HomeMy Public PortalAbout070-2000 - Tax Abatement - Envirotech - equipmentORDINANCE NO. 70-2000
A SPECIAL ORDINANCE AUTHORIZING THE APPROVAL OF A STATEMENT OF BENEFITS FOR A PROPERTY OWNER APPLYING FOR DEDUCTIONS
UNDER I. C. 6-1.1-12.1
WHEREAS, Common Council has previously designated eight economic
revitalization areas within the City of Richmond, and
WHEREAS, I. C. 6-1.1-12.1 requires the Common Council as the designating
entity to approve all Statements of Benefits required to be filed by
property owners applying for deductions in assessed valuations
for the installation of new manufacturing equipment or for the
redevelopment or rehabilitation of real property, and
WHEREAS, an owner of real property located in an economic revitalization
area is entitled to deductions pursuant to Indiana law for either
a three (3), six (6) or ten (10) year period from the assessed value, and
WHEREAS, an owner of new manufacturing equipment is entitled to
deductions pursuant to Indiana law for either a 5 year or
10 year period from the assessed value of new manufacturing
equipment, and
WHEREAS, in order for Common Council to approve a Statement of Benefits
to allow a deduction, it must make the following findings, to-wit:
That the estimate of value of the redevelopment or
rehabilitation, as to real property, or the estimate of cost of
the new manufacturing equipment, as to personal property,
is reasonable for projects of that nature or equipment of that type.
That the estimate of 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, or from the installation of
the new manufacturing equipment.
That the estimate of 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, or from the
installation of the new manufacturing equipment.
That any other benefits about which information was
requested are benefits that can be reasonably expected to
result from the proposed redevelopment or rehabilitation,
or from the installation of the new manufacturing equipment.
That the totality of the benefits is sufficient to justify the
deduction.
NOW, THEREFORE, be it ordained by the Common Council of the
City of Richmond, Indiana, that the following property owner meets
the requirements for property tax assessed valuation deductions,
including the above findings, as follows:
NEW MANUFACTURING
REAL ESTATE –10 YEARS EQUIPMENT – 10 YEARS
Envirotech Extrusions, Inc. Envirotech Extrusions, Inc.
New Jobs: 22 Jobs Retained: 32 New Jobs: 22 Jobs Retained: 32 Estimated New Value: $596,000.00 Estimated New Value: $1,126,000.00
Dated: September 15, 2000 Dated: September 15, 2000
Passed and adopted this 6th day of November, 2000, by the Common
Council of the City of Richmond, Indiana.
s/s Larry Parker, President
(Larry Parker)
ATTEST: s/s Norma Schroeder, City Clerk
(Norma Schroeder)
PRESENTED to the Mayor of the City of Richmond, Indiana, this 7th day
of November, 2000, at 9:00 a.m.
s/s Norma Schroeder, City Clerk
(Norma Schroeder)
APPROVED by me, Shelley D. Miller, Mayor of the City of Richmond,
Indiana, this 7th day of November, 2000, at 9:05 a.m.
s/s Shelley D. Miller, Mayor
(Shelley D. Miller)
ATTEST: s/s Norma Schroeder, City Clerk
(Norma Schroeder)