HomeMy Public PortalAbout11-1989-11 RESOLUTION NO. 1989-11
RESOLUTION APPROVING STATEMENT OF BENEFITS
FOR INB NATIONAL BANK
WHEREAS, the Common Council of the City of Greencastle on
May 10, 1988, by Resolution No. 1988-23 declared the following
described real estate within the City as an economic
revitalization area under the terms and provisions of I.C.
6-1.1-12.1-2.5:
Tract II: H.A. Parts Products of Indiana Co.
Situate in the State of Indiana, County of Putnam and
being a part of the Northwest quarter, Section 24,
Township 14 North, Range 4 West of the Second Principal
Meridian, more particularly described to-wit:
Commencing at the Northwest corner of Section 24,
Township 14 North, Range 4 West; thence South 00
degrees 52 minutes West 90.11 feet with the West line
of said Section 24 to the South right-of-way line of
Indiana State Road #240; thence with said South
right-of-way line Southeasterly 329.70 feet on a curve
to the right having a radius of 28532.90 feet and
subtended by a long chord bearing South 88 degrees 16
minutes 36 seconds East a distance of 329.70 feet to an
iron pin and the true point of beginning of the real
estate herein described; thence continuing with said
South right-of-way Southeasterly 279.11 feet on a curve
to the right having a radius of 28532.90 feet and
subtended by a long chord bearing South 87 degrees 39
minutes 49 seconds East a distance of 279.11 feet to an
iron pin; thence South 87 degrees 23 minutes 00 seconds
East 799.76 feet to a concrete right-of-way monument;
thence South 81 degrees 40 minutes 22 seconds East
50.25 feet to an iron pin; thence South 87 degrees 23
minutes 00 seconds East 100.00 feet to an iron pin;
thence North 86 degrees 53 minutes 53 seconds East
28.21 feet to an iron pin; thence leaving the South
right-of-way line of the aforesaid Indiana State Road
240 South 00 degrees 18 minutes 00 seconds West 618.97
feet to an iron pin; thence North 89 degrees 42 minutes
00 seconds West 1267.27 feet to an iron pin; thence
North 01 degree 16 minutes 25 seconds East 670.70 feet
with an established property fence line to the point of
beginning, containing 18.71 acres, more or less.
Subject to all rights-of-way and pertinent easements of
record.
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 June 14, 1988; and
WHEREAS, the Common Council of the City of Greencastle on
June 14, 1988, passed Resolution No. 1988-27, "A Resolution
Confirming A Resolution Declaring an Economic Revitalization Area
passed by the Common Council of the City of Greencastle, Indiana,
on the 10th day of May, 1988".
WHEREAS, pursuant to I.C. 6-1.1-12.1-3, INB National Bank on
April 24, 1989, filed its Statement of Benefits (Form SB-1) , a
r'"N, copy of which is attached hereto as Exhibit "A"; and
WHEREAS, the Common Council of the City of Greencastle,
pursuant to I.C. 6-1.1-12.1-4.5, has reviewed the Statement of
Benefits;
1.
NOW, THEREFORE BE IT RESOLVED by the Common Council of the
City of Greencastle, Indiana, as follows:
1. That the estimate of 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 and I.C. 6-1.1-12.1-4.5 for INB National Bank are
hereby approved.
PASSED and RESOLVED this 9th day of May, 1989.
COMMON COUNCIL OF THE CITY
OF REENCASTLE, IN IANA
Sheri Z. R �h ~
�1
Tim Conway
--\....,.....X -1). r\r(-- ,-,,,
Susan V. Murray
R bert P. e lack
Mi hael W. Rokicki
Approved and signed by me this 9th day of May, 1989, at
g,,30 o'clock, p .m.
A_ - C
Michael M. Harmless,
Mayor
ATTEST:
vG(-C.Zo --A.AL„.. -
J di h Berry, (-77
der -Treasurer
SYNOPSIS
This resolution approves the Statement of Benefits for INB
National Bank which owns molds and equipment which will be leased
to H. A. Parts Product of Indiana Co.
2.
7_ ' %� STATEMENT OF BENEFITS STATE BOARD OF TAX COMMISSIONERS
� .1•T State Form 27167(7d7)
*'0"'� Form SB-I is prescribed by the State Board of Tax Commlesroners(1967)
Confidential Statement:The records In this series are COP F IDENTIAL according to Indiana Code 6-1.1.359.
INSTRUCTIONS:(I.C.6-1.142.1)THIS PACE TO BE COMPLETED IT APPLICANT .
1. This statement must be submitted to the body designating the economic revltillzation 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. Elfecllve July 1, 1987.
2. If a person Is requesting the designation of an 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 and/or form 322 ERA/PP,New Machinery,must be filed with
the county Auditor. With respect to real property,Form 322 ERA must be flied by the later of(1)May 10 or(2)thirty(30)days after a
notice of Increase In real property assessment Is received from the township assessor.Form 322 ERA/PP must be flied between
March 1 and May 15 of the assessment year In which new manufacturing equipment is installed,unless a filing ertentlon has
been obtained.A person who obtains a filing extention must file the form between March 1 and June 14 of that year.
