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Home My Public Portal About145-1997 - Tax Abatement Holland ColorsORDINANCE NO. 145-1997 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 Holland Colors Americas, Inc. New Jobs: 13 Jobs Retained: 52 Estimated New Value: $650,000.00 Dated: December 4, 1997 Passed and adopted this day of 199, by the Common Council of the City of Richmond, Indiana. (�iwC't (,It ssa) ATTEST: Cl U,_� City Clerk (Norma Schroeder) PRESENTED to the Mayor of the City of Richmond, Indiana, this day o 191, at 9:00 a.m. l i City Clerk (Norma Schroeder) JOVED by me, Dennis Andrews, Mayor of the City of Richmond, India a, this day of �u-Lt d , 1997,,; at 9:05 a.m. Mayor ATTET City Clerk (Norma chroeder) STATEMENT OF BENEFITS 11 � \, F- Fr FORM State Form 27167 (R4 / 10-93) Form SB - 1 is prescribed by the State Board of Tax Commissioners, 1989 Its D E C 51997 INSTRUCTIONS: 1. This statement must be submitted to the body designating the economic revitilization area prioUMbbANWifearing if the designating body requires ink mation from the applicant in making its decision about whether to designate an Economic. ,ure}�'t�li�y'onf+,ilto Otherwise this statement must be submitte to the designating body BEFORE a person installs the new manufacturing equipment, or BEFORE the redevelopment or rehabilitation of real property f, 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 tt project" was planned and committed to by the applicant, and approved by the designating body, prior to that date. "Projects" planned or committed to afta July 1, 1987 and areas designated after July 1, 1987 require a STATEMENT OF BENEFITS. (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 may be 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. Wit 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 assessmer 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 turfing equipment becomes assessable, unless a filing extension has been obtained. A person who obtains a filing extension must file the form betweei 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 o Benefits. (IC 6-1.1-12.1-5.6) SECTION•- • Name of taxpayer Holland Colors Americas, Inc. Address of taxpayer (street and number, city, state and ZIP code) 1501 Progress Drive Richmond, IN 47374 Name of contact person Telephone number Michele R. Smith, Accountant ( 765) 935-0329 SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED -PROJECT Name of designating body Resolution number Common Council of the City of Richmond, IN 110-1984, 11-1991 Location of property 1501 Progress Drive County Taxing district Richmond, IN 47374 1 Wayne Richmond Corp. Description of real property improvements and / or new manufacturing equipment to be acquired (use additional Estimated starting date sheets if necessary) Construct new lab and office mezzanine in plant December 8, 1997Estimated completion date April 1, 1998 SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT Current number Salaries Number retained Salaries Number additional Salaries 52 1,336,767 52 1,336,767 13 229,300 SECTION 4 ESTIMATED NOTE: Pursuant to IC 6 1.1-12.1-5.1 (d) (2) theReal COST of the property is confidential.�C TOTAL COST AND VALUE Estate ImprovementsMachinery .M OF PROPOSED PROJECT Assessed Value Assessed Value Current values 2,067,797 415,830 Plus estimated values of proposed project 650,000 Unknown Less values of any property being replaced Net estimated values upon completion of project 2,717,797 FormSB-1A DEC u 5 1997 City of Richmond, Indiana Taxpayer Wage & Benefit Information�,t-fy �;c�tvl ttu�u�c rY OF Company Name and Address: Holland Colors Americas, Inc. 1501 Progress Drive Richmond, IN 47374 The information requested on this supplement to form SB-1 must be completed and submitted along with your SB-1 in order for your tax abatement request to be considered by Richmond Common Council. Please retain your records and calculations used to arrive at the information requested on this form. It is subject to review as a part of our monitoring process. 1. Average hourly wage for existing employees $ 9.26 2. Average hourly wage for projected new positions $ 8.48 3. Average hourly health insurance benefit $ 1.86 DEFINITIONS 1. Average hourly wage for existing employees: for your most recent pay period please provide the average base wage per hour for all current full time, non -supervisory employees. Do not include the following groups: A. part time employees; B. management, supervisors, foremen, or any other supervisory personnel; C. owners, stockholders, or partners if they own 2% or more of the business, and their family members. 2. Average hourly wage for projected new positions: Use the same definition of employees to be included as in number one above. 3. Average hourly health insurance benefit: Please provide the current company paid health insurance benefits provided to hourly employees (as defined above) and family members. Please present in the form of an hourly rate computed using the annual cost per elig, employee divided by 2080 hours. (Authorized Signatuk 4d Title) (Date)