HomeMy WebLinkAbout1994-R-21RESOLUTION i%PPROVING STATEMENT OF BENEFITS FOR
PURPOSES OF PROPERTY TAX ABATEMENT
WHEREAS, R..Wayne Estopinal and Kevin M. Russell, (Applicant)
have petitioned the Common Council, City of Jeffersonville,
Indiana, for a deduction in real property taxes to be assessed on
proposed improvement to be made and equipment on property located
in Jeffersonville, Clark County, Indiana;
WHEREAS, Applicant 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 development, 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;
WHEREAS, the Common Council for Jeffersonville, Indiana
recognizes the need to stimulate growth and to maintain a sound
economy in the incorporated area of the City of Jeffersonville,
under the jurisdiction of the city Council of Jeffersonville,
Indiana;
WHEREAS, certain areas of the city are undesirable for, and/or
impossible of, normal development and occupancy, because of a lock
of normal development, cessation of
improvements or character.of occupancy,
factors which have impaired values
growth, deterioration of
age, obsolescence or other
or prevented a normal
development of property or use of property;
WHEREAS, the Jeffersonville City Council now determines that
the area where 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 et seq., and
WHEREAS, the Jeffersonville City Council has reviewed the
Statement of Benefits submitted herein, and attaches and incorpor-
ates that Statement to this Resolution.
NOW BE IT RESOLVED that the area legally described on attached
Exhibit "A", be and is hereby designated as an Economic Revitaliza-
tion Area.
BE IT FURTHER RESOL%-ED by the Jeffersonville City Council that
it specifically and affirmatively finds as follows:
1. That the estimate of the value of the redevelopment or
rehabilitation is reasonable for projects of the nature
described in the Statement of Benefits submitted by the
developer.
2. That the estimate 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 of rehabilitation.
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 redevelopment or rehabilitation.
4. That all other information requested from Applicant has
been submitted, and the benefits described in such
information can be reasonably expected to result from the
proposed described redevelopment or rehabilitation.
5. That the totality of benefits for said redevelopment or
rehabilitation is sufficient to justify the deduction.
BE IT FURTHER RESOLVED that the Jeffersonville City Council
hereby approves the application for deduction presented by the
Statement of Benefits filed by Applicant and that said Applicant
shall be entitled to deductions for a period of ten (10) years for
improvements to real property, pursuant to the provisions of I.C.
6-1.1-112-3(d) and I.C. 6-1.1-12.1-4(d) (3) with the timely filing
and perfection thereof with
Office.
SO RESOLVED this ~
!
City of Jeffersonville, Indiana
Presented to me and
1994.
the Jeffersonville Clerk-Treasurer's
day of ~, 1994.
Steven Stemler, President
Jeffersonville City Council
approved this ~ day of ~,
Ray~o~{d ~f: Pa~ke~r, Jr. , 'M~ybr
City of Jeffersonville, Indiana
STATEMENT OF BENEFITS ~FORN
State Form 27167 (R3 / 11-91) L ss-
Form SB - I is prescribed by the State 6oar( of Tax Cornmissionem, 1989
The records in this series are CONF3DENT1AL according 1o lC 6-1.1-35-9
INSTRUCTIONS:
1. ~m~i ~tna~omme'n't must,~e su~mitt~ to.the b~/designating the ~conomic reviffiization area p#or to the public headng if the designatthq'b~dy requires in
a[o ~om the applicant in making its dec;slon about whether to designate an Economic Revitilization Area. Othetwiss this stateme~ must be submi;
tO the designating body BEFORE a person installs the new manufacturing equipment, or BEFORE the redevelopment or rehabilitation of real property
which, . the, person wishes to claim. ~ deduction. A statement .... of benefits is not requireq if the area was designated an ERA prior to July 1, 1987 and
project was planned and committed to by the applicant, and approved by the designa~ng b~, onor to that date "Prelects" olanned or committed to
July 1, 1987 and areas designated after July I, 1987 require a STATEMENT OF BENEFITS. (lC'6- I. 1-12. I) ' '
2. Approval of the designating b~dy (City Council, Town Board, County Council, etc.) must be obtained prior to initiaEon of the redevelopment or rehabilitati,
or prior to installation of the new manufacturing equipment, BEFORE a deduc~on may be approved.
