HomeMy WebLinkAbout2009-R-11RESOLUTION N0.2009-R-~
RESOLUTION APPROVING STATEMENT OF BENEFITS FOR
PURPOSES OF REAL AND PERSONAL PROPERTY TAX ABATEMENT
WHEREAS, Cook Compression, has petitioned the Common Council of the City of
Jeffersonville, Indiana, for a deduction in real and 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, Cook Compression, 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 the proposed redevelopment project is located in the
City of Jeffersonville qualifies as an economic revitalization area 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 real estate improvements of
$791,000.00 is reasonable for projects of the nature described in the Statement of
Benefits submitted by the company.
2. That the estimate of the value of qualifying manufacturing equipment of
$9,844,000.00 is reasonable for projects of the nature described in the Statement of
Benefits submitted by the company.
3. That the estimate of the number of 44 individuals who will be additionally
employed can reasonably be expected to result from the proposed described
redevelopment or rehabilitation.
4. That the estimate of the annual salaries of $1,593,904.00 of those individuals who
will be added can be reasonably expected to result from the proposed described
redevelopment or rehabilitation.
5. That the purchase and installation of the qualifying manufacturing equipment must
be completed within three (3) years from the date of the granted abatement.
6. That the taxes lessened from the granting of this abatement shall be used for
manufacturing equipment up to the purchase price of $9,844,000.00, and for
improvements in real estate up to the value of $791,000.00.
7. That all other information requested from Cook Compression, has been submitted,
and the benefits described in such information can be reasonably expected to result
from the proposed described redevelopment.
8. That the totality of benefits for said redevelopment is sufficient to justify the
deduction.
9. That Cook Compression 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 6-1.1-12.1-14.
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 Cook Compression, and that said company
~~
shall be entitled to deductions for a period of TEN (10)~or improvements to real
property, pursuant to provisions of I.C. 6-1.1-12.1-3(d) and 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 ~~ 2009, by the Common Council
of the City of Jeffersonville, Clark County, Indiana.
President, Common Council
ATTEST:
l~[~.
Peggy Wilder, Clerk-Treasurer
Presented by me as Clerk-Treasurer to the Mayor of the City of Jeffersonville,
Indiana, this _~day of~u,~, 2009
Peggy Wilder, Clerk-Treasurer
This~day of '~ ~j~-; 2009
Thomas R. Galligan, or