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Home My Public Portal About070-1996 Tax Abatement Sanyo Verbatim CD CompanyORDINANCE NO. 70-1996 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 Sanyo -Verbatim CD Company, LLC New Jobs: 16 Jobs Retained: 198 Estimated New Value: $11,415,000 Dated: June 14, 1996 Passed and adopted this 1+ day o C` L_ 1996, by the Common Council of the City of Richmond, Indiana. resident (Geneva Allen) ATTES ks. CCZ City Clerk 4(N_Vo_mia Schroeder) $_ rRRESENTED to the Mayor of the City of Richmond, Indiana, this day of 1996, at 9:00 a.m. City Clerk (Norma chroeder) APPROVED me, Den is Andrews, Mayor of the City of Richmond -a�'--day o , 1996, at 9:05 a.m. ws ATTE '+�� aCity Clerk (Norma chroeder) yor STATEMENT OF BENEFITS Requesting 10 year' Abatement ,r State form 27167 (R3/ I1-91) Form SO. 1 is prescribed by the State Board of Tax Commrss--m. 1989 �. The records in this series are CONFIDENTIAL according to IC 6-1.1.35-9 w LU INSTRUCTIONS: ' 96 6 U G 2 6 1. This statement must be submitted to the body designating the economic revitilization area prior to the puti/1C hea*i'ing�le designating body require rmahon from the applicant in making its decision about whether to designate an Economic Rewrilization Area. Otherwise this statement must be sui to the designating body BEFORE a person installs the new manufactunng equipment, or BEFORE the redevelopment or rehabilitation of real prop 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 a project* was planned and committed to by the applicant, and approved by the designating bodyy. prior to that date. 'Projects planned or committed l July 1. 1987 and areas designated after July 1, 1987 require a STATEMENT OF BENEFITS. (IG 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 rehabid or prior to instauation 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 fr7ed with the county auditor 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 asses is received from the township assessor: Form 322 ERA / PP must be riled between March 1 and May 15 of the assessment year in tvhr6h new ma taring equipment is installed, unless a filing extension has been obtained. A person who obtains a filing extension must Me the form between March June /i of that year. <. Property owners whose Statement of Benefits was approved after July 1, 1991 must submit Form CF- 1 annually to show compliance with the Statem Benefits. (IC 6-1.1-12.1-5.6) Name d Taxpayer Sanyo —Verbatim CD Com of taxpayer (street and number, dty, state and ZIP Cone) 1767 Sheridan Street, Richmond IN 47374 Name of contact person Tony Gillam Telephone number Fred Austerman or Geo. S. Olive & Co.. LLC 966-8341 ( 317) WAS-7576 Name of des+9naAng body Resolution number Common Council of City of Richmond, IN 10-1984 11-1991 Location of property County Taxing dtstrid 1767 Sheridan Stge,t Richmond,IN Waynp Richmond Corp. Description of real property improvements and / or new manufacturing equipment to be acquired (use additional Estimated starting date sheets if necessary) t See Attached Listing Estimated completion date December 31, 2000 SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT TrM. . 1' 1 n• 1' / u• • . 11 u• SECTION 4 ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT Real Estate Improvements Machinery Cost Assessed Value Cost Assessed Value Current values 31,058,330 Plus estimated values of proposed project 26,835,000 Less values of any property being replaced Net estimated values upon completion of project 57 , 893 , 330 5 that the representations in this of authorized representative iTitle IDale signed (month, day, year) Sanyo - Verbatim CD Company, LLC Statement of Benefits Section 2 Description of New Manufacturing Equipment to be Acquired Estimated Cost 06/ 18/96- Description 12/31/96 1997 1998 1999 2000 Dual Lines Equipment Mfg. Cooling Equipment Dryer and Feeder Printing Equipment Jewel Caser Overwrap (Caramel) Mfg. Test Equipment Stamper Checker Utility Wiring for Equipment Miscellaneous Equipment Spares Equipment Mastering Lines Equipment Workcell Conversion Equipment Quality Control Equipment Mold Upgrade Total 00357066is1 $3,200,000 $1,600,000 $1,600,000 $4,800,000 $1,600,000 66,000 150,000 150,000 150,000 150,000 1,500,000 1,200,000 560,000 280,000 280,000 420,000 280,000 350,000 175,000 175,000 350,000 175,000 230,000 150,000 100,000 80,000 80,000 100,000 100,000 170,000 53,000 53,000 53,000 53,000 3,500,000 1,452,000 150,000 150,000 150,000 1,000,000 $11,415,000 $2,201,000 $3,488,000 $7,223,000 $2,508,000