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Home My Public Portal About001-2015 - Tax Abatement - JM Hutton - EquipmentCOMMON COUNCIL OF THE CITY OF RICHMOND, INDIANA ORDINANCE NO. 1-2015 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, research and development equipment, logistic distribution equipment, or information technology 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 from the assessed value, pursuant to Indiana law and Richmond City Ordinance, for a period of any number of years less than or equal to ten (10) years (i.e. one to ten years); and WHEREAS, An owner of new manufacturing equipment, research and development equipment, logistic distribution equipment, or information technology equipment is also entitled to deductions from the assessed value, pursuant to Indiana law and Richmond City Ordinance, for a period of any number of years less than or equal to ten (10) years (i.e. one to ten years); 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: 1. That the estimate of value of the redevelopment or rehabilitation, as to real property, or the estimate of cost of the new manufacturing equipment, research and development equipment, logistic distribution equipment, or information technology equipment, as to personal property, is reasonable for projects of that nature or equipment of that type. 2. 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, research and development equipment, logistic distribution equipment, or information technology equipment. 3. 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, research and development equipment, logistic distribution equipment, or information technology equipment. 4. 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, research and development equipment, logistic distribution equipment, or information technology equipment. 5. That the totality of the benefits is sufficient to justify the deduction. 6. That installation of the equipment described in the SB-1 must be completed within 24 months of the date the ordinance is signed by the designating body. Further, the abatement is limited to the equipment listed in the SB-1. 7. That a deduction schedule was passed by Common Council pursuant to Richmond City Ordinance Number 65-2013 and that said deduction schedule is applicable to the deductions approved along with these findings. NOW, THEREFORE, the Common Council of the City of Richmond, Indiana, now makes the following findings: 1. That the estimate of value of the redevelopment or rehabilitation, as to real property, or the estimate of cost of the new manufacturing equipment, research and development equipment, logistic distribution equipment, or information technology equipment, as to personal property, is reasonable for projects of that nature or equipment of that type. 2. 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, research and development equipment, logistic distribution equipment, or information technology equipment. 3. 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, research and development equipment, logistic distribution equipment, or information technology equipment. 4. 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, research and development equipment, logistic distribution equipment, or information technology equipment. 5. That the totality of the benefits is sufficient to justify the deduction. 6. That installation of the equipment described in the SB-1 must be completed within 24 months of the date the ordinance is signed by the designating body. Further, the abatement is limited to the equipment listed in the SB-1. 7. That a deduction schedule was passed by Common Council pursuant to Richmond City Ordinance Number 65-2013 and that said deduction schedule is applicable to the deductions approved along with these findings. NOW THEREFORE, be it ordained by the Common Council of the City of Richmond, that the following property owner meets the requirements for property tax assessed valuation deductions, as follows: EQUIPMENT —10 YEARS J.M. Hutton & Co., Inc. Current Jobs: 86 Jobs Retained: 86 Jobs Created: 0 Estimated New Value: $637,153.02 (Manufacturing) Estimated New Value: $20,946.00 (IT Equipment) Estimated New Value: $658,099.02 (Total) Dated: December 16, 2014 Passed and adopted this -�O day o , 2015, by the Common