HomeMy Public PortalAbout113-1998 - Tax Abatement - Hosp. Bed RemanufacturingORDINANCE NO. 113-1998
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
EQUIPMENT – 10 YEARS
Hospital Bed Remanufacturing Co., Inc.
New Jobs: 5 Jobs Retained: 15
Estimated New Value: $70,000.00
Dated: September 28, 1998
Passed and adopted this 7th day of December 1998, by the Common Council of the City of Richmond, Indiana.
s/s Bruce Wissel, President
(Bruce Wissel)
ATTEST: s/s Norma Schroeder, City Clerk
(Norma Schroeder)
PRESENTED to the Mayor of the City of Richmond, Indiana, this 8th day of December, 1998, at 9:00 a.m.
s/s Norma Schroeder, City Clerk
(Norma Schroeder)
APPROVED by me, Dennis Andrews, Mayor of the City of Richmond, Indiana, this 8th day of December 1998, at 9:05 a.m.
s/s Dennis Andrews, Mayor
(Dennis Andrews)
ATTEST: s/s Norma Schroeder, City Clerk
(Norma Schroeder)