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Home My WebLink About1995-R-09 RESOLUTION NO. 95-R- ~ RESOLUTION APPROVING STATEMENT OF BENEFITS FOR PURPOSES OF PROPERTY TAX ABATEMENT WHEREAS, Maurice Smith has petitioned the City Council of the City of jeffersonville, Indiana, for a deduction in real property taxes to be assessed on proposed improvements to be made at the jeffersonville Industrial Park site located in the City of jeffersonville, Clark County, Indiana; and WHEREAS, Maurice Smith 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 total costs, 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 cost and value of the machinery and equipment; and WHEREAS, the City Council of the City of Jeffersonville has previously determined that the area in which the proposed project is located in the City of Jeffersonville qualifies as an economic revitalization area pursuant to Indiana Code 6-t.1-12.1 et seq., and Resolution ~V -R- ~ ; and WHEREAS, the City Council has reviewed the Statement of Benefits submitted herein, and attaches and incorporates that Statement to this Resolution. NOW, THEREFORE, BE IT RESOLVED by the~ity Council of the City of Jeffersonville that it specifically and affirmatively finds as follows: 1. o That the estimate improvements is described in the taxpayer. That the estimate of the value of the redevelopment and reasonable for projects of the nature Statement of Benefits submitted by the of the number of individuals who will be employed or whose employment will be retained can reasonably be expected to result from the proposed described' redevelopment and improvements. 3. That the estimate of the 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 facility. 4. That all other information requested from Maurice Smith has been submitted, and the benefits described in such information can be reasonably expected to result from the proposed facility. 5. That the totality of benefits for said facility is sufficient to justify the deduction. BE IT FURTHER RESOLVED, that the City Council of the City of jeffersonville hereby approves the application for deduction presented by the Statement of Benefits filed by Maurice Smith and that said taxpayer shall be entitled to deductions for a period of ten (10) years for improvements to real property, pursuant to the provisions of I.C. 6-1.1-]2-3(d) and I.C. 6-1.~-]2.1-4(d)(3), with the timely filing and perfection thereof with the Clark County Auditor's office. Passed and adopted this /~ day of April, 1995, by the City Council of the City of jeffersonville, Clark County, Indiana. p~eside~,c~it~ cou~c' ATTEST: · R~chard Spen~r, Clerk-Treasurer Presented by me as Clerk-Treasurer to the Mayor of the City of jeffersonville, Indiana, this / 7 day of , 1995. C. Richard Spencet, Jr.~/ Clerk-Treasurer Approved and signed by me this 1995. H3706:30039 0zl0495:1:20914:ST1TESJEFF SM1TH p.F~OLUTION STATEMENT OF BENEFITS State Form 27167 (R4 ! 10-93) IFORM I ~ SB-1 Ire~ TRUCTIONS: . L ' --..~tilizafion area ,~rior to the public hearing ff the designating body requires ............ * ,.~ ~ubmittecl to the body designahng the economic ~v., ~ --:- ~-'-~";---"-n Area Otherwise this statoment must be submrEeO RE a rson installs the new manufacturing ecluipmant, or BEFORE the redevelopment or rel~at~ilitation of real property ~or o the desi hating Docly BEFO . pe . * ~ uired if the area was designated an ERA pnor to July 1, 1987 and me "project" was planned anti commr~e~.? ~y..,~. ~.~.~'~.~.~'_. ..... ~:,~TEMENT OF BENEFITS. (lC 6-1,1.12.1) .. . desi natin Dody(CityCouncil, TownBoard, CountyCouncil etc.)mustbeobtain~?priortoinitiationoftheredevelopmentorrettal:gtitat~°n' 2. ApDrpval of th.e..._g_., o~.g~ ....., manufaCturing equ pment, BEFORE a deduction may De alAoroveo. r Form 322 ERA / PP, New Machinery, must be filed with the county auditor. W'Eh -~ .,.o~. . .