HomeMy Public PortalAbout08-1992-8 RESOLUTION NO. 1992-8
RESOLUTION APPROVING STATEMENT OF BENEFITS
FOR TECHNOTRIM, INC.
WHEREAS, the Common Council of the City of Greencastle on
February 10, 1987, 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 . 1-1. 5:
Situate in the State of Indiana, County of Putnam and
being a part of Section 13 , 14 , 23 and 24, all in
Township 14 North, Range 4 West of the Second Principal
Meridian, more particularly described to-wit:
Commencing at the Northeast corner of Section 23 ,
Township 14 North, Range 4 West; thence South 01 degree
20 minutes 30 seconds West 90. 10 feet with the East
line of said Section 23 to the South right-of-way of
Indiana State Road 240 and the true point of beginning
of the real estate herein described; thence from said
true point of beginning and with the South right-of-way
of the aforesaid Indiana State Road 240 Westerly 461. 20
feet on a curve to the left having a radius of
28 , 532 . 90 feet and subtended by a long chord bearing
North 89 degrees 04 minutes 13 seconds West a distance
/0-4, of 461. 19 feet; thence North 89 degrees 32 minutes 00
seconds West 1525. 20 feet; thence South 84 degrees 45
minutes 22 seconds West 50. 25 feet; thence North 89
degrees 32 minutes 00 seconds West 100. 00 feet; thence
North 83 degrees 49 minutes 22 seconds West 50. 25 feet;
thence North 89 degrees 32 minutes 00 seconds West
300. 50 feet; thence North 89 degrees 21 minutes 00
seconds West 822 . 23 feet; thence South 89 degrees 23
minutes 17 seconds West 227 . 02 feet to the North right-
of-way of the former location of the Conrail Railroad;
thence leaving the South right-of-way of the aforesaid
Indiana State Road 240 and with the North right-of-way
of the aforesaid railroad North 63 degrees 15 minutes
10 seconds East 5970. 70 feet to the North line of the
South half of Section 13 , Township 14 North, Range 4
West; thence South 87 degrees 24 minutes 03 seconds
East 1513 . 92 feet with said North line to the West
right-of-way line of a county road; thence South 00
degrees 27 minutes 02 seconds East 3048 . 71 feet with
the West right-of-way line of said county road and the
Southerly extension thereof to the South right-of-way
of the aforesaid Indiana State Road 240; thence with
said South right-of-way Westerly 64 . 56 feet on a curve
to the right having a radius of 43 , 091. 85 feet and
subtended by a long chord bearing North 77 degrees 29
minutes 49 seconds West a distance of 64 . 63 feet;
411 thence North 71 degrees 43 minutes 47 seconds West
50. 42 feet; thence Westerly 517.21 feet on a curve to
the right having a radius of 43 , 086.85 feet and
subtended by a long chord bearing North 77 degrees 02
minutes 38 seconds West a distance of 517 . 24 feet;
thence North 76 degrees 42 minutes 00 seconds West
314 . 00 feet; thence Westerly 813 . 38 feet on a curve to
the left having a radius of 4 , 468 . 66 feet and subtended
by a long chord bearing North 81 degrees 54 minutes 52
seconds West a distance of 812 . 26 feet; thence South 86
degrees 54 minutes 10 seconds West 49.74 feet; thence
North 87 degrees 23 minutes 00 seconds West 100. 00
feet; thence North 81 degrees 40 minutes 22 seconds
West 50. 25 feet; thence North 87 degrees 23 minutes 00
seconds West 799. 80 feet; thence Westerly 609. 63 feet
on a curve to the left having a radius of 28, 532 . 90
feet and subtended by a long chord bearing North 87
degrees 59 minutes 43 seconds West a distance of 609. 55
feet to the point of beginning, containing 269.91
acres.
WHEREAS, a copy of said Resolution was published to I.C. 5-
3-1, and after due publication, a public hearing was held on
March 10, 1987 ; and
WHEREAS, the Common Council of the City of Greencastle on
March 10, 1987, passed "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
February, 1987" .
WHEREAS, pursuant to I.C. 6-1. 1-12 . 1-4 . 5, TECHNOTRIM, INC.
on April 14, . 1992, filed its Statement of Benefits (Form SB-i) , 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 or whose employment will be retained can be
reasonably 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 or whose employment
will be retained can be reasonably expected to result
from the proposed installation of new manufacturing
equipment.
