The URL can be used to link to this page

Home My Public Portal About061-1996 Tax abatement Bev's ThreadsORDINANCE NO. 61-1996 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: REAL ESTATE - 10 YEARS Bev's Threads, ETC. Inc. New Jobs: 1 Jobs Retained: 30 Estimated New Value: $110,000 Dated: May 31, 1996 A Passed and adopted this _-day of SU L`/ 1996, by the Common Council of the City of Richmond, Indiana. President (Geneva Allen) AT -YES T _ City Clerk (Norma Schroeder) PRE�� .l��_�� ELATED to the Mayor of the City of Richmond, Indiana, this n day of i 1996, at 9:00 a.m. 1 City Clerk (Norma chroeder) TPVVED Dennis Andrews, Mayor of the City of Ri day of 1996, at 9:05 a.m i ATTE a, this , Mayor ` STATEMENT OF BENEFITS ,: State Form 27167 (134110-93) O \' Form SB - 1 is prescribed by the State Board of Tax Commissioners, 1989 �1 -.» '96 �1nY K HI l 1 vp- 'STRUCTIONS. This statement must be submitted to the body designating the economic revitilization area prior to the public hearing if the designating be mation from the applicant in making its decision about whether to designate an Economic Revitilization Area. Otherwise this statement n to the designating body BEFORE a person installs the new manufacturing equipment, or BEFORE the redevelopment or rehabilitation o, 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 project" was planned and committed to by the applicant, and approved by the designating body, prior to that date. "Projects" planned or c July 1, 1987and areas designated after July 1, 1987require 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 redevelopmen 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 coc 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 pro) is received from the township assessor. Form 322 ERA / PP must be filed between March 1 and May 15 of the assessment year in whi, tunng equipment becomes assessable, unless a filing extension has been obtained. A person who obtains a filing extension must file t 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 Benefits. (IC 6-1.1-12.1-5.6) Name of taxpayer 3G\J'S -TN REBUS, 12TC- • Nc. Address of taxpayer (street and number, city, state and ZIP code) (Z\Lt'sMONC , S tJPI ON Name of contact person Telephone number gFv SKSPktEF O ( 3\--) ) 93S . Name of designating body Resolution number Am R,1 U- MC/ "V�, (—OM'N\ON Q 0V-t`1C-11- lid - 1T2H 1! Location of property County Taxing district 19a1 SouT� J ST��ET �'.1�N1�^oNL� Wli\';NE c�Mor%o C Description of real property improvements and / or new manufacturing equipment to be acquired (use additional Estimated starting date sheets if necessary) (� t Ju'e 1 `( (-D i OOP 5�u�'-t e t��, rtl C�Y1V t-O C 1�N it j 0.dc ��io (1 Estimated completion c l s, SECTION 4 ESTIMATED NOTE: Pursuant to IC 6-1.1-12.1-5.1 (d) (2) theReal COST of the property is confidential. TOTAL COST AND VALUE Estate Improvements . ,., �=-� tCast—,t4x' °' OF PROPOSED PROJECT Machinery Assessed Value Ass Current values 3 ag 8y a 10 'Boo Pius estimated values of proposed project I O 000 o($ o 00 Less values of any property being replaced — — Net estimated values upon completion of project 4, (o D