HomeMy WebLinkAbout2019-R-4 POSCO BEFORE THE COMMON COUNCIL
FOR THE CITY OF JEFFERSONVILLE, INDIANA
RESOLUTION NO. 2019-R- /
RESOLUTION APPROVING STATEMENT OF BENEFIT FOR
PROPOSED REAL PROPERTY TAX ABATEMENT
WHEREAS, Posco AAPC, LLC petitioned the Common Council of the City of
Jeffersonville, Indiana, for a deduction in real property taxes to be assessed on a proposed
development of property, for an expansion of their current wire-rod processing factory building
to increase the warehouse space and add office space to be generally located at 5140 Loop Road
located in the City of Jeffersonville, Clark County, Indiana; and
WHEREAS, Posco AAPC, LLC has submitted a Statement of Benefits on the form
prescribed by the Indiana State Board of Tax Commissioners for real property, which statement
includes a description of the proposed expansion, an estimate of the number of individuals who
will be retained as a result of the expansion and an estimate of the salaries of these individuals,
an estimate of the number of individuals who will be employed as a result of the expansion, an
estimate of the annual salaries of these individuals, and an estimate of the value of the expansion;
and
WHEREAS,the Common Council of the City of Jeffersonville has previously
determined that the area in which the proposed development 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.; and
WHEREAS,the Redevelopment Commission of the City of Jeffersonville has made a
favorable recommendation for approval of the Statement of Benefits for real property; and
WHEREAS, the Common Council of the City of Jeffersonville has reviewed both
Statements of Benefits and its attachment "A" submitted herein, and attaches and incorporates
0/9-R -
the Statement of Benefits submitted herein, and attaches and incorporates the attachment"A" to
this Resolution.
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 Posco AAPC, LLC, and that said company shall be entitled
to deduction for a period of TEN (10)years for improvements to real property pursuant to
provisions of I.C. 6-1.1-12.1-3(d),with the timely filing and perfection thereof with the
Clark County Auditor's and Clark County Assessor's office. This Resolution shall be in
full force and effect from and after its passage and approval. Passed this '1 day of
October ,2019.
VOTED FOR: VOTED AGAINST:
1,4 V u/ia
Passed and adopted by the Common Council of the City of Jeffersonville, Clark County,
Indiana on this '7 day of Odo L e r , 2019.
11�I SA C/// V/•ce 4es icc) n I"
Attest:
Vicki Conlin, Clerk
Presented by me as Clerk to the Mayor of said City of Jeffersonville this SJ' day of
Oc,-)-ober , 2019.
Vicki Conlin, Clerk
This Resolution approved and signed by me this day of , , 2019.
Mile Moore, Mayor
This Resolution vetoed by me this day of , 2019.
Mike Moore, Mayor
^°""•� STATEMENT OF BENEFITS 2019 PAY 20 20
;� REAL ESTATE IMPROVEMENTS
!411‘, State Form 51767(R6/10-14) FORM SB-1 I Real Property
Prescribed by the Department of Local Government Finance
PRIVACY NOTICE
This statement is being completed for real property that qualifies under the following Indiana Code(check one box)- Any information concerning the cost
Ir Redevelopment or rehabilitation of real estate improvements(IC 6-1.1-12 1-4) of the property and specific salaries
❑Residentially distressed area(IC 6-1 1-12.1-4.1) paid to individual employees by the
pproperty owner is confidential per
INSTRUCTIONS: IC B 1.1-12.1-5 1
1. This statement must be submitted to the body designating the Economic Revitalization Area prior to the public hearing if the designating body requires
information from the applicant in making its decision about whether to designate an Economic Revitalization Area Otherwise,this statement must be
submitted to the designating body BEFORE the redevelopment or rehabilitation of real property for which the person wishes to claim a deduction
2. The statement of benefits form must be submitted to the designating body and the area designated an economic revitalization area before the initiation of
the redevelopment or rehabilitation for which the person desires to claim a deduction
3 To obtain a deduction,a Form 322/RE must be filed with the County Auditor before May 10 in the year in which the addition to assessed valuation is
made or not later than thirty(30)days after the assessment notice is mailed to the property owner if it was mailed after April 10. A property owner who
failed to file a deduction application within the prescribed deadline may file an application between March 1 and May 10 of a subsequent year
4 A property owner who files for the deduction must provide the County Auditor and designating body with a Form CF-1/Real Property The Form CF-1/Real
Property should be attached to the Form 322/RE when the deduction is first claimed and then updated annually for each year the deduction is applicable
lC 6-1.1-12 1-5 1(b)