•
411
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 TECHNOTRIM, INC. are hereby approved for a five
(5) year period.
PASSED and RESOLVED this 14th day of April, 1992 .
COMMON COUNCIL OF THE CITY
OF GREENCASTLE, INDIANA
ki /2, (
Thomas W. Roach Susan V. Murray
'\
e•-• lam �e ald D. Calbert Michael W. Rokicki
Charles T. Miles
Approved and signed by me this 14th day of April, 1992 , at
/' R s o 'clock,
U/p .m.
•/-
Michael M. Harmless
ATTEST: Mayor
ith B ry,
C rk-Treasurer
0
„,a nt.rr 4
ei.-- \ STATEMENT OF BENEFITS Received for filing /1-7 qcr— FORM
:.4- °-`etdi State Form 27167(R3/11-91) SB -
3i`
ik
' Fe u
- Form SB-1 is prescribed by the State Board of Tax Commissioners,1989
The records In this series are CONFIDENTIAL accordingto IC 6-1.1-35-9
. 'th Berry, Clerk-Tr urer
1INSTRUCTIONS:
. This statement must be submitted to the body designating the economic revitilization area prior to the public hearing if the designating body requires ink
mation from the applicant in making its decision about whether to designate an Economic Revitilization Area. Otherwise this statement must be submittU
to the designating body BEFORE a person installs the new manufacturing equipment, or BEFORE the redevelopment or rehabilitation of real property f
which the person wishes to claim a deduction. A statement of benefits is not required if the area was designated an ERA prior to July 1, 1987 and ti
project”was planned and committed to by the applicant,and approved by the designating body,prior to that date. "Projects"planned or committed to aft
July 1, 1987 and areas designated after July 1, 1987 require a STATEMENT OF BENEFITS. (IC 6-1.1-12.1)
2. Approval of the designating body(City Council, Town Board, County Council,etc.)must be obtained prior to initiation of the redevelopment or rehabilitatio
or prior to installation of the new manufacturing equipment,BEFORE a deduction may be approved.
3. 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. Wi
respect to real property, Form 322 ERA must be filed by the later of: (1)May 10;or(2)thirty(30)days after a notice of increase in real property assessme
is received from the township assessor. Form 322 ERA/PP must be filed between March 1 and May 15 of the assessment year in which new manufa
turing equipment is installed, unless a filing extension has been obtained. A person who obtains a filing extension must file the form between March 1 ar
June 14 of that year.
4. Property owners whose Statement of Benefits was approved after July 1, 1991 must submit Form CF- 1 annually to show compliance with the Statement
Benefits. (IC 6-1.1-12.1-5.6)
.SECTION 1 TAXPAYER INFORMATION
Name of tax ayer
TechnoPTrim, Inc.
Address of taxpayer(street and number,city,state and ZIP code)
P.O.Box 495; 2601 SR 240 East; Greencastle, IN 46135
Name of contact person Telephone number
John Hallanger , Plant Controller
( 317 ) 653-9721
•
SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT .
Name of designating body Resolution number
Common Council of the City of Greencastle, Indiana
Location of property County Taxing district
2601 St.Rd 240 East Greencastle, IN 46135 Putnam 67008
description of real property improvements and/or new manufacturing equipment to be acquired(use additional Estimated starting date
,,heels if necessary)._
Cutting & ewing Equipment $500,000 QC/Engineering Eqmt $50,000 3-1-90
Maintenance Equipment 150,000 Estimated completion date
Office & Building Eqpmt 1Q�,QQQ Total Equipment $850,000 3-1-92
Warehouse Equipment ,UUUVUu
, SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT
Current number Salaries Number retained Salaries Number additional Salaries
250 $2,250,000 250 $2,250,000 0 0
SECTION 4 ESTIMATE• TOTAL COST AND VALUE OF PROPOSED PROJECT _ _ ___
Real Estate Improvements I Machinery
Cost Assessed Value Cost Assessed Value
Current values
Plus estimated values of proposed project 850,000
Less values of any property being replaced
Net estimated values upon completion of project • 850,000
,F SECTIONS OTHER BENEFITS PROMISED BY THE TAXPAYER
r SECTION 6 TAXPAYER CERTIFICATION
I hereby certify that the representations in this statement are true.