Council of the City of Richmond, Indiana. , " M G %— , President ATT (Karen Chasteen, IAMC, MMC) PRESENTED to the Mayor of the City of Richmond, Indiana, this*'day o 15, at 9:00 a.m. (Karen Chasteen, IAMC, MMC) APPROVED by me, Sarah L. Hutton, Mayor of the City of Richmond, Indiana, this day of 2015, at 9:05 a.m. or Hutton) A ST: aren Chasteen, IAMC, MMC) �"``�•"a. STATEMENT OF BENEFITS PERSONAL PROPERTY State Form 51764 (R3 / 12-13) °> Prescribed by the Department of Local Government Finance ee INSTRUCTIONS FORM SSBA/ PP ��V�D DEC =sPecific ACY NOTICE on concerning the cost and specific salaries paidployees by the propertyntial per IC 6-1.1-12.1-5.1. y. This statement must be submitted to the body designating the Economic Revitalization Area prior to the public hearing if the designating body requires information from the applicant in making its decision about whether to designate an Economic Revitalization Area. Otherwise this statement must be submitted to the designating body BEFORE a person installs the new manufacturing equipment and/or research and development equipment, and/or logistical distribution equipment and/or information technology equipment for which the person wishes to claim a deduction. 2. The statement of benefits form must be submitted to the designating body and the area designated an economic revitalization area before the installation of qualifying abatable equipment for which the person desires to claim a deduction. 3. To obtain a deduction, a person must file a certified deduction schedule with the person's personal property return on a certified deduction schedule (Form 103-ERA) with the township assessor of the township where the property is situated or with the county assessor if there is no township assessor for the township. The 103-ERA must be filed between March 1 and May 15 of the assessment year in which new manufacturing equipment and/or research and development equipment and/or logistical distribution equipment and/or information technology equipment is installed and fully functional, unless a filing extension has been obtained. A person who obtains a filing extension must file the form between March 1 and the extended due date of that year. 4. Property owners whose Statement of Benefits was approved, must submit Form CF-1/PP annually to show compliance with the Statement of Benefits. (IC 6-1.1-12.1-5.6) 5. Fora Form SB-11PP that is approved after June 30, 2013, the designating body is required to establish an abatement schedule for each deduction allowed. For a Form SB-11PP that is approved prior to July 1, 2013, the abatement schedule approved by the desipnatina body remains in PfFprt nr r-1 1_, 9 ,_, -71 SECTION•- • Name of taxpayer Name of contact person J.M. Hutton & Co., Inc. Thomas S. Robeson Address of taxpayer (number and street, city, state, and Z/P code) Telephone number 1501 South 8th Street, P.O. Box 129, Richmond, IN 47375 (765) 962-3591 Name of designating body Resolution number (s) Richmond Common Council Location prop" erty51 County DLGF taxing district number South "0" Street Wayne Description of manufacturing equipment and/or research and development equipment ESTIMATED and/or logistical distribution equipment and/or information technology equipment. START DATE COMPLETION DATE (Use additional sheets if necessary.) Exhibit A - Mazak Laser Cutting Machine Manufacturing Equipment 5-2014 9-2014 Exhibit B = Accurpress Press Brake R & D Equipment Exhibit C = Amada Hydraulic Squaring Shear Exhibit D = TIG Welder Logist Dist Equipment IT Equipment 8-2014 9-2014 Curre7nu�mb., Salaries RI• mber retained Salaries Number additional Salaries $661.20/week it 86 retained $661.20/week I None N/A SECTION 4 ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT NOTE: Pursuant to IC 6-1.1-12.1-5.1 (d) (2) the MANUFACTURING EQUIPMENT R & D EQUIPMENT LOGIST DIST IT EQUIPMENT COST of the property is confidential. ASSESSED COST EQUIPMENT COST ASSESSED ASSESSED ASSESSED COST COST VALUE VALUE VALUE VALUE Current values 619.853.V2 20.946•00 Plus estimated values of proposed project Less values of any property being replaced Net estimated values upon completion of project Estimated solid waste converted (pounds) Estimated hazardous waste converted (pounds) Other benefits: SECTION• I hereby certify that the