Name of Designating Body County
Common Council of the City of Greencastle Putnam
Name of Taxpayer
INB National Bank
Address of Taxpayer(Street. city, county) ZIP Code
One Indiana Square, Indianapolis , Indiana 46266
• SECTION I LOCATION,COST AND DESCRIPTION OF PROPOSED PROJECT ;
Location of property If different from above Greenca s1 le Taxing District
H.A. Parts Products of Indiana Co. , 2200 S . R. 240 East , Greencastle
Cost and description of real property Improvements and/or new manufacturing equipment to be acquired:
New equipment consisting of molds and related equipment for injection
molding machines , extrusion lines, and other machinery and equipment for
P-Nmanufacturing automotive trim. Equipment is to be leased to and used by
H.A. Parts Products of Indiana Co. Cost is estimated to be $6 million .
Estimated Starting Date Estimate Completion Date
(Attach additional sheets It needed) 4/20/89 5/89
SECTION II ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT
Current Number 'Salaries Number Retained Salaries 'Number Additional Salaries
0 0 0 0 209* $3 , 649 , 200*
•
SECTION III ESTIMATE TOTAL COST AND VALUE OF PROPOSED PROJECT
REAL ESTATE IMPROVEMENTS MACHINERY
COST ASSESSED VALUE COST ASSESSED VALUE
Current Values -� - 0
Plus estimated values of proposed project ** 6 , 0 0 0, 0 U U I , 3 0 0 , 0 0 0 -
Less: Values of any property being replaced 0 0
Net estimated values upon completion of project 6 , 000, 00U 1 , 3 0 0, U U U
SECTION IV OTHER INFORMATION REQUIRED BY THE DESIGNATING BODY •
*Figures shown are for H.A. Parts Products of Indiana Co. which will use the
equipment in its plant . See, Resolutions 1988-23 , 1988-27 , 1988-38 .
Estimated employment levels while plant is phasing in full production are :
7/89 -- 81 ; 7/90 -- 179 ; 7/91 -- 209 .
**Equipment shown on this Statement of Benefits is to be used in conjunction
with , and is in addition to, the equipment owned by Wilmington Trust which
_s to be leased to H.A. Parts Products of Indiana Co.
SI aturs f Aut oriz tiepresentative
I hereby certify that the representations on this statement are true.
Title
D e of Signature Telephone Number
Vice President April 21 , 1989 317-266-5124
FOR USE OF DESIGNATING BODY
IMPACT ON THE CURRENT YEAR TAX RATE FOR THE TAXING DISTRICT INDICATED ABOVE
Tax Rates Determined Using The Following Assumptions
Total Tax Rates
Current total tax rate.
S
2. Approximate tax rate if project occurs and no deduction is granted.
S
3. Approximate tax rate If project occurs and a deduction is assumed.
S
Assume an 80% deduction on now machinery installed and/or a 50'/e deduction assumed on real estate improvements.
We have reviewed our prior actions relating to the designation of this economic revitalization area and find that the applicant meets the
general standards adopted in the resolution previously approved by this body.Said resolution,passed under IC 8-1,1.12.1.2.5,provides for
the following limitations as authorized under IC 6-10.12.1.2:
A) The designated area has been limited to a period of time not to exceed
calendar years. '(See Below)
8) The type of deduction that Is allowed In the designated area Is limited to:
1) Redevelopment or rehabilitation of real estate Improvements. 0 Yes 0 No
2)installation of new manufacturing equipment 0 Yes 0 No
3) No limitations on type of deduction(check i/no limitations) 0 No
C) The amount of deduction applicable for new manufacturing equipment Installed and first claimed eligible for
deduction after July 1, 1987, is limited to S cost with an S
assessed value.
Also we have reviewed the information contained in the statement of benefits including the impact on the tax rate incorporated herein,
and have determined that the benefits described above can be reasonably expected to result from the project and are sufficient to justify
the applicable deduction.
A,,,,roved;Signature or Authorized Member and Title
Date of Signature
Attested By:
(Designated Body
•
If a commission council town board or county council limits the time period during which an area is an economic
revitiiizatfon area, it does not limit the length of lime a taxpayer is entitled to receive a deduction to a number of years
designated under I.C.6-1.1.12.1-4 or 4.5 Namely:
NEW MANUFACTURING REDEVELOPMENT OR REHABILITATION OF REAL PROPERTY IMPROVEMENT
EOUIPMENt
For Deductions Allowed Over A Period Of:
Year of Three(3) Year Six(8) Year Ten (10) Year
Year of Deduction Percentage
Deduction Percentage Percentage Percentage
1st • 100%
2 95% 1st 100% 100% 100%
2nd 3rd 80% 3rd �•� 85% 95%
33/• 68% 80%
4th 85% 4th 50% 85%
5th 50'/e 5th
8th and thereafter 34% SO%
0'/' 8th
17% 40%
7th
8th 30%
9th 20%
10%
10th
5%