Signature of authorized representative Title Date signed(month,day,year)
Plant Controller Aci61 141 l'VO,
FOR USE OF THE DESIGNATING BODY
We have reviewed our prior actions relating to the designation of this economic revitalization area and find that the applicant meets`
general standards adopted in the resolution previously approved by this body. Said resolution, passed under IC 6-1.1-12.1-2.5, pro-
vides for the following limitations as authorized under IC 6-1.1-12.1-2.
A. The designated area has been limited to a period of time not to exceed calendar years* (see below). The date this
designation expires is
B. The type of deduction that is allowed in the designated area is limited to:
1. Redevelopment or rehabilitation of real estate improvements; 0 Yes 0 No
2. Installation of new manufacturing equipment; 0 Yes 0 No
3. Residentially distressed areas 0 Yes 0 No
C. The amount of deduction applicable for new manufacturing equipment installed and first claimed eligible for deduction after July 1,
1987, is limited to$ cost with an assessed value of$ .
D. The amount of deduction applicable to redevelopment or rehabilitation in an area designated after September 1, 1988 is limited to
$ cost with an assessed value of$ .
E. Other limitations or conditions (specify)
F. The deduction for new manufacturing equipment installed and first claimed eligible for deduction after July 1, 1991is allowed for:
❑ 5 years 0 10 years
Also we have reviewed the information contained in the statement of benefits and find that the estimates and expectations are reason-
able and have determined that the totality of benefits is sufficient to justify the deduction described above.
Approved:(signature and title of authorized member) Telephone number Date signed(month,day,year)
( )
Attested by: Designated body
`./
* If the designating body limits the time period during which an area is an economic revitilization area, it does not limit the length of time
a taxpayer is entitled to receive a deduction to a number of years designated under IC 6-1.1-12.1-4 or 4.5 Namely: (see tables below)
NEW MANUFACTURING EQUIPMENT REDEVELOPMENT OR REHABILITATION
OF REAL PROPERTY IMPROVEMENT
For Deductions Allowed Over A Period Of: For Deductions Allowed Over A Period Of:
Year of Five(5)Year Ten(10)Year Year of Three(3)Year Six(6)Year Ten(10)Year
• Deduction Percentage Percentage Deduction Deduction Deduction Deduction
1st 100% 100% 1st 100% 100% 100%
2nd 95% 95% 2nd 66% 85% 95%
3rd 80% 90% 3rd 33% 66% 80%
4th 65% 85% 4th 50% 65%
5th 50% 80% 5th 34% 50%
6th 70% 6th 17% 40%
7th 55% 7th 30%
8th 40% 8th -_ 20%
9th 30% 9th , 10%
10th 25% 10th -_ 5%
C
..; 9 , STATEMENT OF BENEFITS Received for Filing `�J 9A
FORI
_ +; State Form 27167(R3/11-91)
Form SB-1 is prescribed by the State Board of Tax Commissioners,1989 `:, r�, `SB
'� The records in this series are CONFIDENTIAL according to IC 6-1.1-35-9
^INSTRUCTIONS:
.ith Ber y, lerk- 'surer
1. This statement must be submitted to the body designating the economic revitalization area prior to the public hearing if the designating body requires ii
mation from the applicant in making its decision about whether to designate an Economic Revitilization Area. Otherwise this statement must be subm
to the designating body BEFORE a person installs the new manufacturing equipment, or BEFORE the redevelopment or rehabilitation of real property
which the person wishes to claim a deduction. A statement of benefits is not required if the area was designated an ERA prior to July 1, 1987 and
project'was planned and committed to by the applicant,and approved by the designating body,prior to that date. "Projects'planned or committed to
July 1, 1987 and areas designated after July 1, 1987 require a STATEMENT OF BENEFITS. (IC 6-1.1-12.1)
2. Approval of the designating body(City Council, Town Board, County Council,etc.)must be obtained prior to initiation of the redevelopment or rehabilitai
or prior to installation of the new manufacturing equipment, BEFORE a deduction may be approved.
3. 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. I
respect to real property, Form 322 ERA must be filed by the later of: (1)May 10;or(2)thirty(30)days after a notice of increase in real property assessn
is received from the township assessor. Form 322 ERA/PP must be filed between March 1 and May 15 of the assessment year in which new manu
turing equipment is installed, unless a filing extension has been obtained. A person who obtains a filing extension must file the form between March 1,
June 14 of that year.
4. Property owners whose Statement of Benefits was approved after July 1, 1991 must submit Form CF- 1 annually to show compliance with the Statemer
Benefits. (IC 6-1.1-12.1-5.6)
SECTION I TAXPAYER INFORMATION
Name of tax ayer •
Technoirim, Inc.
