HomeMy Public PortalAbout019-2000 - Clarirfes Res No 1984 (time periods available for obtaining deductions - Ec Revit Area)ORDINANCE NO. 19-2000
A SPECIAL ORDINANCE AMENDING AND/OR CLARIFYING RESOLUTION NO. 10-1984 REGARDING THE TIME PERIODS AVAILABLE FOR OBTAINING DEDUCTIONS FROM ASSESSED VALUE OF CERTAIN PROPERTY WITHIN AN
ECONOMIC REVITALIZATION AREA
WHEREAS, pursuant to Indiana Law, I.C. 6-1.1-12.1 et. seq., the Common Council of the City of Richmond, Indiana may find that a particular area within the city is an economic Revitalization
Area which provides as an economic development incentive certain property tax deductions for the redevelopment or rehabilitation of real property or the installation of new manufacturing
equipment; and,
WHEREAS, the Common Council has previously adopted Resolution No. 10-1984 which designates certain areas in the city as Economic Revitalization
Areas and sets forth certain procedures for an owner to obtain certain deductions therein; and
WHEREAS, Resolution No. 10-1984 has previously been amended to add other areas as an ERA; making definition changes to the original ordinance; setting forth the time periods in which
a deduction is allowed; and establishing other procedures for obtaining deductions (See Resolutions 2-1987; 11-1989, 11-1991, 3-1996 & Ordinance 113-1997; and
WHEREAS, Indiana law has previously allowed the owner of real property located within an economic revitalization area to request a deduction over a 3, 6, or 10 year period and the owner
of new manufacturing equipment to request a deduction for either a 5 year or 10 year period; and
WHEREAS, by the above Resolutions and Ordinance, the City of Richmond has allowed Common Council to determine from among the possible above time periods (i.e.: 3, 6 or 10 years for real
estate; and 5 or 10 years for equipment) the applicable time period in each Special Ordinance approving a specific Statement of Benefits; and
WHEREAS, effective January 1, 2000, Indiana law now allows a deduction to be granted, on either real estate or new manufacturing equipment, for a period of any number of years less than
or equal to ten year (i.e.: 1 to 10 years); and
WHEREAS Common Council desires to amend all of its “tax abatement” resolutions and/or ordinances to allow Common Council the discretion to establish and approve a time period of one
to ten years, on real estate and/or equipment, for each Special Ordinance approving a specific Statement of Benefits.
NOW, THEREFORE, be it ordained by the Common Council of the City of Richmond, Indiana, as follows:
That Resolutions No. 10-1984, No. 2-1987, and Ordinance 113-1997, and any other Resolution or Ordinance involving tax abatements, are hereby amended and/or restated to provide that the
applicable time period for any request by an owner of real property or of new manufacturing equipment requesting a property tax deduction in an ERA, may be a period of 1 to 10 years
as determined by Common Council in each Special Ordinance approving a specific Statement of Benefits, and as determined pursuant to prior guidelines established by Council.
2. That each Statement of Benefits form shall include, with any other required information, the applicable time period being requested by the applicant.
Passed and adopted this 20th day of March, 2000, by the Common Council for the City of Richmond, Indiana.
s/s Larry Parker, President
(Larry Parker)
ATTEST: s/s Norma Schroeder, City Clerk
(Norma Schroeder)
PRESENTED to the Mayor of the City of Richmond, Indiana, this 21st day of March, 2000,
at 9:00 a.m. s/s Norma Schroeder, City Clerk
(Norma Schroeder)
APPROVED by me, Dennis Andrews, Mayor of the City of Richmond, Indiana, this 21st day of March, 2000, at 9:05 a.m.
s/s Dennis Andrews, Mayor
(Dennis Andrews)
ATTEST: s/s Norma Schroeder, City Clerk
(Norma Schroeder)
(Norma Schroeder)