HomeMy Public PortalAbout025-1996 Tax AbatementORDINANCE NO. 25-1996
A SPECIAL ORDINANCE AUTHORIZING THE APPROVAL OF
STATEMENTS OF BENEFITS FOR PROPERTY OWNERS 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 owners meet the requirements for property tax
assessed valuation deductions, including the above findings, as follows:
REAL ESTATE - 10 YEARS
Greiling Farms, Inc.
New Jobs: 30 Jobs Retained: 0
Estimated New Value: $400,000
Dated: January 8, 1996
Productivity Fabricators, Inc.
New Jobs: 3 Jobs Retained: 20
Estimated New Value: $800,000
Dated: February 23, 1996
NEW MANUFACTURING
EQUIPMENT - 10 YEARS
Greiling Farms, Inc.
New Jobs: 30 Jobs Retained: 0
Estimated New Value: $844,000
Dated: January 8, 1996
Productivity Fabricators, Inc.
New Jobs: 3 Jobs Retained: 20
Estimated New Value: $300,000
Dated: February 23, 1996
Cinram, Inc.
New Jobs: 8 Jobs Retained: 589
Estimated New Value: $550,000
Dated: January 13, 1996
Richmond Baking Company
New Jobs: 0 Jobs Retained: 79
Estimated New Value: $45,000
Dated: January 13, 1996
Richmond Baking Company
New Jobs: 0 Jobs Retained: 79
Estimated New Value: $5,000
Dated: February 22, 1996
Richmond Baking Company
New Jobs: 0 Jobs Retained: 79
Estimated New Value: $5,000
Dated: March 8, 1996
Sanko Peterson Corporation
New Jobs: 3 Jobs Retained: 9
Estimated New Value: $1,600,000
Dated: March 4, 1996
Passed and adopted this J day o 1996, by the Common
Council of the City of Richmond, Indiana.
�-Piesident
(Geneva Allen)
ATTES�,; <k L City Clerk
(Norma Sc oeder)
4
P SE�ITED to the Mayor of the City of Richmond, Indiana, this day of
1996, at 9:00 a.m.
Cam, City Clerk
(Norma Schroeder)
APP$OVED by�ne, Dennis Andrews, Maya
-day of 1996, at 9:05
ATTEST. k \.-\40City Clerk
(Norma S hroeder)
this
Mayor