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Home My Public Portal About03-2000-3 cfNAIINC0 Vrti RESOLUTION NO. 2000-3 A RESOLUTION REAFFIRMING RESOLUTION 2000-2 AND DECLARING AN ECONOMIC REVITALIZATION AREA AND RECOMMENDED TAX DEDUCTION (NORTH AMERICAN CAPACITOR 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 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 enlargemeit or extension of property; and WHEREAS, pursuant to applicable laws of the State of Indiana, the 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, North American Capacitor Company proposes to rehabilitate their manufacturing facility by investing $1,400,000 in new manufacturing equipment for a new product line resulting in six additional jobs at their facility. North American Capacitor 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, has been submitted to the Common Council on January 18, 2000, prior to installation of new manufacturing equipment on such real estate by North American Capacitor Company and that such Statement of Benefits is attached hereto and marked "Exhibit A"; and WHEREAS, the Greencastle City Council passed Resolution 2000-2 on February 8, 2000 and advertised a public hearing for March 14, 2000; and, WHEREAS, the 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. /1 THEREFORE, based upon these findings, BE IT RESOLVED THAT THE CITY OF GREENCASTLE on this 14th day of March, 2000, 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: A part of the Southeast quarter of the Southwest quarter of Section 14, Township 14 North, Range 4 West of the Second Principal Meridian, more particularly described to wit: Beginning at a point on the South line of the aforesaid Section 14 that is 1748.28 feet East of the Southwest corner of the Southwest quarter of said Section 14; thence East on and along said South line 341.52 feet to the North right of way line of the Pennsylvania Railroad;thence North 62 degrees 27 minutes East with said North right of way line 735.05 feet to the East line of the Southwest quarter of said Section 14; thence North 0 degrees 36 minutes West with said East line 388.70 feet to a point; thence leaving said East line West parallel to the South line of said Section 14, 996.72 feet to a point; thence South 0 degrees 36 minutes East parallel to the East line of the Southwest quarter of said Section 14, 728.63 feet to the point of beginning, containing 14.115 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 recommend tax abatement for special tooling nor does North American Capacitor Company request such abatement. The Greencastle Common Council further recommends and approves the application of the deductions herein for equipment installed pursuant to the Statement of Benefits from the approval of this ordinance and during the ten ensuing months, March 15, 2000 to December 31, 2000. PASSED AND RESOLVED by the Common Council of the City of Greencastle at its regular meeting this 14th day of March, 2000. COMMON COUNCIL OF THE CITY OF GREENCASTLE, INDIANA c Norm Crampton Thomas W. Roach Zed Mark N. Hammer Mike Rokicki V z A_L.�cJ t y`GzrLI Teresa Parrish Approved and signed by me this 14th day of March, 2000 at 0 p.m. o'clock. Nancy A. Mi ael, Mayor ATT S : Pamela S. Jones, Cle k- r asurer r"� Form SB-1 is prescribed by the State Board of Tax Commissioners,1989 //a5/WO C) I OD - 1 461• RUCTIONS: • his statement must be submitted to the body designating the economic revitilization area prior to the public hearing if the designating body requires in for- ation from the applicant in making its decision about whether to designate an Economic Revitalization Area. Otherwise this statement must be submitted the designating body BEFORE a person installs the new manufacturing equipment, or BEFORE the redevelopment or rehabilitation of real property for hictk . person wishes to claim a deduction. "Projects"planned or committed to after July 1, 1987 and areas designated after July 1, 1987 require a TA NT OF BENEFITS. (iC 6-1.1-12.1) )prr,. ..of the designating body(City Council, Town Board, County Council, etc.)must be obtained prior to initiation of the redevelopment or rehabilitation, prior to installation of the new manufacturing equipment,BEFORE a deduction may be approved. obtain a deduction, Form 