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Home My Public Portal About038-1996 Tax Abatment Star MfgORDINANCE NO. 38-1996 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: NEW MANUFACTURING EQUIPMENT - 10 YEARS Star Manufacturing Equipment New Jobs: 6 Jobs Retained: 73 Estimated New Value: $500,000 Dated: May 14, 1996 Passed and adopted this day of ' V-c-- 1996, by the Common Council of the City of Richmond, Indiana. tr President (Geneva Allen) ATTES kk\ e-L City Clerk (Norma Schroeder) P SENTED to the Mayor of the City of Richmond, Indiana, this day of 1996, at 9:00 a.m. \A� d "-,-City Clerk (Norma Schroeder) AjP OVED y e, Dennis Andrews, Mayor of the City of Richmond, d ana, this day o �- , 1996, at 9:05 a.m. ��..• �, .�! ,�,, �, , Mayor (Dennis An ews) ATTES t-.,,,City Clerk (Norma S oeder) STATEMENT OF BENEFITS W� Y- Sute Form 27167 (R3 r 11-91) Form S8 - 1 is prescribed by the State Board of Tax ComMiss'Orlefs. 1989 '.. ��' The records In this series art CONF-100MAL according to 1C 6-1.1.3S-9 t-vHN SB-1 INSTRUCTIONS: ' U 6 MY � Y 20 rin 11 4 S 1. This statement must be submitted to the body designating the economic revitilization area prior to the public hearing if the designating body requires in mation from the applicant in making its decision about whether to designate an Economic Revitilization Area. Otherwise this statement must be submit 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 project' was planned and committed to by the applicant. and approved by the desr nating bodyy, prior to that date. 'Projects' planned or committed to a, July 1. 1987 and areas designated after July 1, 1987 require a STATEMENT OF BENEFITS. (1C 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 rehabtfitatii 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. A respect to real property, Form 322 ERA must be filed by the laterol: (1) May 10, or (2) thirty (30) days after a notice of increase in real property assessmt is received from the township assessor. Form 322 ERA / PP must be bled between March I and May 15 of the assessment year in which new manuk turin9 equipment is installed, unless a filing extension has been obtained. A person who obtains a filing extension must rile the form between March 1 a June 14 o that year. I. Property owners whose Statement of Benefits was approved after July 1, 1991 must submit Form CF - I annually to show compliance with the Statement Benefits. (IC 6.1.1-12.1.5.6) Name of taxpayer Star Manufacturing Corp. Address of taxpayer (street ano nu hoer, city, state aria cfe Couel 1238 Rich Road, Richmond, IN 47374 Name of contact person Telephone number Robert R. York _ (317) 962-3464 Name of designating body Resolution number Common Council of the City of Richmond,IN 10-1984 11-1991 Location of property County Taxing district 1238 Rich Road, Richmond, IN 47374 1 Wayne Richmond Corp. Oescrotion of real property improvements and / or new manufacturing equipment to be acquired (use additional Estimated starting date sheets if neeesaary) Proposed Manufacturing Equipment Purchases $500,000 L/1/96 Estimated completion date 6/30/99 *Included payroll and benefits. Company leases employees. 4 ESTIMATED TOTAL COSTAND VALUE Real Estate Improvements Cost OF PROJECT PROPOSEDSECTION Machinery Assessed Value Cost 7 Assessed Value Current values 1,018,457 90,450 Pkts estimated values of proposed project 500,000 50,000 Less values of any property being replaced Net estimated values upon completion of project F 1,518,457 140,450 certify that the Signature of authorized representative e 1s in this statement are true. Title Vice President Date signed (month, day, year)