~,~.~.~in Form 322 ERA. Real Estate Improvements ~nd. .~ o.! ........... ~,~n~ .~..,~ er a nottse of increase in real property assessment 3. to ~,~,,,~.,,~,_~ ~__~, _u.?_o~n~ ! [:nrta 322 ERA must De filed by the la,er of: ( ~ ) May ~ u; or ;~/. ~,,_ ?~ i~.,._/_-..-Y~s~.a..? ~ ..f *~e assessment vear in which new manurac- respec~ ;o ~e.a~ ~,¥?_~,.~, :_:~:. -.. ...... c Form 322 ERA / FP must be tiled between Marc~ ~ ,~.u ~"-'"-~'--":r~ .~' filinn ~-~ens o~ must file the form between is rece;ve~ rrom ?.e_?_w__n_s.n~.~. unless a filing ex~ension has been obtained. A person who eu~ March 1 and June 14 of that year. 1991 must submit Form CF- 1 annually to show compliance with the Statement of 4. Preden*y owners whose Statement of Benefits was approved after July 1, Benefits. (iC6-1.1-12.1-5.6) 1507 Production Road, Maurice Smith jeffersonville, Indiana 47130 ~epflone numOer ~ {812 ) 288-5855 Name ct aesignatmg t~ciy jeffersenville City Council ' ~tion of property Clark 1507 Production Road ~ i sD~Se~CntsO~onn Otece~:ma~mpeny improvements ar~/or new manutactunng equipment to be acquired (use aciclitional 55,000 square foot veneer manufacturing building to be al~.;~otnOtHoe~iatc~tHa, rdwoods of Kentucky, Inc., as 95-R- Taxing ~smm Jeff Township ["cremated starang ~ato 5-1 -95 : EsCrowed com~leti0n ~ate 12-1-96 number salaries INumber retained ISalaries ~NumDer a~iition~ ISmanes 65 1,524,000 ~,~~'1 ,524,000 ~ 378,000 COST of the pfol~erty is confidential Current values Plus estimated values of proDesed oro~ect Less values of any ~ Net estimated values ugon comoletion of pmiect none We have reviewed our prior actions relatina to the designation of this economic revitalization area and find that the applicant me~[~ the general standards adoDted n the resolutio~n previously approved by this body. Said resolution, passed under lC 6-1,1-12.1-2.5, pro- vides for the following limitations as authorized under C 6-1.1-12.1-2. A. The designated area has been limited to a period of time not to exceed .0 - calendar years * (see below). The date this designation expires is B. The type of deduction that is allowed in the designated area is limited to: !. Redevelopment or rehabilitation of real estate improvements: [~[Yes [] No 2. Installation of new manufacturing equipment: [] Yes ::~ No 3. Residentially distressed areas [] Yes :~ No C. The amount of deduction applicable for new manufacturing equipment installed and first claimed eligible for deduction after July 1, 1987, is limited to $ - 0- cost with an assessed value of $ D. The amou~(~ of deduction applicable to redevelopment or rehabilitation in an area designated after September 1. 1988 is limited to $ - - cost with an assessed valUe of $ E. Other limitations or conditions (specify) F. The deduction for new manufacturing equipment installed and first claimed eligible for deduction after July 1, 1991is allowed for: ~_ 5 years [] 10 years Atso we have reviewed the information contained in the statement of benefits and find that the estimates and expectations are reason- able and have qetermined that the totality of benefits is sufficient to iustity the deduction described above. F43'FoveO.~,~lgnature anO t~Zle of authonzeci rneml:er) Tetephone numoer Date signed (month, clay, year) · t,,e ~es g~a~_~.¥ii:j-~2~i~ a 6ction to a number of years designated under ~ 6 1 1 12 1 Year of Five (5) Year 1 st 100% 2nd 95% 3rd 80% 4th 65°/° 5th 50% 6th 7th 8th 9th 10th Ten (10) year Percentage 100% 95% 9O% 85% 8O% 7O% 55% 40% 30% 25% Year of Three (3) Year 1st 100% 2nd 66% 3rd 33% 4th 5th 6th 7th 8th 9th 10th six (6)Year DmSucfion 100% 85% 66% 50% 34% 17% Ten (10) Year Deduction 100% 95% 80% 65% 50% r 40% 30% 20% 10%