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Home My Public Portal About041-1996 Tax Abatement Amcast Automotive RichmondORDINANCE NO. 41-1996 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 Amcast Automotive, Richmond New Jobs: 10 Jobs Retained: 156 Estimated New Value: $1,960,000 Dated: February 29, 1996 1 Passed and adopted this � v day 996, by the Common Council of the City of Richmond, Indiana. President (Geneva Allen) ATTES ` Q City Clerk (Norma Schroeder) �P SENTED to the Mayor of the City of Richmond, Indiana, this '' day of W� , 1996, at 9:00 a.m. C City Clerk (Norma Schroeder) VED b m Dennis Andrews, Mayor of the City of Richmond, In ' a, this ay of °---, 1996, at 9:05 a.m.. ........ Mayor ATTES tiL�G` r e `, City Clerk (Norma S oeder) STATEMENT OF BENEFITS r State Form 27167 (R31 11-91) � Form SB - 1 is prescribed by the State Board at Tax Cammiss+oners, 1989 The records in this series are CONFIDENTIAL according to iC 6-1.1-35-9 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 in matron from the applicant in making its decision about whether to designate an Economic Revitilization Area. Otherwise this statement must be sucrrn to the designating body BEFORE a person installs the new manufactunng equipment, or BEFORE the reaevefooment or rehabilitation of real prcceny wnicn 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 'eroiecl' was planned and committed to by the applicant. and accroved by the designating body, prior to that date.-Prclects' planned or ccmmitted to a, July 1. 1987 and areas designated after July 1, 7987 require a STATEMENT OF BENEFITS. (iC 6-1.1-12. 1) 2. Aeprcval of the designating body (City Council, Town Board. County Council, etc.) must be obtained pricy to initiation of the redevelopment or rehabriitatn or prior to installation of the new manufacunng equipment, BEFORE.? deduction may be approved. 3. To eetain a deduction, Form 322 EPA. Real Estate lmprovements and / or Form 322 E,: A / PP, New Machinery, must be filed with the ccunty auditor. W rescect ro real property, Form 322 EPA must be filed by the later of. (1) May 10: cr (2) thirty (3(?) days after a notice of ina ease in real prcpert"v assessrrs is received from the township assessor. Form 322 EPA / PP must be filed between Marc.' 1 and May 15 of the assessment year in which new manuta tunng equipment is installed, unless a tiling extension nas been obtained. A person wno cotains a filing extension must file the form between Marco 1 at June 14 of that year. s. Prcoerry 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) 7tie s IU1 I f• Name ct taxpayer t f iAddress of taxpayer (street and number. City, state anc-ZIP coce) r G Name e� ca� ci pe on Teiepncne nurrger Nagle or aesignatng bony, M; soiutio number Location of propery Cc'nry Taxing cistna iSL�% A]h // /{ �S� Cl i��ltri�i� �ti�`� 3W- 1/L' Descnotion at real property improvements aria i or new manutac.unng equioment to ee a=uired emee addrvcnal Esumated starling cafe sheets if neces ry) � � P9� r i ( / f � G� tU�cc,t YDG1tC��iL�, ' Ccl�rnLrZ ! _( csum ted comptetien sate A:C i99� Salaries aWIA" GCO. Cost I Assessed Value Cost ! Assessed Value Current values ii-1-- Plus esnmarea values of oreoosed orciect i 0, cxl�o Less values of any property being reoiacea i Net estimates values upon completion at oroieci I r SE=Cu s OTHER BENIM I S FROMISE13 BY THETAXPAYM �' • 1 hereby cem-ty that the representations in this statement are true. 3fcnature or aumorizea representative Title I Date signea, (monin, day, year)