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Home My WebLink About2008-R-23RESOLUTION NO. 2008-R-% l~ RESOLUTION APPROVING STATEMENT OF BENEFITS FOR PURPOSES OF PERSONAL PROPERTY TAX ABATEMENT WHEREAS, Key Electrooics, has petitioned the Common Council of the City of Jeffersonville, Indiana, for a deduction in personal property taxes to be assessed on a proposed expansion to be located in the North Port Business Center located in the City of Jeffersonville, Clark County, Indiana; and WHEREAS, Key Electronics, has submitted a Statement of Benefits on the form prescribed by the Indiana State Board of Tax Commissioners for such purpose, which statement includes a description of the proposed redevelopment, an estimate of the number of individuals who will be employed as a result of the redevelopment, an estimate of the annual salaries of these individuals, and an estimate of the value of the redevelopment; and WHEREAS, the Common Council of the City of Jeffersonville has previously determined that the area in which [he proposed redevelopment project is located in the City oPJefferaonville qualifies as an economic revitalization azea pursuant to Indiana Code 6-1.1-12.1-5, et seq. WHEREAS, the Common Council has reviewed the Statement of Benefits and its attachment "A" submitted herein, and attaches and incorporates the Statement of Benefits submitted herein, and attaches and incorporates the attachment "A" to this Resolution. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Jeffersonville, Indiana, that it specifically and affirmatively finds as follows: 1. That the estimate of the value of qualifying manufacturing equipment of $2,000,000.00 is reasonable for projects of the nature described in the Statement of Benefits submitted by the company. 2. That the estimate of the number of 30 individuals who will be additionally employed can reasonably be expected to result from the proposed described redevelopment or rehabilitation. 3. That the estimate of the annual salaries of $800,000.00 of those individuals who will be added can be reasonably expected to result from the proposed described redevelopment or rehabilitation. 4. That the purchase and installation of the qualifying manufacturing equipment must be completed within three (3) yeazs from the date of the granted abatement. 5. That the taxes lessened from the granting of this abatement shall be used for manufacturing equipment up to the purchase price of $2,000,000.00. 6. That all other information requested from Key Electronics, has been submitted, and the benefits described in such information can be reasonably expected to result from the proposed described redevelopment. 7. That the totality of benefits for said redevelopment is sufficient to justify the deduction. 8. That Key Electronics has agreed to the payment of a fee of 10% of the annual benefit of the abatement of the Jeffersonville City Council annually as described in IC 6-L1-12.1-14. BE IT FURTHER RESOLVED, that the Common Council of the City of Jeffersonville, Indiana, hereby approves the application for deduction presented by the Statement of Benefits filed by Key Electronics, and that said company shall be entitled to dedac[ions for a period of five (5) years on qualifying personal property pursuant to the provisions of IC 6-1.1-12.4 for personal property, with the timely filing and perfection thereof with the Clark County Auditor's office. This Ordinance shall be in full force and effect from and after its passage and approval. Passed and adopted this~day of_..C) ° to > 2008, by the Common Council of the City of Jeffersonville, Clark Co / Indi a. - ~/~ President, Common C Heil ATTEST peggy Wilder, Clerk-Treasurer Preseuted by me as Clerk-Treasurer to the Mayor of the City of Jeffersonville, Indiana, this ~ ~ day of 2008 ~ P~ peggy Wilder, Clerk-Treasurer This 8~~ day of~~~ 2008 a-c Thomas R. Galligaa, May r STATEMENT OF BENEFITS _ - PERSONAL PROPERTY ~ Srate Fo,m 61980 (R I 1-0B) Prescribed Dy the Department of Local Government Finance