representations in this statement are true. Signat of at'ithor7 r7preentatjDate signed (month, day, year) Print d name of authorized represent tiv Title Richard E. Jeffers President C �- - "- - - Pagel of 2 We 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, provides for the following limitations as authorized under IC 6-1.1-12.1-2. A. The designated area has been limited to a period of time not to exceed is B. The type of deduction that is allowed in the designated area is limited to: 1 . Installation of new manufacturing equipment; 2 . Installation of new research and development equipment; Installation of new logistical distribution equipment. Installation of new information technology equipment; C. The amount of deduction applicable to new manufacturing equipment is limited to $ calendar years * (see below). The date this designation expires ❑Yes []No []Yes []No ❑Yes ❑No ❑Yes [:]No D. The amount of deduction applicable to new research and development equipment is limited to $ E. The amount of deduction applicable to new logistical distribution equipment is limited to $ F. The amount of deduction applicable to new information technology equipment is limited to $ G. Other limitations or conditions cost with an assessed value of cost with an assessed value of cost with an assessed value of cost with an assessed value of H. The deduction for new manufacturing equipment and/or new research and development equipment and/or new logistical distribution equipment and/or new information technology equipment installed and first claimed eligible for deduction is allowed for: ❑ Year 1 ❑ Year 2 ❑ Year 3 ❑ Year 4 ❑ Year 5 (see below *) ❑ Year 6 ❑ Year 7 ❑ Year 8 ❑ Year 9 ❑ Year 10 I. For a Statement of Benefits approved after June 30, 2013, did this designating body adopt an abatement schedule per IC 6-1.1-12.1-17? ❑ Yes ❑ No If yes, attach a copy of the abatement schedule to this form. If no, the designating body is required to establish an abatement schedule before the deduction can be determined. Also we have reviewed the information contained in the statement of benefits and find that the estimates and expectations are reasonable and have determined that the totality of benefits is sufficient to justify the deduction described above. Approved by: (signature and title of authorized member of designating body) Telephone number TD6(ae signed (month, day, yeah �7n L' r .20 Printed name of authorized member of designating body Name of designating body 15 Attest ignature and title of att r) printed Warne of atdester * If the designating body limits the time period during w ch an area is an economic revitalization area, that limitation does not limit the length of time a taxpayer is entitled to receive a deduction to a number of years that is less than the number of years designated under IC 6-1.1-12.1-17. IC 6-1.1-12.1-17 Abatement schedules Sec. 17. (a) A designating body may provide to a business that is established in or relocated to a revitalization area and that receives a deduction under section 4 or 4.5 of this chapter an abatement schedule based on the following factors: (1) The total amount of the taxpayer's investment in real and personal property. (2) The number of new full-time equivalent jobs created. (3) The average wage of the new employees compared to the state minimum wage. (4) The infrastructure requirements for the taxpayer's investment. (b) This subsection applies to a statement of benefits approved after June 30, 2013. A designating body shall establish an abatement schedule for each deduction allowed under this chapter. An abatement schedule must specify the percentage amount of the deduction for each year of the deduction. An abatement schedule may not exceed ten (10) years. (c) An abatement schedule approved for a particular taxpayer before July 1, 2013, remains in effect until the abatement schedule expires under the terms of the resolution approving the taxpayer's statement of benefits. Page 2 of 2 JeM041 UT70hsc® ., INC. Manufacturers of "Quality" Metal Stampings, Metal, and Hardwood Caskets J.M. HUTTON A CO., INC. J.M. HUTTON STAMPING DIVISION 1117 N. "E" Street • P.O. Box 129 • Richmond, IN 47375-0129 1501 S. 8th Street • P.O. Box 129 • Richmond, IN 47375-0129 (765) 962-3505 FAX (765) 966-3889 (800) 536-3591 Web Site: www.jmhutton.com