.1 (d) (2) theReal COST of the property is confidential.-roettf TOTAL COST AND VALUE OF PROPOSED PROJECT Estate Improvements ptraeesed Vallm ...- , Aeaeemd WM_ Current values Bare Land 200,000 Pius estmtated values of proposed project 1,800,000 Less values of any property being replaced -0- Net esti nated values upon competion of project 2,000,000 Proposed site is currently bare ground that will have a 69-unit Hampton Irin motel of about 32,000 Sq. Ft. I hereby cernly of authormea representative i *i'Zj IiT _. in yew)