HomeMy Public PortalAbout026-1996 Tax Abatement Holland ColorsORDINANCE NO. 26-1996
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: 10 Jobs Retained: 41
Estimated New Value: $800,000
Dated: April 5, 1996
Passed and adopted this tA day of Lt'k 1996, by the Common
Council of the City of Richmond, Indiana.
President
(Geneva Allen)
ATTEST. �( L, City Clerk
(Norma Sc oeder)
P SENTED to the Mayor of the City of Richmond, Indiana, this _ �_ day of
1996, at 9:00 a.m.
c� City Clerk
(NormaSchroeder)
A
A
this
Mayor
STATEMENT OF BENEFITS
+ f State Form 27167 (R3 r 11.91)
Fo(m S8 - 1 is prescnbed by the State Board of Tax Cornmissioners. 1989
The records in this series are CONFIDENTIAL according to IC 6-i.1.35-9
w
FUtiM
SB-1
INSTRUCTIONS:
1. This statement must be submitted to the body designating the economic revitilization area prior to the public hearing if the designating body requires Of(
oration from the applicant in making its decision about whether to designate an Economic Revitilization Area. Otherwise this statement must be submits,
to the designating body BEFORE a person installs the new manufacturing equipment, or BEFORE the redevelopment or rehabilitation of real property)
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 1)
projeci- was planned and committed to by the applicant, and approved by the designating body, prior to that date. -Projects' planned or committed to aft
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 rehabrlitalic
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. Wi
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 assessme
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 manufa
Luring equipment is installed, unless a filing extension has been obtained. A person who obtains a filing extension must file the form between March 1 ar
June /I o that year.
<. Properly owners whose Statement of Benefits was approved after July 1, 1991 must submit Form CF - 1 annually to show compliance with the Statement,
Benefits. (IC 6-1.1-12.1-5.6)
Name of taxpayer
Holland Colors Amer
of taxpayer (street and number, city, staL, and ZIP code)
1501 Progress Drive, Richmond, IN 47374
Name of contact person Ieiepnone number
Mr. Rudy Groot I ( 317) 935-0329
Name of designating body Resolution number
Common Council of the City of Richmond, IN 10-1984, 11-1991
Location of property County Taxing district
1501 Progress Drive, Richmond, IN 47374 Wayne Richmond Corp.
Description of real property improvements and I or new manufacturing equipment to be acquired (use additional Estimated starting date
sheets if necessary) June 1996
$800,000 — 20,000 sq. ft. warehouse addition
Estimated completion date
December 1996
eN4' ESTIMATED
TOTAL COSTOF
Real Estate Improvements
Cost
-•••
Machinery
Assessed Value Cost Assessed Value
Current values
1,965,811
270,710
Pkrs estimated values of proposed project
800,000
80,000
Less values of any property being replaced
Net estimated values upon completion of project
2 , 765 , 811
350,730
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