HomeMy Public PortalAbout082-1996 Tax Abatement Sanko Peterson CorporationORDINANCE NO. 82-1996
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
Sanko Peterson Corporation
New Jobs: 5 Jobs Retained: 11
Estimated New Value: $1,920,000
Dated: August 22, 1996
REAL ESTATE - 10 YEARS
Sanko Peterson Corporation
New Jobs: 5 Jobs Retained: 11
Estimated New Value: $350,000
Dated: August 22, 1996
Passed and adopted this day of, C ��� �--1996, by the Common
Council of the City of Richmond, Indiana. ,
-mac-y-- President
(Geneva Allen)
ATTET; lr [ c City Clerk
(Norma S roeder)
*ENT(,�,D to the Mayor of the City of Richmond, Indiana, this 21� day of
�, 1996, at 9:00 a.m.
City Clerk
(Norma chroeder)
AP iQVED n , De pis Andrews, �
Mayor of the City of RichmdJI)ian,, this
day ol. , 1996, at 9:05 a.m.
(Den
ATTEST: l � L.�, City Clerk
(Norma -hroeder)
STATEMENT OF BENEFITS "10 Year Abatement"
State Form 27167 (R4 / 10-93) Qn
� . Form SB - 1 is prescribed by the State Board of Tax Commissioners, 1969 V IS 19 UG 23 F (ll r0 00
' I L
FORM
S B, - 1
INSTRUCTIONS:
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 I 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
Sanko Peterson Corporation
Address of taxpayer (street and number, city, state and ZIP code)
505 Industrial Parkway, Richmond IN 47374
Name of contact person Telephone number
Lisa A. Wolf ( 317) 966-9656
SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT
Name of designating body
Resolution number
Common Council of the City of Richmond
10-1984, 11-1991
Location of property
County
Taxing district
505 Industrial Parkway, Richmond IN 47374
Wayne
Richmond Corp
Description of real property improvements and / or new manufacturing equipment to be acquired (use additional
Estimated starting date
sheets if necessary)
8 / 9 6
Real - Building Expansion (18,000 sq ft) - $350,000
Estimated completion date
New Machinery - Two (2) Automotive Parts Production Lines & Equipmen
2/97
SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT
Current number Salaries 1171umber retained Salaries Number additional Salaries
11 315,000 11 315,000 5 100,000
SECTION 4 ESTIMATED
NOTE: Pursuant to !C 6-1.1-12.1-5.1 (d) (2) the
COST of the property is confidential.
TOTAL COST AND VALUE OF PROPOSED PROJECT
Cost •Assessed Value Cost Assessed Value
Current values
Plus estimated values of proposed project
350,000
116,667
1,920,000
640,000
Less values of any property being replaced
Net estimated values upon completion of project