HomeMy Public PortalAbout052-1996 Inventory Tax creditORDINANCE NO. 52-1996
A SPECIAL ORDINANCE AUTHORIZING THE CONTINUATION OF AN
INVENTORY TAX CREDIT
WHEREAS pursuant to I.C. 6-3.1-11, following application by the City of
Richmond, the State Enterprise Zone Board has designated a certain
location on Industries Road (commonly known as "Deutz Facility")
as an Industrial Recovery Site; and
WHEREAS pursuant to I.C. 6-1.1-20.7, many of the current tenants within the
above facility have secured an inventory tax credit for certain
increases in inventory stored at the above facility; and
WHEREAS pursuant to I.C. 6-1.1-20.7-13, such inventory tax credit is not
allowed for a tax payer which has moved its additional inventory
from another location within Indiana, unless such move was from
within the same municipality and unless the Common Council for
such municipality agrees to the continuation of the inventory tax
credit; and
WHEREAS Elder Davis, Inc. has requested an inventory tax credit for the State
of Indiana its inventory which was moved to the "Deutz Facility",
but which move was from another Richmond location; and
WHEREAS Elder Davis, Inc. has increased its operation in conjunction with its
move and increased inventory at the Deutz location, which acts have
benefited the economy for the Richmond area community, and in
conjunction therewith, Elder Davis, Inc. requests the approval of
Common Council in order to secure continuation of its inventory tax
credit.
NOW, THEREFORE, be it ordained by the Common Council of the City of Richmond,
Indiana, that it consents to and approves the existence of an inventory tax credit for Elder
Davis, Inc., pursuant to law, regarding any increased inventory located at the "Deutz
Facility" notwithstanding that any such increase was due to a reduction or cessation of
operations at another Richmond facility beginning February 1994.
Passed and adopted this _�_S _ day of July
Richmond, Indiana.
1996, by the Common Council of the City of
esident
(Geneva Allen)
ATTES t , City Clerk
(Norma hroeder)
J(
PRESENTED to the Mayor of the City of Richmond, Indiana, this --Via! day of
1996, at 9:00 a.m.
,City Clerk
(Norma hroeder)
APP OVED e, Dennis Andrews, Mayo]
day o 1996, at 9:05
ATTEST��t� �4rZd—er)'-"-
� City Clerk
(Norma
this
Mayor