HomeMy Public PortalAbout19-1997-23 RESOLUTION NO. 1997-23
r-1 A RESOLUTION REAFFIRMING RESOLUTION 1997-22 AND
DECLARING AN ECONOMIC REVITALIZATION AREA AND
RECOMMENDED TAX DEDUCTION
(ILA. Parts Products of Indiana Company)
WHEREAS, the laws of the State of Indiana, specifically I.C. 6-1.1-12.1-1, et. seq.,
provide for the creation of economic revitalization areas within the corporate limits of the City
of Greencastle, Putnam County, Indiana, for the general purpose of providing property tax
deductions to encourage private redevelopment of areas which have become undesirable for, or
impossible of, normal development and occupancy because of a lack of development, cessation
of growth, deterioration of improvements or character of occupancy, age, obsolescence,
substandard buildings or other factors which have impaired values or prevent normal
development of property or use of property; and
WHEREAS, the term "economic revitalization area" also includes any area where a
facility or a group of facilities that are technologically, economically or energy obsolete are
located and where the obsolescence may lead to the decline in employment and tax revenue; and
WHEREAS, "redevelopment" means the construction of new structures in economic
revitalization areas either on unimproved real estate or on real estate upon which a prior existing
structure is demolished to allow for new construction; and
WHEREAS, "rehabilitation" means remodeling, repair or betterment of property in any
manner or any enlargement or extension of property; and
WHEREAS, pursuant to applicable laws of the State of Indiana, Greencastle City Council
may create said economic revitalization area through the adoption of a resolution; and
WHEREAS, the need exists to establish an economic revitalization area in order to
encourage private redevelopment in the City of Greencastle, Putnam County, Indiana; and
WHEREAS, H.A. Parts Products of Indiana Company has planned redevelopment and
rehabilitation to the existing H.A. Parts Products of Indiana Company site which will include
a modification and expansion of existing structures to accommodate additional manufacturing
equipment, including building modifications value at up to $2,000,000 and the addition of
manufacturing equipment of a value up to $4,000,000. H.A. Parts Products of Indiana
Company seeks a tax deduction pursuant to I.C. 6-1.1-12.1, et. seq.; and
WHEREAS, a Statement of Benefits on State Form 27167, [Form SB-1] said form
approved by the State Board of Tax Commissioners, have been submitted to the Greencastle City
Council on May 20, 1997, prior to redevelopment or rehabilitation and installation of new
manufacturing equipment on such real estate by H.A. Parts Products of Indiana Company and
that such Statement of Benefits is attached hereto and marked "Exhibit A"; and
WHEREAS, the Greencastle City Council passed Resolution 1997-22 on May 13, 1997,
and advertised a public hearing for June 10, 1997; and
WHEREAS, Greencastle City Council, pursuant to the laws of the State of Indiana, does
now hereby find that:
1. The estimate of the value of the redevelopment or rehabilitation and new
manufacturing equipment is reasonable for projects of that nature;
2. 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 and installation of new manufacturing
equipment;
3. The estimate of the annual salaries of those individuals who will be employed or
whose employment will be retained can reasonably be expected to result from the
proposed described redevelopment or rehabilitation and 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 described redevelopment or rehabilitation and
installation of new manufacturing equipment.
5. The totality of the benefits is sufficient to justify a deduction.
THEREFORE, based upon these findings BE IT RESOLVED THAT THE CITY OF
GREENCASTLE on this 10th day of June, 1997, pursuant to I.C. 6-1.1-12.1-1, et. seq., deems
there to be a need to establish an economic revitalization area and that said economic
revitalization area shall be defined as follows:
Situate in the State of Indiana, County of Putnam and being a part of the Northwest
quarter of 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 28,532.90 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.
THEREFORE, the Greencastle City Council does recommend a deduction of assessed
value for a period of five years as a result of the installation of new manufacturing equipment,
all as set forth in I.C. 6-1.1-12.1-4.5.
The City of Greencastle does not grant tax abatement for special tooling nor has H.A.
Parts Products of Indiana Company requested such abatement.
The Greencastle Common Council further recommends and approves the application of
the deductions herein for improvements or equipment installed pursuant to the statement of
benefits from the approval of this ordinance and during the twelve ensuing months, thru May
31, 1998.
PASSED AND RESOLVED by the Common Council of the City of Greencastle at its
regular meeting this \O°.'day of June, 1997.
4110 COMMON COUNCIL OF THE CITY OF GREENCASTLE, INDIANA
��//'�t�7 1 J K� del C�y r •;S J C?b�
Thomas W. Roach David Masten
/424'irk
Mar N. Hammer Barry Kaynard
Kie reen
Approved and signed by me this l a day of June, 1997 at-7 C o'clock/2.m.
ATT S :
t211c...7r retatg.-vii2--Yer- .
�r
Pamela S. Jones, Cler -T rer