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Home My Public Portal About18-1992-18 RESOLUTION NO. 1992-18 RESOLUTION APPROVING STATEMENT OF BENEFITS FB DISTRO, 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 (hereinafter "the ERA") under the terms and provisions of I.C. 6-1.1- 12.1: 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 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; thence North 71 degrees 43 minutes 47 seconds West 50.42 feet; thence Westerly 517.21 feet on a 4 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. 6-1.1-12.1-3, FB DISTRO, INC. on October 8, 1992, filed its Statement of Benefits (Form SB-1), a copy of which is attached hereto as Exhibit "A", which describes a project involving the redevelopment and rehabilitation of property located in the ERA; and WHEREAS, the Common Council of the City of Greencastle, pursuant to I.C. 6- 1.1-12.1-3, 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 value of the redevelopment or rehabilitation is reasonable for projects of that nature. 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 proposed described redevelopment or rehabilitation. 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 described redevelopment or rehabilitation. 4. That any other benefits about which information was requested are benefits that can be reasonably expected to result from the proposed described redevelopment or rehabilitation. 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 for FB DISTRO, INC. are hereby approved for a ten (10) year period. PASSED and RESOLVED this 13th day of October, 1992. COMMON COUNCIL OF THE CITY OF GREENCASTLE, INDIANA ,____----2Z--ct.5 4.-/ .0/4 e---/ -----1::-.rc•-••••\..„...D . IN\ <\"'1/4--" "d"...-f- Thomas W. Roach Susan V. Murray Jer d D. Calbert chael W. Rokicki /4 / / 0 L41-/(/64- . /- __,(/)e/i Charles T. Miles A proved and signed by me this 13th day of October, 1992, at qito V o'clock, .m. /'------ /\--- 7 Michael M. Harmless ATTEST: Mayor a-) 4e„,--t_tt,-(,----2x J dith Berry, erk-Treasurer (1) Project will take approximately thirty months to r.J complete (2) Additional employees will be phased in over a five (5) year period (3) Based upon today's dollar and not reflecting any inflationary increases (4) Cost and assessed value estimates for real estate improvements are preliminary because detailed plans and specifications have not been completed (5) Cost and assessed value estimates for machinery are preliminary because detailed plans and specifications have not been completed `6T4� STATEMENT • �� 4, ENT OF BENEFITS FORM 3i `�C =i State Form 27167(R3/11-91) SB - 1 O,s Form SB•1 is prescribed by the State Board of Tax Commissioners,1989 ''' The records in this series are CONFIDENTIAL according to IC 6 1.1-35-9 rA VSTRUCTIONS: 1. This statement must be submitted to the body designating the economic revitilization area prior to the public hearing if the designating body requires in; mation from the applicant in making its decision about whether to designate an Economic Revitilization Area. Otherwise this statement must be submit 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 a, 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 rehabilitati 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. N 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 assessor, 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 a 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 taxpayer FB Di_stro, Inc. Address of taxpayer(street and number,city,state and ZIP code) 450 Winks Lane, Bensalem, PA 19020 Name of contact person Telephone number Kathleen H. Lieberman (215 )638-6906 SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT . Name of designating body Resolution number Common Council of the City of Greencastle 3-10-87 Location of property County Taxing district City of tate Road 240, Greencastle, Indiana Putnam Greencastle 67008 Description of real property improvements and/or new manufacturing equipment to be acquired(use additional Estimated starting date sheets if necessary) Construction of 200,000 square foot building addition for a material handling system November, 1992 Estimated completion date 4 April, 1995 (1) , SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT Current number Salaries Number retained Salaries Number additional Salaries 130 $1,890,000 130 $1,890,000 40-50 (2) $600-750,000( SECTION 4 ESTIMATE' TOTAL COST AND VALUE OF PROPOSED PROJECT Real Estate Improvements ( Machinery Cost Assessed Value Cost Assessed Value Current values $ 1,000,000 $1,706,560 $7,330,110 $1 ,034,990 Plus estimated values of proposed project $10,000,000 (4) $2,730,900 (4) S15,000,000 (5)S2,000,000(5) Less values of any property being replaced —0— —0— —0— —0— Net estimated values upon completion of project $11,000,000 (4) $4,437,460 (4) $22,330,110(5) $3,034,990(5) SEE ATTACHED STATEMENT FOR 1 - 5 s SECTION 5 OTHER BENEFITS PROMISED BY THE TAXPAYER ill r- SECTION 6 TAXPAYER CERTIFICATION I hereby certify that the representations in this statement are true. Signature of authorized representative Title Date signed(month,day,year) � � I. . FOR USE OF THE DESIGNATING BODY We have reviewed our prior actions relating to the designation of this economic revitalization area and find that the applicant meets t`he general standards adopted in the resolution previously approved by this body. Said resolution, passed under IC 6-1.1-12.1-2.5, pro- vides for the following limitations as authorized under IC 6-1.1-12.1-2. A. The designated area has been limited to a period of time not to exceed calendar years* (see below). The date this designation expires is . B. The type of deduction that is allowed in the designated area is limited to: 1. Redevelopment or rehabilitation of real estate improvements; ❑ Yes ❑ No 2. Installation of new manufacturing equipment; ❑ Yes ❑ No 3. Residentially distressed areas 0 Yes 0 No C. The amount of deduction applicable for new manufacturing equipment installed and first claimed eligible for deduction after July 1, 1987, is limited to$ 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, 1991 is allowed(or: 0 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) -\kSctr,�) I _ ( 7) 653-3/60 /o— / 3-9z_ Attested by: Designated body --e)111-‘1.71/ ef2-L-Ck - -' 0--614/WAlt di!) 06-wv-ul `.../ ' e 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%