HomeMy Public PortalAbout032-1996 Tax Abatement CITORDINANCE NO. 32-1996
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
Contract Industrial Tooling, Inc.
New Jobs: 6 Jobs Retained: 8
Estimated New Value: $227,000
Dated: April 19, 1996
Passed and adopted this day of, 1996, by the Common
Council of the City of Richmond, Indiana.
,4��esident
(Geneva Allen)
ATTEST; , City Clerk
(NormaSchroeder)
P ENTED to the Mayor of the City of Richmond, Indiana, this day of
1996, at 9:00 a.m.
City Clerk
(Norma Schroeder)
A
A
this
Mayor
`�•'S STATEMENT OF BENEFITS
Slat* Form 27167(Fiat11-91) FUtiM
Form S8 • 1 is prescrteo by"Slate Board of Tax ComnissOners. 1M S8
The rocords In this series are CONFiC&MAL according to IC 6 1.1.15-9
°6 AIR 22 Pin 8 57
INSTRUCTIONS:
1. This statement must be submitted to the body designating the economic revitilization area prior to the public hearing it the designating body requires inlc
mation from the applicant in making its decision about whether to designate an Economic Rewtilization Area. Otherwise this statement must be submire
to the designating body BEFORE a person installs the new manufacturing equipment, or BEFORE the redevelopment or rehabilitation of real property h
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 th
project' was planned and committed to by the applicant, and approved by the designating body.. prior to that date. 'Projects' planned or committed ro aft(
July 1. 1987 and areas designated after July 1, 1987 require a STATEMENT OF BENEFITS. (fC 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 rehabditatrdr
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. lit
respect to real property, Form 322 ERA must be riled by the later of., (1) May 10; or (2) thirty (30) days alter a notice of increase in real property assessmer
is5 received from the township assessor. Form 322 ERA / PP must be riled between March 1 and May 15 of the assessment year in which new manufac
turing equipment is installed, unless a filing extension has been obtained. A person who obtains a filing extension must file the form between March 1 an
June 14 of that year.
4. Property owners whose Statement of Benefits was approved alter July 1, 1991 must submit Form CF - 1 annually to show compliance with the Statement c
Benefits. (IC 6-1.1-12.1-5.6)
Name of taxpayer
Kim Wuertemberger
Address of taxpayer (street and number, city, state and ZIP code)
433 Northwest L Street, Richmond, IN 47374
Name of contact person Telephone number
Kim Wuertemberger {317J 966-1134
DESCRIPTIONLOCATION AND
Name of designating body Resolution number
Common Council of City of Richmond 10-1984, 11-1991
Location of property County Taxing district
433 Northwest L Street, Richmond Wayne Richmond Corp.
Description of real property improvements and / or new manufacturing equipment to be acquired (use additional Estimated starting date
sheets if necessary)
18,000 sq. ft. additional manufacturing facility and parking lot 6/96
Estimated completion date
10/96
ESTIMATED
PROPOSEDSECTION4
TOTAL COST AND VALUE OF
Reat Estate Imorovements- Mac
Cost Assessed Value Cost Assessed Value
Current values
— 0 —
Pkm estimated values of proposed project
227,000
Less values of any property being replaced
— 0 —
Net estimated values upon completion of project
227,000
Signature of authorized representative
I hereby certify that the representations in this statement are true.
Title
President
Date signed (month, day, year)