HomeMy Public PortalAbout19-1989-19 RESOLUTION NO. 1989-19
AMENDED RESOLUTION APPROVING STATEMENT OF BENEFITS
01114, FOR WILMINGTON TRUST COMPANY
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-
1.1-012.1-1.5:
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
010 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 to I.C.
5-3-1, and after due publication, a public hearing was held on
June 14, 1989; 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. 6-1.1-12.1-4.5, WILMINGTON
TRUST COMPANY on March 27, 1989, filed its Statement of
Benefits (Form SB-1) , a 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;
NOW, THEREFORE BE IT RESOLVED by the Common Council of
the City of Greencastle, Indiana, as follows:
1. That the estimate of the cost of the new
manufacturing equipment is reasonable for equipment
of that type.
2. That the estimate of the number of individuals who
will be employed can be reasonable expected to
result from the installation of the new
manufacturing equipment.
3. That the estimate of the annual salaries of those
individuals who will be employed can be reasonably
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 proposed installation of
new manufacturing equipment.
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.
6-1.1-12.1-4.5 for WILMINGTON TRUST COMPANY are hereby
approved.
PASSED and RESOLVED this 19th day of September, 1989.
COMMON COUNCIL OF THE CITY
OF GREENCASTLE, INDIANA
. cR5 & c �
Sheri a h
Tim Conway
rct
Susan V. Murray
Robe t P. Sedlack
Vi�Iil�hael W. Rokicki
Approved and signed by me this 19th day of September,
1989, at (7.,23 o'clock, m.
Michael M. Harmless
Mayor
411 ATTEST:
)A-4( () (1 )
o 0,)t
Jucath Berry,
Cle k-Treasurer
/ifr ••*"... \ STATEMENT OF BENEFITS I STATE BOARD OF TAX COMMISSIONERS
;': jSlate Form 27187(7A7)
".'• Form SB.1 is prescribed by the State Board of Tax Commissioners 11987)
Confidential Statement:The records In this series are COAgIOENTIAL according to Indiana Code 8.1.1JS.9.
INSTRUCTIONS:(I.C.61.1.12.11 THIS PACE TO BE COMPLETED BY APPLICANT
I. This statement must be submitted to the body designating the economic revitilizarlon Ares BEFORE a person acquires new
A^..%, manufacturing equipment or begin,the redevelopment or rehabilitation or reel property for which the person wises to Vein,a
deduction.Effective July I, 1987.
2. I/a person is requesting the designation of an economic revitalization area,this form must be submitted et the same time the re-
quest is submitted.
3. Approval of the designating bony(City Council. Town Board,County Council,etc.)must be obtained before a deduction mey be
approved.
4. To obtain a deduction Form 322 ERA,Real Estate Improvements end/or Form 322 ERA/PP,New Machinery,must be flied with
the county auditor.With respect to real property,Form 322 ERA must be Wed by the lifer of(1)May 10 or(2)thirry(301 days alter a
notice o/Morass"in real property assessment is received from the township as,essor.Form 322 ERA/PP must be flied between
March 1 and May IJ of the assessment year,n which new manufacturing equipment is installed,unless a filing exrentron has
been obtained.A person who obtains a filing extention must file the form between March 1 and June lY of that year.
Name of Designating Body
Common Council of the City of Greencastle County
utnam
NameotTaxpayer Wilmington Trust Company not in its individual capacity but solely as Owner
Trustee under the Trust Agreement dated as of March- 14, 1989.
Address of Taxpayer(Street,city,county)
Rodney Square, North, Wilmington, Delaware I ZIP Code
19890
SECTION I LOCATION,COST AND DESCRIPTION OF PROPOSED PROJECT
Location of property if different from above
H.A. Parts Products of Indiana Co., 2200 S.R. 240 East, Greencastle Taxing
Cost and description of real property improvements and i or new manufacturing equipment to be acquired: Greencatle
New equipment consisting of injection molding machines, extrusion lines, bending and
painting equipment, and other machinery and equipment for manufacturing automative trim.
Equipment is to be leased to and used by H.A. Parts Products of Indiana Co. Cost is
estimated to be $12 million.
(Attach additional sheets If needed) I Estimated Starting3/O1/89 'Estimate 1 Estimate Completion Date
4/89
SECTION II ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT
Current Number (Salaries I Number Retained
0 111 1 ISal site! Number Additional ISaluies
00 209* I$3,649,200*
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SECTION III ESTIMATE TOTAL COST AND VALUE OF PROPOSED PROJECT
REAL ESTATE IMPROVEMENTS MACHINERY
Current Values
COST ASSESSED VALUE COST IASSESSED VALUE
Plus estimated values of proposed project 0 0
Less:Values of any property being replaced 12,000,000 2,600,000
Net estimated values upon completion of project 0 0
I12,000,000 I2,600,000
SECTION MOTHER INFORMATION REQUIRED BY THE DESIGNATING BODY
*Figures shown are for H.A. Parts Products of Indiana Co. which will use the equipment
in its plant. See, Resolutions 1988-23, 1988-27, 1988-38. Estimated employment levels
while plant is phasing in full production are: 7/89 -- 81; 7/90 -- 179; 7/91 -- 209.
I hereby certify that the representations on this statement are true. Slgnat urged uthonzed Peo esent stirs
Title �����j,2 ed Reps
a11L'Tl— ,�] cnCV.IC?$ Officer Date of
Telephone)umoer
(302) 651-8272
/^
t
1 FOR USE OF DESIGNATING BODY
IMPACT ON THE CURRENT YEAR TAX RATE FOR THE TAXING DISTRICT INDICATED ABOVE t
Tax Pates Determined Using The Following Assumptions Total Tax Rates
^ 11. Current total tax rate.
f S
I2. Approximate tax rate if project occurs and no deduction is granted.
S
3. Approximate tax rate it project occurs and a deduction is assumed.
S
Assume an 80%deduction on new machinery installed and/or a 50%deduction assumed on real estate improvements.
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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 6-1.1.12.1-2.5.provides for
the following limitations as authorized under IC 6-1.1-12.1.2:
A) The designated area has been limited to a period of time not to exceed
calendar years. '(See Below)
B) 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(cheek if no/Imitations) 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$ 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 I
the applicable deduction.
Approved;Signature of Authorized Member and Title rite of Signature
Attested By: . 10esIgnated Body
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l' ' If a commission council town board or county council limits the time period during which an area is an economic. revitllizatlon area,it does not limit the length of time a taxpayer Is entitled to receive a deduction to a number of years
designated under I.C.8-1.1.12.1.4 or 4.5 Namely:
NEW MANUFACTURING REDEVELOPMENT OR REHABILITATION OF REAL PROPERTY IMPROYEMENT.
EQUIPMENT . •
;
For Daductfons Allowed OverA Period Ott
Year of Three(3)Year Six(8)Year Ten(10)Year
Year of Deduction Percentage
Deduction Percentage Percentage Percentage
1st 100ye 1st
2nd �% 100'/e 100% 100%
2nd 88% 85% 95%
3rd 80% 3rd 33% 88% 80%
4th 85% �5th 0% 4th 50ye 85%
5th 7
8th and thereafter 0% 8th 17% 50%
7th 40%
8th 30%
th 20%
10%
10th 5%
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