FAX (765) 966-0149 (765) 962-3591 Description: MAZAK OPTIPLEX 3015II/4000 WATT TWO DEMENSIONAL LASER METAL CUTTING MACHINE FREIGHT (BennettMotor Express, LLC) FREIGHT (Bennett Motor Express, LLC) PLUMBING (Warner Supply, LLC) ELECTRICAL (Becker Electric Supply Company) RIGGING, UNLOAD AND SET IN PLACE (Midwest Machinery Movers, Inc.) LASER PROGRAMMING SOFTWARE (Planit Solutions, Inc.) RIGGING AND SET UP EMPLOYEE LABOR EXHIBIT A aEcpcE o SOy WK TOTAL $ 546,800.00 4,009.25 2,486.75 1,865.06 315.11 6,149.00 20,946.00 2,756.60 $ 585,327.77 ,0- - s CFSA- u''4�,no.d ua9`cr T•91NCF 191] „ i'mm'91n h &COOP INC. Manufacturers of "Qualft" Metal Stempings, Metal, and Hardwood Caskets J.M. HUTTON & CO., INC. J.M. HUTTON STAMPING DIVISION 1117 N. "E" Street • P.O. Box 129 • Richmond, IN 47375-0129 1501 S. 8th Street • P.O. Box 129 • Richmond, IN 47375-0129 (765) 962-3505 FAX (765) 966-3889 (800) 536-3591 Web Site: www.jmhufon.com FAX (765) 966-0149 (765) 962-3591 Description: ACCURPRESS PRESS BRAKE, Model: 717512, Serial Number: 2783 (Modern Machinery Company) EXHIBIT B -na ° SOY I K $ 38,160.00 "4" 1. -w ", e CFSA- Yrt•51NCF 191) ," JeMAN UTTOh sc® ., INC. Manufacturers of "Quality" Metal Stampings, Metal, and Hardwood Caskets J.M. HUTTON A CO., INC. J.M. HUTTON STAMPING DIVISION 1117 N. "E" Street a P.O. Box 129 • Richmond, IN 47375-0129 1501 S. 8th Street • P.O. Box 129 • Richmond, IN 47375-0-129 (765) 962-3505 FAX (765) 966-3889 (800) 536-3591 Web Site: www.jmhutton.com FAX (765) 966-0149 (765) 962-3591 Description: METAL SHEAR MACHINE (Thompson Auctioneers, Inc.) $ 13,311.25 FREIGHT 300.00 TOTAL $ 13,611.25 EXHIBIT C ,,, I-- °CFSA' REC pClEO NRAIDNIIH �'4yro.n wlt� E a SOYINK � „ •SINCE 191] 41 UTTOh J. M eroco., INC. Manufacturers of "Quality" Metal Stampings, Metal, and Hardwood Caskets J.M. MUTTON & CO., INC. J.M. HUTTON STAMPING DIVISION 1117 N. "E" Street • P.O. Box 129 • Richmond, IN 47375-0129 1501 S. 8th Street a P.O. Box 129 • Richmond, IN 47375-0129 (765) 962-3505 FAX (765) 966-3889 (800) 536-3591 Web Site: www.jmhufton.com FAX (765) 966-0149 (765) 962-3591 Dexcription: LINCOLN TIG WELDER (Weld Plus Welding Solutions, Inc.) $ 3,700.00 EXHIBIT D RFega g I K -CFSA- Ym•91NCf 1911 x Form SB-1A City of Richmond, Indiana Taxpayer Wage & Benefit Information Thomas S. Robeson Company Name, Address & Contact Person: J.M. Hutton & Co., Inc. 1501 South 8th Street, P.O. Box 129 Richmond, Indiana 47374 The information requested on this supplement to form SB-I must be completed and submitted along with your SBA in order for your tax abatement request to be considered by Richmond Common Council. Please retain your records and calculations used to arrive at the information requested on this form. it is subject to review as a part of our monitoring process. 1. Average hourly wage for existing employees $ 16.53 2. Average hourly wage for projected new positions $ 16.53 3. Average hourly health insurance benefit $ 5.23 1. The length of the abatement you are requesting Ten Years (A 1-10 year abatement may be requested for real estate improvements and manz!1bvtnring equipment.) 2. if purchasing equipment, please attach a list that includes the following: • brief description of each piece of equipment being purchased See Exhibits A — D • the projected useful life of each piece of equipment 15 years • the state(s) in which the equipment is being brought into Indiana from if purchasing used equipment A = VA B=IN C&D = OH • the cost of each piece of equipment See Exhibits A — D • state if the machinery is being purchased or leased Purchased • if the machinery is being leased, provide information from the lease that explains which party is responsible for paying the property taxes N/A 3. if making real estate improvements, please provide a Iist that includes the following: • brief description of the real estate improvement (new construction, rehab, expansion, etc.) • size of the proposed real estate improvements • costs of the proposed real estate improvements DEFINITIONS 1. Average hourly wage for existing employees: ,for Your• most recent pat• period please proi.-ide the average base wage per hour for all current full time, non -.supervise» y emplvvees. Do not inchrde, the following groups: A. part time employees: B. management, supervisors,.foremen, or unl• other supervisori, personnel: C owners, stockholders, or partners if lhe.v own % or more o1'the husiness, and their .family members. 