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Home My Public Portal About064-1996 Tax abatement Pittsburgh Tube CoORDINANCE NO. 64-1996 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 AND WAIVING NONCOMPLIANCE WITH THE TIME OF FILING 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: and WHEREAS, Indiana law enables a designating body to waive noncompliance by having a public hearing when a person desires to claim a deduction from the assessed value but has failed to submit the completed statement of benefits form before the initiation of the redevelopment or rehabilitation, or the installation of new manufacturing equipment. 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 Pittsburgh Tube Company New Jobs: 2 Jobs Retained: 50 Estimated New Value: $690,500 Dated: June 27, 1996 Be it further ordained that the above property owner's noncompliance with the requirement to submit the completed statement of benefits form before the initiation of the redevelopment or rehabilitation of real estate improvements or the installation of new manufacturing equipment is hereby waived pursuant to Indiana Code 6-1.1-12.1-11.3 (a) (2) and (c) after conducting a public hearing upon said requests for waiver this same date, w�ch public hearing was duly advertised in the Palladium -Item newspaper on :� Q1 L-1 1) , 1996. k ---� Passed and adopted this day of L: 1996, by the Common Council of the City of Richmond, Indiana. L L L �� , President (Geneva Allen) ATTEST: tiAk- k c C Iz�, City Clerk (Norma S roeder) ESENTE_ D to the Mayor of the City of Richmond, Indiana, this 1996, at 9:00 a.m. b.�'� �_ �'� ► �, City Clerk (Norma Schroeder) day of APgROVED by me, Dennis Andrews, Mayor of the City of Richmond, iana, this day of a 1996, at 9:05 a.m. , Mayor ATTES l� �� '��, City Clerk (Norma S hroeder) -"''4 STATEMENT OF BENEFITS t� `��•` FORM State Form 27167 (R4 / 10-93) J Uf ` lib SB -1 Form SB -1 is prescribed by the State Board of Tax Commissioners, 1989 ;NSTRUCTIONS: 1. This statement must be submitted to the body designating the economic revitifization 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 1".#54wrr14 To+/ e CJm�A�t� Address of taxpayer (street and number, city, state arid ZiP code) l � 0 /t%, hl // �/i �f7 t��1� 1�iG/�mGrr.� 1A/ H73 �''Y Telephone number Name of contact person nn 14r0>'� 1701'd %erh /1 c oo) Ley-8 Z3 Name of designati g body n / Resolution number >71 h unct C / at� ��r-!�m0A� .1nA7•AAR /0-/9 ��.v 11-191 Location of property County Taxing district I'Y Q /V. lv. 1/1'-A A, 71 , IV.- Yne 4-C /inond' Description of real property improvements and / or new manufacturing equipment to be acquired (use additional Estimated starting date sheets if necessary) Y// Ad Estimated completion date g;// L / y / SECTION 4 ESTIMATED NOTE: Pursuant to IC 6-1.1-12.1-5.1 (d) (2} the COST of the property is confidential TOTAL COST AND VALUE OF PROPOSED PROJECT, - �� Cost; a`' Assessed Value "Cost Assessed Value Current values Plus estimated values of proposed project J10 S00 9Z 070 Less values of any property being replaced Net estimated values upon completion of project o `yS O 9/ Z 6 g 9 Q N/q PITTSBURGH TUBE COMPANY SUMMARY OF MANUFACTURING EQUIPMENT PROJECTS ATTACHMENT TO FORM SBA Anticipated Description Cost Reika cut-off machine consisting of: Reika Model 223 cut-off machine Reika Model 423 loading magazine Reika Model 523 bundle loader Mayfran chip Conveyor (provides improved cut length accuracy, increased capacity and small order capability due to short set-up time) $ 600,000 Deltronic optical comparator Model DH214-MPC-5/E (gives capability to efficiently check dimensions of parts) 20,500 Brigeport 3 Axis Proto TRAX MS3 MX3 CNC mill and complete fixturing for rocker shafts (shaft drilling station) 70,000 i i Total anticipated cost of new manufacturing equipment under this Form SBA request $ 690,500 I Page 1