3. To obtain a deduction, Form 322 ERA. Real Estate Improvements and / or Form 322 ERA / PP, New Machinery must be filed with the county audito~
respect to real property, Form 322 ERA must be filed by the later of: (I) May 10; or (2) thirty (30) days after a notice of increase in real properly assessm,
~. ~eceive~. from~th, e.tow, n,,shi, p assessor,... Form 32~ ERA / PP must ~e filed between March I and May 15 of the assessment year in which new manuf~
runng edu;pmem ~s msteseo, unless a filing extension has been obta;neq. A person who obtains a filing extension must file the form between March 1
June 14 of that year.
4. Property owners whose Statement of Benefits was approved after July 1, 1991 must Submit Form CF- I annually to show compliance with the Statemen;
Benefits. (lC 6-1.1-12.1-5.6)
Name of taxpayer
R. Wayne Estopinal and Kevin ~. Russell ~
Addi=~s of taxpayer (street and number, city, sta~ and ZIP code)
326 E. Court Avenue
Jeffersonville, IN 47130
Name of ¢0n~a~ person
Teleprione number
R. Wayne Estopinal (812)282-3700
~leme of designating body Resotution number
Common Council of the City of Jeffersonville, IN 94-~-~i
Taxir~g distdct
Jeff City
Location of pro e.rty ounty
Block 1~7 in the enlargement of the City o~ Clark
D~'ctipLJ~l~o~r'~ I~ r ~% cry'- m p"f o'~ ~t~'~ t~ an~d 7'5} ne~w m~a~ u~a~t'.~ Hng ~:l~U.%~ent to be acquired (use additional
sheets if necessary)
5600 sq ft professional office building on presently
uDdeveloped land
Estimated starting date
6-30-1994
Estimated completion date
12-30-1994
Current number Salaries Nu r retained ,0 0 0.
13 $490,000. ?~ Saades 4-8 240,000.
$ 4 9 0,0 0 0. Number additional
Cost Assessed Value Cost Assessed Value
Current values 7 0,0 0 0. ,
Plus estimated values of proposed project 3 2 5, O 0 0,
Less values of any propert3/being replaced
Net estimated values upon completion of project 3 9 5 ~ 0 0 0. ~ r_, · ,
I hereby certif~ that the representations in this statement are true.
~ ~,~_~. J Date signed (month, day, year)
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 lC 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 ca[ander
years. *(See Be/ow)
B) The type of d(~duction that is allowed in the designated area is limited to:
1) Redevelopment or rehabilitation of real estate improvements. [] Yes [] No
2) Installation of new manufacturing equipment [] Yes [] NO
3) Residentially distressed areas [] 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 $ cost with an assessed value of $
D) The amount 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)
Also we have reviewed the information contained in the statement of benefits and find that the estimates and expectations are
~rasonable ~,~,ave determined that the totality of benefits is sufficient to justify the deduction described above.
If the designating body limits the time neriod during wmcn an area is an economic revitilization area. it does noz limit
the length of time a taxpayer is entitled to receive a eeauct~on to a number of years oes~gnatee under LC. 6-1.1-12.1-4 or
4.5 Name y: ~ TM ~''' --.
/
NEW
MANUFACTURING
~ REDEVELOPMENT OR REHABILITATION OF REAL PROPERTY IMPROVEMENT
EQUIPMENT
For. Deductions:Allowed Over A Period Of:
Year of Deduction Percentage, I Year of Three (3) Year Six (6) Year Ten (10) Year
I ~ De, duct on Percentage Percentage Percentage
l~t 100% ' ~ 1st 100% 100% 100%
2nd 95% 2nd 66% 85% 95%
.3rd 80% 3rd 33% 66% 80%
4th 65% 4th :~: 50% 65%
5th 50% 5th 34% 50%
6th and thereafter 0% I 6th 17% 40%
[ 7th 30%
8th 2O%
9th 10%
10th 5%