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Home My Public Portal About079-1996 Tax Abatement Kitchen & SonORDINANCE NO. 79-1996 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 Kitchin & Son, Inc. assignable by Kitchin & Sons to a L.L.C. to be formed later. New Jobs: 5 Jobs Retained: 20 Estimated New Value: $300,000 Dated: July 26, 1996 Passed and adopted this day 01996, by the Common Council of the City of Richmond, Indiana. President (Geneva Allen) ATTEST, ��u� �t� City Clerk (Norma Sc roeder) R£IT to the Mayor of the City of Richmond, Indiana, this ?l� day of 1996, at 9:00 a.m. ��e� m Lk-� L--c City Clerk (NorSchroeder) f� s P bVED n De Ines Andrews, Mayor of the City of Richmony; Indi, a� his day o � , >,,1996, at 9:05 a.m. Mayor b ATTEST: t� t--I City Clerk (Norma Sc roeder) STATEMENT OF BENEFITS St.,tie Fom 27167 (R4 / IG93) F.-, S8 i is prescr bed by the Sate Board of Tax Commissioners, 1989 96 JUL 26 P�1 3 12 FORM SB-1 INSTRUCTIONS: This statement must be submitted to the body designating the economic revitilization area prior to the public hearing if the designating body requires in1 mation tram the applicant in making its decision about wnerher to designate an Economic Revitilizatien Area. Otherwise this statement must be subrni, to the designating body BEFORE a person installs the new manufac unng equipment, or BEFORE the re-deveicpment or rehabilitation of real property wnicn the parson 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 t 'project' was planned and committed to by the applicant, and approved by the designating body, prior to that date. "Projects" planned or committed to ari 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 (C)ty Council, Town Board, Counri Council, etc.) must be obtained prior to initiation of the redevelopment or rehabiiiratic or pror 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. W 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 incraase 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 maruia turirg equipment becomes assessable, unless a filing extension has been obtained. A person who obtains a ,`cling extension must file the form betwe: March 1 and June 14 of that year. J. 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. t • = � • ;, • ;Name of taxpayer Kitchin & Sons, Inc, assignable by Kitchin & Sons to a L.L.C. to be formed later. I Address of taxpayer (street and number, city, state and ZiP code) 2901 East Main St. P.O. Box 1205 Richmond,, IN. 47375-1205 Name of contact person Telephone number Tom Kitchin I (317)962-9565 {' Name of designating body I Resolution number I Kitt in & ctm, Inc. asssigrable by Kitdvn & 5aLs to a L.L.C. to he famed later. Location of property County Taxing aistrtct 519 Industrial Parkway, Richmond, IN, Wayne Oescnpdcn of real property improvements and I or new manufacturing equipment to be acquired (use additional Estimated starting date sheers if necessary) New 7,000 sq. ft. building erected on vacant lot. August 1996 Parcel #029-10070-00 Estimated completion date December 1996 Salaries $200,000 �crteua -S,IWATMTOTA COSTANOVALUEOFPAOPOSEOPRo5w `i=' NOTE: Pursuant to IC 6-1.1-12.1-5.1 (d) (2) the COST of the property is confidential. - ,rir _= -- = Assessed Value '=CaeL. ''.yam = Assessed Value Current values 27,000 ? Plus estimated values of pr000sed project $ 300 , 006 ? Less values of any property being replaced Net estimated values upon completion of project UUU -OTHER 13ENEF11 PRONUSED SY;THE.TRXPAYEH- Environmentally friendly to the Aquifer. Local contractors used for construction. Jobs kept in Wayne county. I hereby certify that the representations in this statement are true. j Signature of uthorized representative Title uate signea tmonin, ody, ycar,