HomeMy Public PortalAbout1991-18RESOLUTION NO. 1991 -18
RESOLUTION APPROVING STATEMENT OF BENEFITS
• NORTH AMERICAN CAPACITOR COMPANY
WHEREAS, the Common Council of the City of Greencastle on
March 12, 1991, by Resolution No. 1991 -5, declared the following
described real estate within the City as an economic
revitalization area under the terms and provisions of I.C. 6 -1.1-
12.5:
A part of the Southeast quarter of the Southwest
quarter of Section 14, Township 14 North, Range 4
West of the Second Principal Meridian, more
particularly described to wit:
Beginning at a poin on the South line of the
aforesaid Section 14 that is 1748.28 feet East of
the Southwest corner of the Southwest quarter of
said Section 14; thence East on and along said
South line 341.52 feet to the North right of way
line of the Pennsylvania Railroad; thence North 62
degrees 27 minutes East with said North right of
way line 735.05 feet to the East line of the
Southwest quarter of said Section 14; thence North
0 degrees 36 minutes West with said East line
• 388.70. feet to a point; thence leaving said East
line west parallel to the South line of said
Section 14, 996.72 feet to a point; thence South 0
degrees 36 minutes East parallel to the East line
of the Southwest quarter of said Section 14,
728.63 feet to the point of beginning, containing
14.115 acres, more or less.
and, WHEREAS, a copy of said Resolution was published pursuant to
I.C. 5 -3 -1, and after due publication, a public hearing was held
on May 14, 1991; and
WHEREAS, the Common Council of the City of Greencastle on
May 14, 1991, passed Resolution No. 1991 -8, "A Resolution
Confirming A Resolution Declaring an Economic Revitalization Area
passed by the Common Council of the City of Greencastle, Indiana,
on the 12th day of March, 1991 ".
WHEREAS, pursuant to I.C. 6 -1.1- 12.1 -3, North American
Capacitor Company on February 26, 1991, filed its Statement of
Benefits (IQ SB -1), a copy of which is attached hereto as
• Exhibit " A " ; and
WHEREAS, the Common Council of the City of Greencastle,
• pursuant to I.C. 6- 1.1- 12.1 -3, has reviewed the Statement of
Benefits;
NOW, THEREFORE BE IT RESOLVED by the Common Council of the
City of Greencastle, Indiana, as follows:
1. That the estimate of the value of the redevelopment is
reasonable for projects of that nature.
2. That the estimate of the number of individuals who will
be employed can be reasonably expected to result from
the proposed described redevelopment.
3. That the estimate of the annual salaries of those
individuals who will be employed can be reasonably
expected to result from the proposed described
redevelopment.
4. That any other benefits about which information was
requested are benefits that can be reasonably expected
to result from the proposed described redevelopment.
5. That the totality of benefits is sufficient to justify
the deduction.
• That the Common Council of the City of Greencastle, Indiana,
further RESOLVES that the deductions pursuant to I.C. 6- 1.1 -12.1-
3 for North American Capacitor Company are hereby approved.
PASSED and RESOLVED this 10th day of September, 1991.
COMMON COUNCIL OF THE CITY
OF GREENCASTLE, INDIANA
Tim, Conway V
Robert P. Se lack
at A Aoved and signed by me this 10th day of September, 1991,
ppr
— o'clock, &.m. / /
Michael M. Harmless
Mayor
A ST
Ju 'th Berry,
rk- Treasurer
STAI E BUAH U O F IAX CU M M IS S.0 N ERS
State Form 27167 (7-87)
\- .•� Form SB -1 is prescribed by the State Board of Tax Commissioners (1987)
��✓✓ Confidential Statement: The records In this series are CONFIDENTIAL according to Indiana Code 6- 1.135 -9.
INSTRUCTIONS: ( /.C. 6- 1.142.1) THIS PAGE TO BE COMPLETED BY APPLICANT
1. This statement must be submitted to the body designating the economic revitilization area BEFORE a person acquires new
• manufacturing equipment or begins the redevelopment or rehabilitation of real property for which the person wishes to claim a
deduction. Effective July 1, 1987.
2. If a person is requesting the designation clan economic revitalization area, this form must be submitted at the same time the re-
quest is submitted.
3. Approval of the designating body (City Council, Town Board, County Council, etc.) must be obtained before a deduction may be
approved.
4. To obtain a deduction Form 322 ERA, Real Estate Improvements end /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 properly assessment Is received from the township assessor. Form 322 ERA /PPmust be filed between
March 1 and May 15 of the assessment year In which new manufacturing equipment is installed, unless a filing exlention has
been obtained. A person who obtains a filing extention must file the form between March 1 and June 14 of that year.
City of Greencastle Common Council Putnam
Name of Taxpayer
North American Capacitor Company
1701 Indianapolis Road Greencastle Indiana 1 46135
SECTION I LOCATION;
COST AND DESCRIPTION OF PROPOSED PROJECT
Location of property if different from above
' "' ``
Same as above (Real estate
Taxing District
description attached). reencastle City
Cost and description of real properly improvements and I or new
manufacturing equl pment to be acquired:
Construction of 10,000 square
foot addition to accomodate distribution.
Cost: $350,000.00
Salaries
(Attach additional sheets if needed)
ar
Estimaletl ling Date
St
e
Estimat Completion Date
75
$1,100,000
March 1, 1991
July 1, 1991
r
L
I Currenl Number
Salaries
-
Number Retained
u nwuui,vr
rRtJY VJCIJ YHUJtUI.(,
v.•
1 $1,230,000
Salaries
Number Additional
Salaries
L_ 85
75
$1,100,000
SECTION III ESTIMATE TOTAL COST AND VALUE OF PROPOSED PROJECT
REAL ESTATE IMPROVEMENTS MACHINERY
COST ASSESSED VALUE COST ASSESSED VALUE
Current Values ,$2 1 0
Plus estimated values of proposed project 5350, 000
Less: Values of any property being replaced
Net estimated values upon completion of project
SECTION IV OTHER INFORMATION REOUIRED BY THE DESIGNATING BODY'.:. -
I hereby certify that the representations on this statement are true.
Received this,?6 of Ef kA,ja,0 ,1991.
Authorized
3
u uul un perry U
Clerk - Treasurer
LEGAL DESCRIPTION
A part of the Southeast quarter of the Southwest
quarter of Section 14, Township 14 North, Range 4 West of
the Second Principal Meridian, more particularly described
to wit:
Beginning at a point on the South line of the aforesaid
Section 14 that is 1748.28 feet East of the Southwest corner
of the Southwest quarter of said Section 14; thence East on
and along said South line 341.52 feet to the North right of
way line of the Pennsylvania Railroad; thence North 62
degrees 27 minutes East with said North right of way line
735.05 feet to the East line of the Southwest quarter of
said Section 14; thence North 0 degrees 36 minutes West with
said East line 388.70 feet to a point; thence leaving said
East line west parallel to the South line of said Section
14, 996.72 feet to a point; thence South 0 degrees 36
minutes East parallel to the East line of the Southwest
quarter of said Section 14, 728.63 feet to the point of
beginning, containing 14.115 acres, more or less.
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