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Home My Public Portal About139-1997 - Tax abatement - Marvel IndustriesORDINANCE NO. 139-1997 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: 121810 1' 0VI Clem 1 d Marvel Industries/Northland Corporation New Jobs: 20 Jobs Retained: 80 Estimated New Value: $927,000.00 Dated: October 16, 1997 Marvel Industries/Northland Corporation New Jobs: 20 Jobs Retained: 80 Estimated New Value: $908,000.00 Dated: October 16, 1997 Passed and adopted this day o L L1997, by the Common Council of the City of Richmond, Indiana. �'avy'—President (Robert Dickman) ATTE " City Clerk (Norma Schroeder) PRESENTED to the Mayor of the City of Richmond, Indiana, this l � �k day o � C' 1997, at 9:00 a.m. (Norma Schroeder) =212 nm e, Dennis Andrews, Mayor of the City of Richmond, 1997, at 9:05 a.m. ATTEST: '�-City Clerk (Norma Sc oeder) City Clerk day STATEMENT OF BENEFITS -"t state farm 27167 (R4 r 10-93) - Foan S8 - 1 is prescribed by the State Board of Tax Commissioners, 1989 ' S? 2 DR 1 t{1 FORM - SB.41 :5TRUCTTONS: This statement must be submitted to the body designating the economic revidUzation area prior to the public hearing if the designating body requires into, mation from the applicant in makirg its decision about whether to designate an Economic Revitillzation Area. Otherwise this statement must be submftte to the designating body BEFORE a person installs the new manutactunng equipment, or BEFORE the redevelopment or rehabifitaiicrt of real property fc Nhicn 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 am tht 'Project' was planned and committed to by the applicant, and approved by the designating body, prior to that date. 'Projects' planned or ccnImitted to atte. July 1. 1997 and areas designated after July 1. 1987 require a STATEMENT OF BENEFITS. (IC 6-1.1-IZ 1) ,approval of the designating body (City Council. Town Board. County Council, etc.) must be obtained prior to initiation of the redevelopment or rehabiCtation or prior to installation of the new manufacturing equipment. BEFORE a deduction may be approved To obtain a deducxon. Form 32-9 ERA, Real Estate Improvements and / or Form 322 ERA / PP, New Machinery, must be filed wit, the county auditor. WW 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 assessmen 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 tunrg equipment becomes assessable, unless a filing extension has been obtained. A person who cotains a filing extension must file the form betweer ,March 1 and June 14 of that year. Property owners whose Statement of Beneftfs was approved after July 1, 1991 must submit Form CF - 1 annually to show ccmPliance with the Statement c, 3enefits. (iC 6- 1. 1- 12.1-5.6) :me of taxpayer farvel Industries/Northland Corporation Stagood Corporation, 701 Rainey Drive, Greenville :cress of taxpayer (street and number, city, state and LP code) 233 Industrial Parkway, Richmond, IN 47374 time of contact person tetepnone number William N. Harris I ( 765 )962-2521 SECTION 2 LOCATION AND DESCMPTIQN OF PROPOSED PROJECT :me of designating body Resolution number :'_ichmond Common Council motion of property '33 Industrial Parkway, Richmond, IN County Wayne scnoticn of real property improvements and I or new manufacturing equipment to be acquired (use additional aets it necessary) 43,200 sq,ft. Manufacturing Plant Addition 3,500 sq,ft. Office Addition and Lobby Addition Powder Coat (Painting) Application Equipment Metal Pretreatment System for preparing the parts for painting Taxing cistric: Wayne Township City of Richmond Estimated star-.irg date November 1997 Estimated ccrrcleten date FY 1998 -rent number Salaries Number retained Salaries Number additional Salaries 80 11,843,000 I 80 I1,843,000 I 20 1380,000 NOTE: Pursuant to IC 5-1.1.12.1-5.1 (d) (2) the COST of the property is confidential. CL;rrentvalues j 1,1ti1,5UU 1 .3y.3,0JU ( 740174V 9— =!us estimated values of prcoesed-roject I 908,000 927,000 ! -ess values of ary procerty being replaced 0i ( 42,000 I tiet estimated values upon comoteticn of project 1 c , ue7 , JUU 1 i � , , 1 addition ;uipment. This new equipment will eliminate Also, t discharges from the washer system will be cle more _nvironmental friendly. Also the new equipme to become :core competitive in the market place. e a pretreatment system and powdercoat paint the VOC's associated with liquid paint. prier and reduced thus making this change nt and plant addition will allow Marvel 6 TAXPAYER CERTIFICATION I hereov certrN that 'he recresentatlons in this statement are 'rue. -azure cr autronxec recresentanve ! T de Cate s:5rec -cis :ay.to /ean applicatioj he.' Ne have reviewed our prior actions relating to the designation of this economic revitalization area and find that the applicant met general standards Wanted in the resolution prevtousty approved by this boay. Said resolution, passed under iC 6-1.1-121-21 vides for the following tirnttab= as autttorrmd under iC 6-1.1-12.1-2 A. The designated area has been limited to a period of time not to exceed calendar years ' (see below). The da 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-. Q Yes Q No 2. Installation of new manufa=uing equipment: Q Yes Q No 3. Residentially distressed areas Q Yes Q No C. The amount of deduction applicable for new manufacturing equipment installed and first claimed eligible for deduction after, 1987, is limited to $ cost with an assessed value of S 0. The amount of deduction applicable to redevelopment or rehabilitation in an area designated after September 1, 1988 is lin $ cast with an assessed value of S 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 allow Q 5 years Q 10 years Also we have reviewed the information contained in the statement of benefits and find that the estimates and expectations are rt able and have determined that the totality of benefits is sufficient to justify the deduction described above. �.