1. Average howdy wage for projected new positions: Use the scene definition gfernpinrees to he included as in number one above. 3. Average hourly health insurance benefit: Please provide the current companY paid health insurance benefits provided to hourly employees (as defined above) and famlh' members. Please present in the form (?fan hortrly rate computed using the annual cost per eligihle enrplgyee divided hr?1180 hours. Signature add 1e) Richard E . Jeffers, President (Date) t - ! JeM041 UTTOh roco., INC. Manufacturers of 'Quality" Metal Stampings, Metal, and Hardwood Caskets J.M. HUTTON & CO., INC. J.M. HUTTON STAMPING DIVISION 1117 N. "E" Street • P.O. Box 129 • Richmond, IN 47375-0129 1501 S. 8th Street • P.O. Box 129 • Richmond, IN 47375-0129 (765) 962-3505 FAX (765) 966-3889 (800) 536-3591 Web Site: www.imhutton.com FAX (765) 966-0149 (765) 962-3591 Description: MAZAK OPTIPLEX 3015II/4000 WATT TWO DEMENSIONAL LASER METAL CUTTING MACHINE FREIGHT (BennettMotor Express, LLC) FREIGHT (Bennett Motor Express, LLC) PLUMBING (Warner Supply, LLC) ELECTRICAL (Becker Electric Supply Company) RIGGING, UNLOAD AND SET IN PLACE (Midwest Machinery Movers, Inc.) LASER PROGRAMMING SOFTWARE (Planit Solutions, Inc.) RIGGING AND SET UP EMPLOYEE LABOR EXHIBIT A aEcpcE o gp IYIY NK TOTAL $ 546,800.00 4,009.25 2,486.75 1,865.06 315.11 6,149.00 20,946.00 2,756.60 $ 585,327.77 "®® a CFSA- Y^r4rnovp u�Ejl SINCE 19I] .,. �►.UT70h e co INC. Manufacturers of "Quality" Metal Stampings, Metal, and Hardwood Caskets J.M. HUTTON A CO., INC. J.M. HUTTON STAMPING DIVISION 1117 N. "E" Street • P.O. Box 129 • Richmond, IN 47375-0129 1501 S. 8th Street • P.O. Box 129 • Richmond, IN 47375-0129 (765) 962-3505 FAX (765) 966-3889 (800) 536-3591 Web Site: www.jmhutton.com FAX (765) 966-0149 (765) 962-3591 Description: ACCURPRESS PRESS BRAKE, Model: 717512, Serial Number: 2783 (Modern Machinery Company) $ 38,160.00 EXHIBIT B RECYCLED �� a n a e a SOY INK °CFSA° •SINCE 191) 11 JOM941 UTTOh sco., INC. Manufacturers of "Quality" Metal Stampings, Metal, and Hardwood Caskets J.M. HUTTON A CO., INC. J.M. HUTTON STAMPING DIVISIOIN 1117 N. "E" Street • P.O. Box 129 • Richmond, IN 47375-0129 1501 S. 8th Street • P.O. Box 129 a Richmond, IN 47375-0-129 (765) 962-3505 FAX (765) 966-3889 (800) 536-3591 Web Site: www.jmhutton.com FAX (765) 966-0149 (765) 962-3591 Description: METAL SHEAR MACHINE (Thompson Auctioneers, Inc.) FREIGHT TOTAL EXHIBIT C RECCYCE a SOYINK $ 13,311.25 300.00 $ 13,611.25 ,,,..w... ".'. •CFSA- Ym•I NCI 1913 y 41 J e M 0 UTTOh roCOe INC. Manufacturers of "Quality" Metal Stampings, Metal, and Hardwood Caskets J.M. HUTTON & CO., INC. J.M. HUTTON STAMPING DIVISION 1117 N. "E" Street • P.O. Box 129 a Richmond, IN 47375-0129 1501 S. 8th Street • P.O. Box 129 • Richmond, IN 47375-0129 (765) 962-3505 FAX (765) 966-3889 (800) 536-3591 Web Site: www.jmhutton.com FAX (765) 966-0149 (765) 962-3591 Dexcription: LINCOLN TIG WELDER (Weld Plus Welding Solutions, Inc.) $ 3,700.00 EXHIBIT D PZO RECYCLED � 80YWK •CFSA- 4T•SWCF 191] ORDINANCE NO. 65- 2013 A SPECIAL ORDINANCE ESTABLISHING DEDUCTION SCHEDULES FOR PROPERTY OWNERS OBTAINING DEDUCTIONS FROM ASSESSED VALUE OF CERTAIN PROPERTY WITHIN AN ECONOMIC REVITALIZATION AREA WHEREAS, Pursuant to Indiana Law, I.C. 6-1.1-12.1 et. seq., the Common Council of the City of Richmond, Indiana may find that a particular area within the city is an Economic Revitalization Area which provides as an economic development incentive certain property tax deductions for the redevelopment or rehabilitation of real property or the installation of new manufacturing equipment; and WHEREAS, The Common Council has previously adopted Resolution No. 10-1984 which designates certain areas in the City as Economic Revitalization Areas and sets forth certain procedures for an owner to obtain certain deductions therein; and WHEREAS, Resolution No. 10-1984 has previously been amended to add other areas as an ERA; making definition changes to the original ordinance, setting forth the time periods in which a deduction is allowed, and establishing other procedures for obtaining deductions (see Resolutions 2-1987, 11- 1989, 11-1991, 