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Home My Public Portal About06 - 2021-06 - ECONOMIC REVITALIZATION AREA FOR PHOENIX CLOSURES RESOLUTION NO. 2021 - 06 A RESOLUTION REAFFIRMING RESOLUTION 2021 - 05 AND DECLARING AN ECONOMIC REVITALIZATION AREA AND RECOMMENDED TAX DEDUCTION (PHOENIX CLOSURES,INC. -NEW EQUIPMENT) WHEREAS, the laws of the State of Indiana, specifically I.C. 6-1.1-12.1-1, et. seq., provide for the creation of economic revitalization areas within the corporate limits of the City of Greencastle, Putnam County, Indiana, for the general purpose of providing property tax deductions to encourage private redevelopment of areas which have become undesirable for, or impossible of,normal development and occupancy because of a lack of development, cessation of growth; deterioration of improvements or character of occupancy, age, obsolescence, substandard buildings or other factors which have impaired values or prevent normal development of property or use of property; and WHEREAS, the term "economic revitalization area" also includes any area where a facility or group of facilities that are technologically, economically or energy obsolete are located and where the obsolescence may lead to the decline in employment and tax revenue; and WHEREAS, "redevelopment" means the construction of new structures in economic revitalization areas either on unimproved real estate or on real estate upon which a prior existing structure is demolished to allow for new construction; and WHEREAS, "rehabilitation" means remodeling, repair or betterment of property in any manner or any enlargement or extension of property; and WHEREAS, pursuant to applicable laws of the State of Indiana, the Greencastle Common Council may create said economic revitalization area through the adoption of a resolution; and WHEREAS, the need exists to establish an economic revitalization area in order to encourage private redevelopment in the City of Greencastle, Putnam County, Indiana; and WHEREAS, Phoenix Closures, Inc. proposes redevelopment and rehabilitation of the existing Greencastle facility by investing up to $6.8 million in new manufacturing equipment at their facility. Phoenix Closures,.Inc. seeks a tax deduction pursuant to I.C. 6-1.1-12.1, et. seq.; and WHEREAS, a Statement of Benefits on State Form 51764 (Form SB-1/PP) approved by the Department of Local Government Finance has been submitted to the Common Council on April 15, 2021, prior to the installation of new manufacturing equipment on such real estate by Phoenix Closures, Inc. and that such Statement of Benefits is attached hereto and marked"Exhibit A"; and WHEREAS, the Greencastle Common Council passed Resolution 2021-05 on May 13, 2021 and advertised a public hearing for June 10, 2021; and, WHEREAS, the Greencastle Common Council, pursuant to the laws of the State of Indiana, does now hereby find that: 1. The estimate of the value of the new manufacturing equipment is reasonable for projects of that nature; 2. The estimate of the number of individuals who will be employed or whose employment will be retained can be reasonably expected to result from the proposed installation of new manufacturing equipment; 3. The estimate of the annual salaries of those individuals who will be employed or whose employment will be retained can reasonably be expected to result from the proposed installation of new manufacturing equipment; 4. That any other benefits about which information was requested are benefits that can be reasonably expected to result from the installation of new manufacturing equipment. 5. The totality of the benefits is sufficient to justify a deduction. THEREFORE, based upon these findings, BE IT RESOLVED THAT THE CITY OF GREENCASTLE on this 10th day of June 2021, pursuant to I.C. 6-1.1-12.1-1, et. seq., deems there to be a need to establish an economic revitalization area and that said economic revitalization area shall be defined as follows: Situated in the State of Indiana, County of Putnam and being a part of the West half of the Northeast quarter of Section 29, Township 14 North, Range 4 West of the Second Principal Meridian more particularly described to-wit: Beginning at the Southwest corner of the West half of the Northeast quarter of Section 29, Township 14 North, Range 4 West; thence North 1762 feet with the West line of said Northeast quarter to the centerline of a paved county road; thence Northeasterly 1494 feet with said centerline to the East line of the West half of said Northeast quarter; thence leaving said centerline South 1327 feet with said East line to the centerline of the Greencastle-Manhattan Road; thence Southwesterly 1236.4 feet with said centerline to the South line of said West half quarter; thence West 815.2 feet to the point of beginning containing 57 acres, more or less. Also; A part of the East half of the Northeast quarter of Section 29,Township 14 North,Range 4 West of the Second Principal Meridian more particularly described to-wit: COM ON COUNCIL OF THE CITY OF GREENCASTLE, INDIANA ed".."I IThc Adam Cohen Cody Eckert 444i Mark . Hammer t cie Langd 4 / / D.F , Veroni ri acob idner .proved and signed by me this 10th day of June 2021 at 53:`ID, p.m. o'clock. 0". illiam A. ory, Ma r ATTES : -,_—Z-g2--------____ L da R. Dunbar, Clerk-Treasurer Beginning at the point of intersection of the West line of the East half of the Northeast quarter of Section 29, Township 14 North, Range 4 West and the centerline of the Greencastle-Manhattan Road the said point of intersection being 1124 feet North of the Southwest corner of said East half; thence North 332 feet with said West line to the South line of a 100 foot wide easement granted to the Public Service Company of Indiana; thence South 72 degrees 28 minutes East 117 feet to the said West right-of-way line of the Monon Railroad; thence Southwesterly 281 feet with the West right-of-way line to the centerline of the aforesaid Manhattan Road; thence Southwesterly 30 feet with said centerline to the point of beginning containing 0.45 of an acre, more or less. Commonly known as 2000 S. Jackson Street. Deed Record 2005007519 THEREFORE, the Greencastle Common Council does recommend a deduction of assessed value for a period of ten (10) years as a result of the installation of new manufacturing equipment as set forth in I.C. 6-1.1-12.1-4.5. The following abatement schedule applies to the eligible personal property that are a part of the expansion project outlined in this resolution: YEAR ONE 100% YEAR TWO 90% YEAR THREE 80% YEAR FOUR 70% YEAR FIVE 60% YEAR SIX 50% YEAR SEVEN 40% YEAR EIGHT 30% YEAR NINE 20% YEAR TEN 10% YEAR ELEVEN AND BEYOND 0% The City of Greencastle does not recommend tax abatement for special tooling nor does Phoenix Closures, Inc. request such abatement. The Greencastle Common Council further recommends and approves the application of the deductions herein for improvements and equipment installed pursuant to the Statement of Benefits from the approval of this resolution and during the twenty-four(24) ensuing months, June 2021 to May 2023. PASSED AND RESOLVED by the Common Council of the City of Greencastle at its regular meeting this 10th day of June 2021.