+pprave°: arm7 / Telephone numoer Datewgnea (mm m, cay. yea 1-" -7 z,- - -, I 1� -7— 9 a% If the designating 46dy limits the time period during which an area is an economic revitifization area- it does not limit the length i a taxpayer is enuttea to receive a deduction to a number of years designated under iC 6-1.1-12.1-4 or 4.5 Namely: (see tables , Year of Oeduccan I Rm 15) Year I ( Par, cage Tin (10) I pwp .-Y"Yev 1 at 100Ye 10CM16 2nd qWe Me 3rd SM 909'• 4th I Swe 85% Sth ( MY* I awe 6th I j 709e 7th I j 559E 8th I I 400/6 9th 309Le 1Oth I I 259'e I OF -••IMPROVEMENT- -Yewot Three (3) Year I sir (6) Yew + Tin (tt Deduction Deduction Deduction ! bedu lit 1007e lam 10( 2nd Ewe 8tw'e 95 3td 339'0 Me 80 4th % 65 5th 34% 5C 6th 17% 4C 71h 3C 8th 2( 61h 1( 10th I ! 5 NOV-14-97 14:44 FROM:CITY OF RICHMOND FINANCE ID:1t317+sa37212 PACE 2/2 Form SB-IA City of Richmond, Indiana DrN00 Tah-ptyer Wage & Benefit Information4 1997 - Company Nam : and Address: MARVEL INDUSTRIES 233 INDUSTRIAL PARKWAY RICHMOND, IN 47374 MARVEL INDUSTRIES rho informatioi requested on this supplement to form SB-1 must be completed and submitted alone with your SB -I in order for your tax abatement request to be considered )y Richmond C Ammon Count il. Nease retain yc it records and calculations used to arrive at the information requested on :his form It is ubject to revi, w as a part of our monitoring process. 1. Average hot -ly wage for a ;fisting employees S 9.00 Z. Average hot -ly wage for F •ojected new positions S 9.00 3. Average hot -Iy health insu -ante benefit S 2.90 *Overtime hours are not included in the average. Overtime MUNITION! is paid at time and one half for all hours worked on Saturday and on all hours worked over 8 hours in one day. Average ho rly wage for t xasting employees: for your most recent pay period please provide the Lverage base � -age per hour for all current fall time, non -supervisory employees. Do not includ : the following groups: . part time ei iployees; 1 . managemet t, supervisors, foremen, or aav other supervisory personnel; c . owners, sto :l holders, or partners if they own 2% or more of the business, aj d their family members. Average hot rlv wage for 1 rojected new positions: Use the same definition of employees t ) be included: s in number one above. Average hot rly health inst ranee benefit: Please provide the current company paid health incur: nce benefits F -ovided to hourly employees (as defined above) and family members. F :east present i 1 the form of an hourly rate computed using the annual cost per etia ble employee divided by 2080 hours. (Authorized S12 nature and Tit _) (Datc) 96-1133 MARVEL INDUSTRIES GROUP INSURANCE PLAN BENEFITS The following summary is merely descriptive of the benefits and is subject to the terms and conditions of the master insurance policy. Life Insurance Accidental Death & Dismemberment Short -Term Disability Health Insurance Benefits Premium Co -Pay Deductible Well Child Care Routine Checkups, Immunizations, Flu Shots Surgical Expense Coverage Hospital Expense Coverage $12, 500 $12, 500 $120 per week for 26 weeks $2.00 per week $150 per person/year $450 per family/year Covered at 80% after deductible has been met Covered at 80% after deductible has been met Covered at 80% after deductible has been met; covered at 100% after employee has paid $750 out-of-pocket expense Covered at 80% after deductible has been met; covered at 100% after employee has paid $750 out-of-pocket expense; no maximum number of days Eligible Dependents Children are eligible as long as they are unmarried, not employed on a full-time basis and living with the employee in a parent -child relationship or are the legal responsibility of the employee Lifetime Maximum Benefit (Major Medical) Yearly Maximum Out -Of -Pocket Expense that employee must pay (includes deductible amount) $1,000,000 After employee has paid $750 per person ($1500 per family), benefits are paid at 1001/10 for remainder of calendar year 96-1133 Page two Dental Benefits Diagnostic and Preventive Services 100% reimbursement Includes two free exams and cleanings per person per year and one free set of bite -wing x-rays per person per year Basic Services 80% reimbursement Includes fillings, oral surgery Major Services 50% reimbursement Includes crowns, inlays, bridges and dentures Annual Benefit Maximum for Diagnostic and $1000 Preventive, Basic, and Major Services Orthodontia Services 50% reimbursement $1000 lifetime benefit maximum Periodontal Services 50% reimbursement $1000 lifetime benefit maximum TMJ Services 50% reimbursement $1000 lifetime benefit maximum Deductible (applies to all benefits except $100 per person Diagnostic and Preventive) $200 per family