HomeMy Public PortalAbout19-1998-36 S
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RESOLUTION NO. 1998 - 36
A RESOLUTION REAFFIRMING RESOLUTION 1998 - 35 AND DECLARING AN
ECONOMIC REVITALIZATION AREA AND RECOMMENDED TAX DEDUCTION
(LEAR OPERATIONS CORPORATION; d.b.a.: LEAR- GREENCASTLE)
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 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
n 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, the Common Council of
the City of Greencastle 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, Lear Operations Corporation (d.b.a. Lear - Greencastle) has planned the
economic revitalization of their operations by investing $11,074,053 in new injection molding
equipment and secondary equipment to support additional operations. An additional $568,000 in
used equipment will also be added to the facility. Lear Operations Corporation 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, has been submitted to the Common Council
on October 20, 1998, prior to redevelopment or rehabilitation and installation of new
manufacturing equipment on such real estate by Lear Operations Corporation and that such
Statement of Benefits is attached hereto and marked "Exhibit A"; and
WHEREAS, the Common Council of the City of Greencastle passed Resolution 1998-35
on October 20, 1998 and advertised a public hearing for November 10, 1998; and,
WHEREAS, the Common Council of the City of Greencastle, pursuant to the laws of the
Mate of Indiana, does now hereby find that:
1. The estimate of the value of the redevelopment of 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 COMMON
COUNCIL OF THE CITY OF GREENCASTLE on this 10th day of November, 1998, 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 South half of
Section 13, Township 14 North, Range 4 West of the Second Principal Meridian, more
particularly described to-wit:
Beginning at a railroad spike in the centerline of a county road which is 464.71 feet North
and 3338.63 feet East of the Southwest corner of Section 13, Township 14 North, Range
4 West; the said railroad spike is further described as being North 00 degrees 27 minutes
02 seconds West 724.71 feet from the intersection of the centerline of said county road
and the North right-of-way line of Indiana State Road No. 240; thence West 1361.01 feet
to a concrete monument; thence North 1400.00 feet to a concrete monument; thence East
1350.00 feet to a railroad spike in the centerline of the aforesaid county road which is
South 00 degrees 27 minutes 02 seconds East 1400.04 feet with the centerline of said
county road to the point of beginning, containing 43.57 acres, more or less.
EXCEPT THEREFROM the following described real estate: Beginning at a point 1864.71
^ feet North and 1977.62 feet East of the Southwest corner of Section 13, Township 14
North, Range 4 West; thence East 250.0 feet; thence South 200.0 feet; thence West 250.0
feet; thence North 200.0 feet to the point of beginning, containing 1.148 acres.
THEREFORE, the Common Council of the City of Greencastle does recommend a
deduction 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 Common Council of the City of Greencastle does NOT recommend a deduction or
tax abatement for used equipment and special tooling nor does Lear Operations Corporation
request such abatement.
The Common Council of the City of Greencastle further recommends and approves the
application of the deductions herein for equipment installed pursuant to the Statement of Benefits
from the approval of this resolution and during the 26 ensuing months, November 10, 1998 to
December 31, 2000.
PASSED AND RESOLVED by the Common Council of the City of Greencastle at its
regular meeting this 10th day of November, 1998.
COMMON COUNCIL OF THE CITY OF GREENCASTLE, INDIANA
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Thomas W. Roach David Masten
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Mar . Hammer Barry Biaynard
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Approved and signed by me this 10th day of November, 199 at 7/0 p.m. o'clock.
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Nancy A. Mi hael, Mayor
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Pamela S. Jones, Cler - asurer