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Home My Public Portal About065-1996 Tax abatment Sanyo Verbatim CD CompanyORDINANCE NO. 65-1996 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 Sanyo -Verbatim CD Company, LLC New Jobs: 16 Jobs Retained: 198 Estimated New Value: $635,004 Dated: June 14, 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, which public hearing was duly advertised in the Palladium -Item newspaper on Tv LT 1996. Passed and adopted this 4J day of 1996, by the Common Council of the City of Richmond, Indiana. �) I - �_ ,- President (Geneva lien) ATTESzQ City Clerk �-4(Norma S roeder) PRESENTED to the Mayor of the City of Richmond, Indiana, this « day of 1996, at 9:00 a.m. i — , City Clerk (Nor a Schroeder) APPROVED b me, Dennis Andrews, Mayor of the City of Richmond, ana, this �� day of , 1996, at 9:05 a.m. l Andre\Vs) ATTES : City Clerk (Norma S �hroeder) STATEMENT OF BENEFITS Requesting 10 } SUte Form 27167 (R3/ 11.91 q g year Abatement i 1 "After -the -fact Abatement Request" SE Form S8 • 1 is prescrbect by the State Board of Tau CommrsSWnan. 19t19 Q i The records In this series are CONFiD&MAL according to 1C 9-1.1.33-9 INSTRUCTIONS: 1. This statement must be submitted to the body designating the economic revitilization area prior to the public hearing it the designating body requires marion from the applicant in making its deosion about whether to designate an Economic Revitilization Area. Otherwise this statement must be sub, to the designating body BEFORE a person installs the new manufacturing equipment, or BEFORE the redevelopment or rehabilitation of real proper 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 an project' was planned and committed to by the applicant, and approved by the desrgnaling bodyy. prior to that date. 'Projects' planned or committed to July 1, 1987 and areas designated after July 1, 1987 require a STATEMENT OF BENEFITS.( 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 rehabvlit, or pnor 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. respect to real property, Form 322 ERA must be filed by the later ol: (1) May 10; or (2) thirty (30) days after a notice of increase in real property assess, is received from the township assessor. Form 322 ERA / PP must be (led between March 1 and May 15 of the assessment year in which new man funnq equipment is installed, unless a filing extension has been obtained. A person who obtains a filing extension must rile the form between March t June l t o that year. <. Properry owners whose Statement of Benefits was approved after July 1, 1991 must submit Form CF • t annually to show cornpolianoe with the Slateme Benefits. (IC 6-1.1-12 1-5.6) Name of taxpayer Sanyo-Verbati Address of taxpayer (street and number city, stase and ZIP code) - 1769 Sheridan Street Richmond. TN 47374 Name of contact person Tony Gillam Telephone number Fred Austerman or Geo. S. Olive & Co. LLC (96,6-8341) 131 )935-7574 Name of designating body Resolution number Common council of Richmond 10-1984, 11-1991 Location of property TWavne unty Taxing disl 1767 She Street Description of real property improvements and / or new manufactunng equipment to be acquired (use additional Estimated starting date sheets ifnecessary) April 1 1995 Estimated completion date See Attached Lasting April 1, 1996 SECTION4- ESTIMATED TOTAL COST AND VALUE Real Estate Improvements Cost OF PROPOSED PROJECT Machinery Assessed Value Cost Assessed Value Current values 30,408,543 Pkrs estimated values of proposed project 635,004 63 50 Less vakres of any property being replaced 31 0143,547 34 3,10404 A Net estimated values upon completion of project G °3G��MdID JUN 14 1996 Gt I hereby certify that the representations in this statement are true. of authonzecfrepresentative Title Date signed (month, day, year) G Sanyo -Verbatim CD Company, LLC Statement of Benefits Section 2 Description of New Manufacturing Equipment Description Date Cost Quality Control Equipment 04/01/95 $ 1,874.70 DCA MIS System - Manufacturing 09/01/95 63,132.00 Laser Tube - MST 04/01/95 16,032.50 Air Compressor - Production 04/01/95 94,605.81 Pre -mastering Equipment 09/01/95 44,204.37 Equipment Cooling Water Upgrade 09/01/95 10,806.96 ODM LHH3470 DISC/TST 09/01/95 6,725.00 Laser Beam Scan 09/01/95 9,215.00 Order Measurement Sys 09/01/95 8,755.00 Laser Beam Tester 09/01/95 1,563.84 CD Catalog ID/#12 10/01/95 42,580.00 CD Catalof ID/#10 10/01/95 50,000.00 Spine Label System 11/01/95 50,798.25 Vacuum Oven W/Pump 12/01/95 16,285.92 Install. Smart Scope 02/01/96 1,200.00 ZXD-3600 Sleever 03/01/96 22,000.00 Combo System DVD/MIS 04/01/96 190,000.00 DLT Linear Tape Drive 04/01/96 5,225.00 Total $ 635,004.35 00357066.jsl