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RtAMF!EP. 4EP RESOLUTION NO. 2005-5 A RESOLUTION REAFFIRNIING RESOLUTION 2005-3 AND DECLARING AN ECONOMIC REVITALIZATION AREA AND RECOMMENDED TAX DEDUCTION (MAGIC CIRCLE CORPORATION-NEW EQUIPMENT) 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 enlargement or extension of property; and WHEREAS,pursuant to applicable laws of the State of Indiana, the Greencastle Common 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, Magic Circle Corporation proposes redevelopment and rehabilitation of the existing facility at 1701 Indianapolis Road by investing$3,150,000 in new manufacturing equipment and Magic Circle seeks a tax deduction pursuant to I.C. 6-1.1-12.1, et. seq.; and WHEREAS,a Statement of Benefits on State Form (Form SB-1)said form approved by the State Board of Tax Commissioners,has been submitted to the Common Council on March 8,2005, prior to the redevelopment or rehabilitation and installation of new manufacturing equipment on such real estate by Magic Circle Corporation and that such Statement of Benefits is attached hereto and marked"Exhibit A"; and WHEREAS,the Greencastle Common Council passed Resolution 2005-3 on March 8,2005 and advertised a public hearing for April 12, 2005; and, WHEREAS,the Greencastle Common 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, expansion 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 12th day of April,2005,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: Part of the Southeast Quarter of the Southwest Quarter of Section 14,Township 14 North, Range 4 West of the Second Principal Meridian in Putnam County,Indiana, more particularly described as follows: Beginning at a point on the South line of the aforesaid Section 14 that is 1748.28 feet from East of the Southwest Corner of the Southwest Quarter of said Section 14; thence East on 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 11 seconds 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 11 seconds East parallel to the East line of the Southwest Quarter of said Section 14,728.68 feet to the point of beginning, containing 14.115 acres, more or less. EXCEPT, The following described real estate now occupied as a right of way for State Road 240; Part of the Southeast Quarter of the Southwest Quarter of Section 14,Township 14 North,Range 4 West of the Second Principal Meridian in Putnam County, Indiana, more particularly described as follows: ,-� Beginning at a point on the South line of the said Section, which said point bears North 90 degrees 00 minutes 00 seconds East(assumed bearing) 1748.28 feet from the Southwest Corner of the Southwest Quarter of said Section 14;thence North 00 degrees 34 minutes 11 seconds West 63.99 feet,parallel with the East line of the said Southwest Quarter of Section 14, to the North line of State Road 240 as conveyed to the State of Indiana and recorded in right of Way Book 1,page 122, in the office of the Recorder of Putnam County,Indiana(the next three courses are along the said North line of State Road 240); (1)thence North 89 degrees 48 minutes 08 seconds East 29.42 feet;(2)thence North 82 degrees 12 minutes 28 seconds East 151.33 feet; (3)thence North 89 degrees 48 minutes 08 seconds East 327.15 feet to the Northerly line of the former Pennsylvania Railroad right of way; thence South 62 degrees 27 minutes 00 seconds West 185.36-feet along said Northerly right of way line to the South line of said Section 14;thence South 90 degrees 00 minutes 00 seconds West 341.52 feet along the said South line to the point of beginning, containing 0.777 acres,more or less. (Instrument Number 2004007238) Also commonly known as 1701 Indianapolis Road. THEREFORE,the Greencastle Common Council does recommend a deduction of assessed value for a period of seven(7)years as a result of the installation of new manufacturing equipment 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 Magic Circle Corporation request such abatement. The Greencastle Common Council further recommends and approves the application of the deductions herein for improvements and equipment installed pursuant to the Statement of Benefits from the approval of this ordinance and during the twenty(20) ensuing months,April 12, 2005 to March 1,2007. PASSED AND RESOLVED by the Common Council of the City of Greencastle at its regular meeting this 12th day of April, 2005. COMMON COUNCIL OF THE CITY OF GREENCASTLE, INDIANA %/;- - om Russ Evans Mark N. Hammer -,' ,17' DZA-,-,-, ,./ /2.-1Z J e .A. Lanie Thomas W. Roach ).Ro tDt rt Sedlack Approved and signed by me this 12th day of April, 2005 at g ./Sp.m. o'clock. ---- Nancy A. Mi ael, Mayor ATT T: .'` Teresa P. Glenn, Clerk-Treasurer