322 ERA, Real Estate Improvements and/or Form 322 ERA/PP New Machinery, must be filed with the county auditor. With spect 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 assessment 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 manufac- ing equipment becomes assessable, unless a filing extension has been obtained. A person who obtains a filing extension must file the form between zrch 1 and June 14 of that year. operty owners whose Statement of Benefits was approved after June 30, 1991 must submit Form CF- 1 annually to show compliance with the Statement Benefits. (iC 6-1.1-12.1-5.6) CTION 7 TAXPAYER INFORMATION . of taxpayer North American Capacitor Company ss of taxpayer(street and number,city,state and ZiP code) 1701 INdianapolis Rd. Greencastle, TN 461-5 of contact person Telephone number Kieth Green ( 765 ) 65?-'.151 • TION 2 LOCATION AND DESCRIPTION OFPROPOSED PROJECT . • of designating body Resolution number North American Capacitor Company on of property • County Taxing district ' Greencastle, TN Putnam Greencastle City iption of real property improvements and/or new manufacturing equipment ESTIMATED tddi'trvial sheets if necessary) • Start Date Completion Date uipment to Manufacture Real Estate Motor Run Capacitors New Mfg Equipment Jan 00 June 00 •,,ON 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT • it number Salaries Number retained Salaries Number additional Salaries $3,125,954.00 119 $3,125,954.00 6 $150,000.00 TION 4 • • ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT - t t C 6 1.1 12.1 ii:;;::::-:::.:>:; >x:.:,:.::::::::. :::.... 5.1 d 2 the • ( )( ) ea Esta'ie im rt:ue n ;:::me ts.:<P . «<:Ma :n )ST of the property is confidential. - «:..:.'. ch ery :::<cr:r:;: Cast " Assessed Value ii�� ibsi :::. Assessed Value rent values $1 ,411) 0flfl s estimated values of proposed project s values of any property being replaced estimated values upon completion of project TION 5 - •WASTE CONVERTED AND.OTHER BENEFITS PROMISED BY THE TAXPAYER ated solid waste converted (pounds) 700# Estimated hazardous waste converted (pounds) 0 benefits: TAXPAYER CERTIFICATION I hereby certify that the representations in this statement are true. ure of authorized representative Title Date signed (month,day,year) Plant Manager 01-12-00 ...........:..::..:,..:::.::.:,.... .... .-.:.:.:bra Ne 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- rides for the following limitations as authorized under IC 6-1.1-12,1-2. \.The designated area has been limited to a period of time not to exceed calendar ears designation expires is Y (see below). The date this 3.. ype of deduction that is allowed in the designated area is limited to: 1 . Redevelopment or rehabilitation of real estate improvements; ❑ Yes ❑ N o • 2. Installation of new manufacturing equipment; El Yes El N o 3. Residentially distressed areas ❑ Yes El N o :.The amount of deduction applicable for new manufacturing equipment is limited to $ value of$ cost with an assessed - .The amount of deduction applicable to redevelopment or rehabilitation is limited to $ value of$ cost with an assessed .Other limitations or conditions (specify) The deduction for new manufacturing equipment installed and first claimed eligible for deduction after July 1, 1991 is allowed for: ❑ 5 years ❑ 10 years The deduction period will be five(5)years unless the designating body has by resolution specified the ten(10)year period. so we have reviewed the information contained in the statement of benefits and find that the estimates and expectations are reason- )le and have determined that the totality of benefits is sufficient to justify the deduction described above. Dyed:(signature and title of authorized member) Telephone number Date signed (month,day,;year) • ( ) ted by: Designated body f 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 toyer 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 4 REDEVELOPMENTORREHABlLITATION " .: �,.:.::.:;:. ram, OF REAL PROPERTYIMPROVEMENT , UEC'ii> :......Gilttt .- t2.:A : i 1 .:. . "":*. .::..,:. , .lad�3. ...... ........:::........ ,.-........... . ..;I?�t�uat[vn :AE tar ;: :<:<>, ;_:> 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% 7th 6th -_ 17% 40% 55% 7th __ 30% 8th 40% 8th 20% 9th 30% 9th -'■ 10% . 10th 25% 10th 5%