HomeMy Public PortalAbout059-1996 Tax Abatement Envirotech ExtrusionORDINANCE NO. 59-1996
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
Envirotech Extrusion, Inc.
New Jobs: 32 Jobs Retained: 30
Estimated New Value: $1,418,539
Dated: June 11, 1996
Passed and adopted this k eL S ~ day of �� �' Y 1996, by the Common
Council of the City of Richmond, Indiana.
President
(Geneva Allen)
ATTEST: � to `� _ ���'�� City Clerk
(Norma Schroeder)
7ENTED to the Mayor of the City of Richmond, Indiana, this _� L� day of
1996, at 9:00 a.m.
(Norma
�l � '��.z-c�4;-City Clerk
chroeder)
� OVEN Dennis Andrews, Mayoi
day of , 1996, at 9:05 a
yor
ATTEST,"(NornmnaS
� ��, City Clerk
r)
STATEMENT OF BENEFITS
;_ State Form 27167 (R4 / 10-93)
k Form SB - 1 is prescribed by the State Board of Tax Commissioners, 1989
•���= JUN 14 1996
FORM
SB-1
INSTRUCTIONS: A 10—year abatement period is requested.
1. This statement must be submitted to the body designating the economic revitilization area prior to the public hearing if the designating body requires infor-
mation from the applicant in making its decision about whether to designate an Economic Revitilization Area. Otherwise this statement must be submitted
to the designating body BEFORE a person installs the new manufacturing equipment, or BEFORE the redevelopment or rehabilitation of real property for
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 the
project" was planned and committed to by the applicant, and approved by the designating body, prior to that date. "Projects" planned or committed to after
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 rehabilitation.
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. With
respect to real property, Form 322 ERA must be filed by the later of: (1) May 10: or (2) thirty (30) days after a notice of increase in real property assessment
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-
turing equipment becomes assessable, unless a filing extension has been obtained. A person who obtains a filing extension must file the form between
March 1 and June 14 of 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 of
Benefits. (IC 6-1.1-12.1-5.6)
Name of taxpayer
Envirotech Extrusion, Inc.
Address of taxpayer (street and number, city, state and ZiP code)
4810 Woodside Drive, Richmond, IN 47374
Name of contact person Telephone number
Kirk Shendler (317 )966-8068
SECTION'Z LOCATION EY DESCRIPTION OF PROPOSED PROJECT.
Name of designating body
Resolution number
Common Council City of Richmond, IN
10-1984, 11-1991
Location of property
County
Taxing district
4810 Woodside Drive, Richmond, IN
Wayne
Richmond Corp.
Description of real property improvements and / or new manufacturing equipment to be acquired (use additional
Estimated starting date
sheets if necessary)
July 1, 1996
See attached list.
Estimated completion date
December 31, 1997
SECTION 3'� ESTIMATE OF -EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT
Current number Salanes Number retained Salaries Number additional Salaries
30 600,000 1 30 1 600,00 1 32 1 640,000
NOTE: Pursuant to IC 6-1.1-12.1-5.1 (d) (2) the Real Estate Improvements
COST of the property is confidential. Cost Assessed Value
Machinery
Cost Assessed Value
Current values
Plus estimated values of proposed project
1,418,539
72 846
Less values of any property being replaced
Net estimated values upon completion of project
1,418,539
72 846
None
SECTION•
I herebv certifv that the representations in this statement are true.
of authorized
Title
J U N 13 1996
CITY CONTROLLER
Date signed (month, day, year)