The URL can be used to link to this page

Home My Public Portal About063-1996 Tax AbatementPrimex PlasticsORDINANCE NO. 63-1996 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 Primex Plastics Corporation New Jobs: 13 Jobs Retained: 407 Estimated New Value: $8,000,000 Dated: June 14, 1996 Passed and adopted this day of S'Ll 1996, by the Common Council of the City of Richmond, Indiana. i r President (Geneva Allen) ATTEST: Lw City Clerk (Norm4Sc+roede�r) 1 PR NTED to the Mayor of the City of Richmond, Indiana, this day of 1996, at 9:00 a.m. City Clerk (Norma, chroeder) APP> OVED b�m D nnis Andrews, Mayor of i of Richmo , n an, , this ��= day of 4� _z 1996, at 9:05 a. 1 (Dennis ATTES' )1: e- , City Clerk (Norma Sc roeder) �4� t Mayor STATEMENT OF BENEFITS 7Z State Form 27167 (R3 / 11.91) Form S8 • 1 is prescribed by the State Board o1 Tax Commr%=Ca s. 1989 The records In this series are CONFiDENTUL according to IC 8 1.1-15 9 v.� FUHM SB-1 INSTRUCTIONS: Requd [�`i�,e_* PbRti6ilnt. 1. This statement must be submitted to the body designating the economic revitilization area prior to the public hearing it the designating body requires in! matron from the applicant in making its decision about whether to designate an Economic Revitalization Area. Otherwise this statement must be submin to the designating body BEFORE a person installs the new manufacturing equipment, or BEFORE the redevelopment or rehabilitation of real property which the person wishes to claim a deduction. A statement of benefits is not required it the area was designated an ERA prior to July 1, 1987 and i project' was planned and committed to by the applicant, and approved by the designating bod y. pnor to that date. 'Projects' planned or committed to at July 1, 1987 and areas designated attar July 1, 1987 require a STATEMENT OF BENEFITS. (rC 6-1.1-12.1) 2. Approval of the designating body (City Council, Town Board, County Council, eta) must be obtained prior to initiation of the redevelopment or rehabrlitati< or prior to installation of the new manufacturing equipment, BEFORE a dedurnbn may be approved. 3. To obtain a deduction. Form 322 ERA, Real Estate lmproverrients and / or Form 322 ERA / PP, New Machinery, must be filed with the county auditor. W respect to real property, Form 322 ERA must be filed by the later a (1) May 10. or (2) thirty (30) days alter a notice of increase in real property assessme 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 manu4 tuning equipment is installed, unless a filing extension has been obtained. A person who obtains a tiling extension nwst hie the form between March t a. June 14 of that year. i. Property 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) Name of taxpayer Primex Plastics Corporation Address of taxpayer (street and number, city, state and Zit- cmal 1235 North F Street, Richmond, IN 47374 r me of contact person ietepnone number Jerry Zeigler I ( 317) 973-0120 Name of designating body Common Council of the City of Richmond Resolution number 10-1984, 11-1991 Location of property County ianng oistra 1235 North F Street, Richmond, IN 47374 1 Wayne Richmond Corporation Description of teal property improvements and / or new manufacturing equipment to be acquired (use additional Estimated starting date sheets if necessary) i 6-20-96 Extrusion lines and other miscellaneous manufacturing equipment. $8,000,000 completion data 6-20-98 ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJ ImprovementsSECTION4 Real Estate ECT Cast Assessed Vslue Cost Assessed Value Current valves 19 844 280 15992,6180 Pkis estimated values of proposed project 8,000,000 800,000 Less values of any property being replaced Net estimated values upon completion of project 27,844,280 2,792,680 I hereby certdy that the representations in this statement are true. of authorized representative Title C_V/rE.-w 4- e Date signed (month, day, year)