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Home My Public Portal About039-1996 Tax Abatement Mid Continent Paper Converters IncORDINANCE NO. 39-1996 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 Mid Continent Paper Converters, Inc. New Jobs: 12 Jobs Retained: 94 Estimated New Value: $3,000,000 Dated: May 15, 1996 Passed and adopted this day of 1996, by the Common Council of the City of Richmond, Indiana. President (Genevi Allen) ATI`ES City Clerk (Norma Schroeder) JPENTED to the Mayor of the City of Richmond, Indiana, this day of 1996, at 9:00 a.m. City Clerk (Norma Schroeder) P2OVED 6y m Dennis Andrews, Mayor of the City of Richmond, Indiana, this day of 1996, at 9:05 a.m. r „-,le - , Mayor (Dennis Andr ws) ATTEST - o_� , City Clerk (Norma S hroeder) STATEMENT OF BENEFITS Requesting 10 Year abatement r Slate form 27167 (R3 / 11.91) Form SB - 1 is prescnbea by the Stave Board of Tax Commiss oners. 1989 The records In this series are CONFIDENTIAL according to IC 6-1.1-3-1 9 ». 96 ,'ill 15 Pn FUFiM 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 info oration from the applicant in making its decision about whether to designate an Economic Revitilization Area. 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 fc 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 desgnating body, prior to that date. 'Projects' planned or committed to ahe 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 rehabrlitatior or prior to installation of the new manufactunng equipment, BEFORE a deduction may be approved. 3. To obtain a deduction, Form 322 ERA, Real Estate Improvements and l 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 f 0; 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 tunng equipment is installed, unless a filing extension has been obtained. A person who obtains a filing extension must file the form between March 1 am June 14 o 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) Name of taxpayer Mid Continen tersj Inc. Address of taxpayer (street and number, city, state and ZIP code) 751 South 0 Street, Richmond IN 47374 Name of contact person Telephone number Nelson F. Du 1 SECTION• • AND DESCRIPTION OF ••• r PROJECT Name of designating body Resolution number Common Council of the City of Richmond IN 10-1984 11-1991 Location of property County Taxing district 751 South 0 Street, Richmond Wa ne Richmond Corp. Description of real property improvements and / or new manufacturing equipment to be acquired (use additional Estimated starting date sheets if necessary) 2 new Precision Sheeters $3,000,000 March 1997 Estimated completion date January 1998 SECTION • TOTAL COSTOF •• • • PROJECT Real Estate Improvements Machinery Cost Assessed Value Cost Assessed Value Current values 1,834,732 183-470 Plus estimated values of proposed project 3,000,000 Less values of any property being replaced Net estimated values upon completion of project 4,834,732 Signature of authori resentative that the representations in this statement are true. Title CFO & C00 Date signed (month, day, year)