3-1996, Ordinances 72-1996, 90-1996, 113-1997, 19- 2000, 29-2006, 31-2007, and 76-2011); and WHEREAS, Indiana law has previously allowed the owner of real property and personal property located within an economic revitalization area to request a deduction over a one (1) to ten (10) year period and has previously established the abatement deduction schedules for real property deductions and personal property deductions; and WHEREAS, Effective July 1, 2013, Indiana Code (IC) 6-1.1-12.1-1 et seq. requires a designating body to establish an abatement deduction schedule for each deduction including the percentage of the deduction for each year the deduction is granted not to exceed 10 years; and WHEREAS, Ordinance 76-2011 provides criteria for the establishment of alternate abatement deduction schedules; and WHEREAS, Pursuant to IC 6-1.1-12.1-17(b), Common Council desires to establish deduction schedules that parallel the deduction schedules previously outlined in IC 6-1.1-12.1 et. seq. (see P.L.112-2012 §27 and P.L.6-2012 w §41), for businesses expanding or relocating in economic revitalization areas in Richmond not utilizing the criteria outlined in ordinance 76-2011. NOW, THEREFORE, BE IT ORDAINED by the Common. Council of the City of Richmond, Indiana, that deduction schedules for personal property and real estate deductions permitted by IC 6-1.1-12.1 et. seq. that do not utilize the alternative abatement deduction schedule outlined in Ordinance 76-2011 are set forth as follows: Real Property Deductions 1. For deductions allowed for a one (1) year period: Year 1 100% 2. For deductions allowed for a two (2) year period: Year 1 100% Year 2 50% 3. For deductions allowed for a three (3) year period: Year 1 100% Year 2 66% Year 3 33% 4. For deductions allowed for a four (4) year period: Year 1 100% Year 2 75% Year 3 50% Year 4 25% 5. For deductions allowed for a five (5) year period: Year 1 100% Year 2 80% Year 3 60% Year 4 40% Year 5 20% 6. For deductions allowed for a six (6) year period: Year 1 100% Year 2 85% Year 3 66% Year 4 50% Year 5 34% Year 6 17% 7. For deductions allowed for a seven (7) year period: Year 1 100% Year 2 85% Year 3 71 % Year 4 57% Year 5 43% Year 6 29% Year 7 14% 8. For deductions allowed for a eight (8) year period: Year 1 100% Year 2 88% Year 3 75% Year 4 63% Year 5 50% Year 6 38% Year 7 25% Year 8 13% 9. For deductions allowed for a nine (9) year period: Year 1 100% Year 2 88% Year 3 77% Year 4 66% Year 5 55% Year 6 44% Year 7 33% Year 8 22% Year 9 11 % 10. For deductions allowed for a ten (10) year period: Year 1 100% Year 2 95% Year 3 80% Year 4 65% Year 5 50% Year 6 40% Year 7 30% Year 8 20% Year 9 10% Year 10 5% Personal Property Deductions 1. For deductions allowed for a one (1) year period: Year 1 100% 2. For deductions allowed for a two (2) year period: Year 1 100% Year 2 50% 3. For deductions allowed for a three (3) year period: Year 1 100% Year 2 66% Year 3 33% 4. For deductions allowed for a four (4) year period: Year 1 100% Year 2 75% Year 3 50% Year 4 25% 5. For deductions allowed for a five (5) year period: Year 1 100% Year 2 80% Year 3 60% Year 4 40% Year 5 20% 6. For deductions allowed for a six (6) year period: Year 1 100% Year 2 85% Year 3 66% Year 4 50% Year 5 34% Year 6 25% 7. For deductions allowed for a seven (7) year period: Year 1 100% Year 2 85% Year 3 71 % Year 4 57% Year 5 43% Year 6 29% Year 7 14% 8. For deductions allowed for a eight (8) year period: Year 1 100% Year 2 88% Year 3 75% Year 4 63% Year 5 50% Year 6 38% Year 7 25% Year 8 13% 9. For deductions allowed for a nine (9) year period: Year 1 100% Year 2 88% Year 3 77% Year 4 66% Year 5 55% Year 6 44% Year 7 33% Year 8 22% Year 9 11 % 10. For deductions allowed for a ten (10) year period: Year 1 100% Year 2 90% Year 3 80% Year 4 70% Year 5 60% Year 6 50% Year 7 40% Year 8 30% Year 9 20% Year 10 10% PASSED AND ADOPTED this _/� day o �by the Common Council of the City of Richmond, Indiana. President ar Parker A S ` ' rk Karen Chasteen, IAMC, MMC PRESENTED to the Mayor of the City of Richmond, Indiana, this -O day of 2013, at 9:00 a.m. lerk Karen Chasteen, IAMC, MMC APPROVED by me, Sarah L. Hutton, Mayor of the City of Richmond, Indiana, this A 0 day of /i% / , 2013, at 9:05 a.m. —C>� Mayor (Sarah L. Hutton) ATTES �it!e1er1�� Karen Chasteen, IAMC, MMC