INSTRUCTIONS' 1. This s[afemenl must be submitted (o the body designating [he Economic in/amarion /rom the applicant in making its decision about whetherlo tlesion FORM SB-1/PP PRIVACY NOTICE The mst and aM spedAC IrMMdual's ballanoe of Me gluts xnWetNal; Ne ar lC el.1-12.15.1sa eod tl~p (he public hearing i/ the designating botly requires rn Aree. Otherwise this statement must be subrnided ---------~~~-~~-~~•--~••-~~nr w~•e+~~=~~. mr wmur me person wrsnesroclaimatleductipn.'Prgects°plannetl or commdtetl fo afterJUly 1,198], and areas designated aRer Juy 1, 1987, requireaSTATEMENT OF BENEFITS (IC 6-1.1-12.1) 2. Approval o/the designating botly (City Council, Town Board, County Counci( efcJ must be obtained prior fo installation o/the new manu/actudrrg equipment be app ovedreh and development equipment and/orlogistical dis(ribrrtion equipment antl/orin/ormation technology equipment, BEFOREa detlucfion may 3. To obtain a deduc[idq a person must 61e a certified deduction schedule with [he person's persona/property refum on a certified detlucfion schedule (Form 103-ERA) with the township assessor of the township where (he property is situated The 103-ERA must be /fled between March 1 and May f5 of the assessment year in which new manufacturing equipment and/or research antl development equipment and/or logistical tlisfribufion equipment and/or in/ormafion technology equipment is insYalletl and fully/unclional, unless a filing extension has been obtained. A person who obtains a (lirg extension must file the /orm behveen March 1 and the extendetl due date o/that yeas 4. Property owners whose Statement o/ Benefts was approved aRer June 30, 1991, must submit Form CF-1 / PP annually fo show compliance with the 8lafemenf of Benefits. (IC 6-1,102.1-5.6) 5. The schedules established under IC 6-f.1-12.1-4.5(d) and (e) apply fo equipment ins(alletl aRer Mamh 1, 2001. For equipment inslalletl poor (o March 2, 2001, the schedules and statutes in efrect of the time shall continue fo apply (IC 6-1.1-12.1-4.5(fJ and (g)) Name of taxpayer Key Electronics, Inc. Address ofaxpave, (numberandslreeC dq: srere, aria ZIPCJe) 2533 Centennial Boulevard, Jeffersonville, Indiana 47130-8535 Name or rgntad pesan A. Thomas Hardy, President & CEO and Vani L. Bums, Controller Telephone number (a12) 201:2500 Name of designating botly Common Council of the City of Jeffersonville Remlutlon number (a) OB-R- Loratlonofproperty County OLGF Yezing tliaVld number tJOrth Port Business Centre Jeffersonville Indiana , , Clark 10039 Description of manufacturing equipment antl/or research antl development e ui ment q p ESTIMATED antl/or loglstiwl tlistdblNOn equipment and/or information technology equipment . (use atldifional sheets Rnecessary) START DATE COMPLETON GATE Production machinery & equipment, computer Manufan°nmg Egoipmem Daiov2DOa garovzolD equipment, furniture & fixtures. R s D Eggipment Logist Dist Equipment IT Equipment GuneM number aalades a Number retained Salaries a Number atltl2mal Saladea 137 5,400,000.00 137 5 400 000 00 30 , , . 800,000.00 a a • NOTE: Pursuant to IC F1.1-121- MANUFACTURING . 5.1 (tl)(2)tha EQUIPMENT RSOEOUIPMENT LOGIST pIST IT EQUIPMENT COST Of the m EQUIPMENT p party is confidential. A S S ED ~ U E COST COST ASSESSED CAST ASSESSED ASSESSED VALUE VALUE COST WLLUE Curent vaWes zsn,opo.w -, Plus estimaterl_v_alues.of r~reposetl-pro)ect _- zcsb mdop Less values of an m --- ----- -- Y p party being replacetl p pp Net estimated values upon mmpledon M project 4an,opp.ro - Estimated solitl waste cenvertetl (pounds) Estimated Dazartlous waste mnveded (pountls) Otherb fll me s: Key Electronic confinues to grow In spite of wrrent emnomic mntlitions and intema5onal compeflfion. Key arently operates two shHh ) p (Mon-Thor arM tans to sled a3Z5hourweekentl shift(FDSat-Sun)to maximize the usage of new ma o lUl i r rap ega l pmentimeatmen[s. I hereby certify that Ne representations in this statement are hue. Signalur 1 tl representative Ttle vA DeR agnetl ~j dap y ea r) ~ ,. ~ Q v