HomeMy Public PortalAbout09 - 2021-9 - ECONOMIC REVITALIZATION - CHIYODA r
COMMON COUNCIL
CITY OF GREENCASTLE,JNDIANA
RESOLUTION NO. 2021 —9
A RESOLUTION REAFFIRMING RESOLUTION 2021 - 7 AND DECLARING AN
ECONOMIC REVITALIZATION AREA AND RECOMMENDED TAX DEDUCTION
(CHIYODA USA CORPORATION)
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 Common Council of
the City of Greencastle 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, Chiyoda USA Corporation has planned the economic revitalization of their
operations by investing up to $1,060,000 in new manufacturing and IT equipment to support
additional operations resulting in the retention of 267 jobs at their facility. Chiyoda USA
Corporation seeks a tax deduction pursuant to I.C. 6-1.1-12.1, et. seq.; and,
WHEREAS, Statement of Benefits Form (Form SB-1/PP; 51764), said form approved by
the Department of Local Government Finance, has been submitted to the Common Council on
June 10,2021 and July 08,2021,prior to the installation of new manufacturing equipment on such
real estate by Chiyoda USA Corporation and that such Statement of Benefits are attached hereto
and marked"Exhibit A"; and,
WHEREAS, the Common Council of the City of Greencastle passed Resolution 2021 - 7
on June 10, 2021 and advertised a public hearing for July 08, 2021; and,
WHEREAS, the Common Council of the City of Greencastle, pursuant to the laws of the
State of Indiana, does now hereby find that:
1. The estimate of the value of the new manufacturing and IT 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
described installation of new manufacturing equipment;
3. The estimate of the annual salaries of those indiyiduals who will be employed or
whose employment will be retained can reasonably be expected to result from the
proposed described redevelopment or rehabilitation and 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 described redevelopment or rehabilitation
and installation of new manufacturing and IT equipment
5. The totality of the benefits is sufficient to justify a deduction.
THEREFORE, based upon these findings, BE IT RESOLVED THAT THE COMMON
COUNCIL OF THE CITY OF GREENCASTLE on this 08th day of July 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:
Part of the Northwest Quarter of Section 24, Township 14 North Range 4 West of
the Second Principal Meridian, Putnam County, Indiana, described as follows:
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West 985.73 feet to the POINT OF BEGINNING of the real estate herein described; thence South
89 degrees 42 minutes 00 seconds East 1,272.62 feet; thence South 00 degrees 18 minutes 00
seconds West 376.24 feet; thence North 89 degrees 55 minutes 01 seconds West 1,279.11 feet;
thence North 01 degree 16 minutes 25 seconds East 381.15 feet to the point of beginning
containing 11.09 acres of land, more or less and subject to any easements, rights-of-way, and
restrictions of record. (DR: 2015003477) Approximately 38.98 acres.
Subject to all rights-of-way and pertinent easements of record.
Commonly known as 2200 East State Road 240
THEREFORE, the Common Council of the City of Greencastle does recommend a deduction of
assessed value for a period of ten (10) years as a result of the installation of new manufacturing
equipment,all 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 Common Council of the City of Greencastle does NOT recommend a deduction or tax
abatement for special tooling nor does Chiyoda USA Corporation request such abatement.
The Common Council of the City of Greencastle 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, August 2021 to July 2023.
PASSED AND RESOLVED by the Common Council of the City of Greencastle at its
regular meeting this 08`h day of July 2021.
C MMON COUNCIL OF THE CITY OF GREENCASTLE, INDIANA
Adam Cohen Cody Eck
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M N. Hammer S acie Langdo
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David Murray Ve onica Pejril
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Approved d signed by me this 08th day of July 2021 at I'.SDp.m. o'clock.
Willi . Dory, ayor
ATTEST:
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L da R. Dunbar, Clerk-Treasurer