HomeMy Public PortalAbout007-2002 - Designates Economic Target Area (river to 12th - "A" - "A" Streets)
ORDINANCE NO- 7 - 2002
AN ORDINANCE DESIGNATING A CERTAIN AREA AS AN
ECONOMIC DEVELOPMENT TARGET AREA
WHEREAS, The Common Council of the City of Richmond, Indiana has previously established an Economic Development Plan for the City in Resolution 1-1984 which deemed it necessary and beneficial
to stimulate private investment and to provide for the creation and/or retention of job opportunities; and
WHEREAS, pursuant to Indiana law, I.C. 6-1.1-12.1 et, seq., the Common Council for the City of Richmond has designated areas within the City as Economic Revitalization
Areas, which provide as an economic development incentive certain property tax deductions for the redevelopment or rehabilitation of real property; and
WHEREAS, pursuant to Indiana law, certain businesses are excluded from applying for deductions in the Economic Revitalization Areas unless a portion of such area is deemed by Common
Council to be an Economic Development Target Area; and
WHEREAS, an Economic Development Target Area may be created within a geographic territory which has become impossible for normal development due to cessation of growth, deterioration
of improvements, and/or the character of occupancy and/or age of the buildings; and
WHEREAS although there exist a number or valuable businesses in the Uptown Richmond area, many of the buildings located therein qualify for the above criteria for an Economic Development
Target Area; and
WHEREAS, it is desirable to assist in any way reasonably possible with the continued development of Uptown Richmond; and
WHEREAS, pursuant to Indiana law, the Richmond Economic Development Commission has recommended the establishment of an Economic Development Target Area for the geographic territory described
herein; and
WHEREAS, it is desirable to set forth certain other conditions to be utilized in determining the sufficiency of a Statement of Benefits form in conjunction with any application for deduction
within the newly described Economic Development Target Area; and
WHEREAS, Common Council desires to now create a certain Economic Development Target Area which will allow an expansion of the “tax abatement” procedure for businesses within such area,
and/or create new incentives for development pursuant to the previously established guidelines for tax abatements, subject only to any changes set forth herein.
NOW, THEREFORE, be it ordained by the Common Council of the City of Richmond, Indiana, as follows:
1. That the following area within the corporate limits of the City of Richmond, Indiana is hereby declared to be an Economic Development Target Area:
An area bordered by the Whitewater River on the West side; the properties immediately adjacent to the East side of North and South 12th Streets on the East side; the properties immediately
adjacent to the North side of North “A” Street on the North side; and the properties immediately adjacent to the South side of South “A” Street on the South side, all of which adjoining
properties shall be included within the area, and all of which area is shown outlined on the map attached hereto as Exhibit “A” and made a part of this ordinance.
For purposes of this area and description, the term “immediately adjacent to” shall include those taxable parcels immediately abutting the designated street, which shall include adjoining
parcels thereto helping to form one common use under identical ownership.
2. That an owner of real property located in the above Economic Development Target Area may seek certain deductions from the assessed value of redeveloped and/or rehabilitated real
property pursuant to any and all guidelines previously established for Economic Revitalization Areas, subject only to any additions and/or changes set forth within this ordinance.
3. That the applicable time period for any request by an owner of real property (or any qualified equipment according to Indiana law) requesting a property tax
deduction in the Economic Development Target Area may be for a period of one (1) to ten (10) years as determined by Common Council in each ordinance approving a specific Statement of
Benefits; provided, that no period of time shall exceed five (5) years unless the work performed as part of the application significantly includes work performed to the upper floors
and/or outside structure of the subject real estate. For purposes of this requirement, “significantly includes” shall mean at least forty percent (40%) of the cost of the project shall
be attributed to work performed in such upper floors and/or to the outside structure.
4. Any business allowed by Indiana law shall be permitted to apply for the relevant deductions within the Economic Development Target Area, but shall be subject to any criteria and/or
conditions previously established by Richmond Common Council.
5. Although a supplement to the Statement of Benefits form will request similar details as required in other Economic Revitalization Areas, including, but not limited to the projected
cost of the project, number of jobs created and/or retained, salaries, etc, the primary purpose of allowing the additional deductions within the Economic Development Target Area is
for the improvement of real estate in the Uptown area, and not necessarily new jobs.
Passed and adopted this 22nd day of January, 2002, by the Common Council of the City of Richmond, Indiana.
s/s Bruce Wissel, President
(Bruce Wissel)
Attest: s/s Norma Schroeder, City Clerk
(Norma Schroeder)
PRESENTED to the Mayor of the City of Richmond, Indiana, this 23rd day of January, 2002, at 9:00 a.m.
s/s Norma Schroeder, City Clerk
(Norma Schroeder)
APPROVED by me, Shelley D. Miller, Mayor of the City of Richmond, Indiana, this 23rd day of January, 2002, at 9:05 a.m.
s/s Shelley D. Miller, Mayor
(Shelley D. Miller)
ATTEST: s/s Norma Schroeder, City Clerk
(Norma Schroeder)