Address of taxpayer(street and number,city,state and ZIP code)
P.O.Box 495; 2601 SR 240 East; Greencastle, IN 46135
Name of contact person
John Hallanger , Plant Controller Telephone number
( 317 ) 653-9721
•
SECTION 2 •:• . LOCATION AND DESCRIPTION OF PROPOSED PROJECT .
Name of designating body
Common Council of the City of Greencastle, Indiana Resolution number
Location of properly Coun
' '` 2601 St.Rd 240 East Greencastle, IN 46135 ry Putnam Taxing district
67008
Description of real property improvements and/or new manufacturing equipment to be acquired(use additional Estimated starting dale
sheets if necessary)._
Cutting ewing Equipment $500,000 QC/Engineering Eqmt $50,000 3-1-92
Maintenance Equipment 100,000
Office & Building t 1pp 1 1 Estimated completion date
Warehouse Equipment 50,1 �j Total Equipment $8d0,000
3-1-94
/ ;
, SECTION 3 - ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT
• Current number Salaries Number retained Salaries
Number additionalSalaries
230 $3,400,000 230
$3,400,000 $4,400,000
SECTION 4 -_. ESTIMAT 1 TOTAL COST AND VALUE OF PROPOSED PROJECT
• Real Estate Improvements I • Machinery
Cost Assessed Value Cost Assessed Value
Current values
Plus estimated values of proposed project 800,000
Less values of any property being replaced
Net estimated values upon completion of project 800 000,
`.. ,` OTHER BENEFITS PROMISED BY THE TAXPAYER
SECTION 6.:.,• ; F • TAXPAYER CERTIFICATION
I hereby certify that the representations in this statement are true.
Signature of authorized representative Title
Date signed(month,day,year)
•
I , �, v� ►� Plant Controller Po,..,1 0-} lqq�
FOR USE OF THE DESIGNATING BODY .
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, pro.
vides 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 N/A calendar years ' (see below). The date this
designation expires is N/A ,
B. The type of deduction that is allowed in the designated area is limited to:
1. Redevelopment or rehabilitation of real estate improvements; ❑ Yes ® No
2. Installation of new manufacturing equipment; ❑ Yes (K No
3. Residentially distressed areas ❑ Yes ® 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 $ N/A cost with an assessed value of$ N/A .
D. The amount of deduction applicable to redevelopment or rehabilitation in an area designated after September 1, 1988 is limited to
$ N/A cost with an assessed value of$ N/A
•
E. Other limitations or conditions (specify) none
F. The deduction for new manufacturing equipment installed and first claimed eligible for deduction after July 1, 1991 is allowet for:
® 5 years ❑ 10 years
Also we have reviewed the information contained in the statement of benefits and find that the estimates and expectations are reason-
able and have determined that the totality of benefits is sufficient to justify the deduction described above.
Approved:(signature and title of authorized member) Telephone number Date signed (month, day,yeari
- \4k��),���,.).„,c usan V. Murray, President (317 ) 653-3100 4-14-92
Atiiested by: Designated body
't h B rry, Clerk—Treasurer Common Council, City of Greencastle
If the designating bo Ii ' s the time period during which an area is an economic revitilization area, it does not limit the length of time
a taxpayer is entitled to receive a deduction to a number of years designated under IC 6-1.1-12.1-4 or 4.5 Namely: (see tables below)
NEWYMANUFACTURING EQUIPMENT ' R®EVE1.OP11JTOR RERABILJTATiON
OF DEAL PROPERTY IMPROVEMENT
-- For Deductions M red OverA Period O> ``•'x` — --d-
��'�-�� ' _ •For Deductions AUaniedOvarAPen dOl.
Year of Five(5)Year Ten(10)Year Year of Three(3)Year Six(6)Year Ten (10)Year ,
• Deduction Percentage Percentage Deduction Deduction Deduction Deduction
1st 100% 100% 1st 100% 100% 100%
2nd 95% 95% 2nd I 66% 85% 95%
3rd 80% 90% 3rd
33% 66% I 80%
4th 65% 85% 4th 50% 65%
5th 50% I 80% 5th
34% 50%
6th 70% 6th 17% 40%
7th 55% 7th I 30%
8th 8th
9th , 30% 9th 10%
10%
10th 25% 10th I 5%
•