5 For a Form SB-1/Real Property that is approved after June 30, 2013, the designating body is required to establish an abatement schedule for each
deduction allowed. For a Form SB-1/Real Property that is approved prior to July 1, 2013, the abatement schedule approved by the designating body
remains in effect. IC 6-1.1-12 1-17
SECTION 1 TAXPAYER INFORMATION
Name of taxpayer
POSCO AAPC LLC
Address of taxpayer(number and street,city,state,and ZIP code)
6500 Jefferson Metro Pkwy, McCalla, AL 35111
Name of contact person Telephone number E-mail address
Homin Lee ( 205 ) 277-2147 homin.lee@poscoaapc.com
SECTION 2 LOCATION AND DESCRIPTION OF PROPOSED PROJECT
Name of designating body Resolution number
POSCO AAPC LLC 10-42-00-700-142.001-039
Location of property County DLGF taxing district number
5140 Loop Road Jeffersonville 042-2-0200
Descnphon of real property improvements.redevelopment,or rehabilitation(use additional sheets if necessary) Estimated start date(month,day,year)
Steel wire rod processing factory building 10/7/2019
Estimated completion date(month,day,year)
3/1/2020
SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT
Current number Salaries Number retained Salaries 'Number additional Salaries
23.00 $1,342,261.40 23.00 $1,342,261.40 j 13.00 $635,796.10
SECTION 4 ESTIMATED TOTAL COST AND VALUE OF PROPOSED PROJECT
REAL ESTATE IMPROVEMENTS
COST ASSESSED VALUE
Current values 11,048,610.07 11,048,610 07
Plus estimated values of proposed project 5,300,000,00 5,300,000 00
Less values of any property being replaced o 00 0 00
Net estimated values upon corn•letion of project 16,348,610 07 16.348.610 07
SECTION 5 WASTE CONVERTED AND OTHER BENEFITS PROMISED BY THE TAXPAYER
Estimated solid waste converted(pounds) I Estimated hazardous waste converted(pounds)
Other benefits
SECTION 6 TAXPAYER CERTIFICATION
I hereby certify tha,the representations in this statement are true
Signature of autho ed re• Santa• I Date signed(month,day,year)
9/24/2019
Printed name• authob•-d -p sen-five Title
Homin Lee Finance Director
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FOR USE OF THE DESIGNATING BODY
We find that the applicant meets the general standards in the resolution adopted or to be adopted by this body. Said resolution,passed or to be passed
under IC 6-1.1-12.1,provides for the following limitations: �l
A. The designated area has been limited to a period of time not to exceed / C calendar years*(see below). The date this designation
expires is
B. The type of deduction that is allowed in the designated area is limited to:
1. Redevelopment or rehabilitation of real estate improvements Yes ❑No
2.Residentially distressed areas ❑Yes ❑No
C. The amount of the deduction applicable is limited to$ J`1 f;0 bOe :U 0
D. Other limitations or conditions(specify)
E. Number of years allowed: ❑Year 1 ❑ Year 2 ❑ Year 3 ❑ Year 4 ❑ Year 5 (*see below)
❑Year6 ❑ Year7 ❑ Year8 ❑ Year9 %Year10
F. For a statement of benefits approved after June 30,2013,did this designating body adopt an abatement schedule per IC 6-1.1-12.1-17?
III Yes No
If yes,attach a copy of the abatement schedule to this form.
If no,the designating body is required to establish an abatement schedule before the deduction can be determined.
We have also reviewed the information contained in the statement of benefits and find that the estimates and expectations are reasonable and have
determined that the totality of benefits is sufficient to justify the deduction described above.
Appro ed(si nature and title of uthorized member of designating body) Telephone number Date signed(month,day,year)
(sla ) S75-6, a') I0 - ? -19
ed nam of au orized member of designating body Name of designating body
Lists C111I C e 4�res� cnci SePersonutIle C_Anrnmon Co icI 1
Attes y(signature an 'le of att ster) Print d name of attester
*If the designatingbodylimits the timepen d duringwhich an area is an economic revitalization area,that limitation does not limit the length of time a
taxpayer is entitled to receive a deduction to a number of years that is less than the number of years designated under IC 6-1.1-12.1-17.
A. For residentially distressed areas where the Form SB-1/Real Property was approved prior to July 1,2013,the deductions established in IC
6-1.1-12.1-4.1 remain in effect.The deduction period may not exceed five(5)years. For a Form SB-1/Real Property that is approved after June 30,
2013,the designating body is required to establish an abatement schedule for each deduction allowed. The deduction period may not exceed ten
(10)years. (See IC 6-1.1-12.1-17 below.)
B. For the redevelopment or rehabilitation of real property where the Form SB-1/Real Property was approved prior to July 1,2013,the abatement
schedule approved by the designating body remains in effect.For a Form SB-1/Real Property that is approved after June 30,2013,the designating
body is required to establish an abatement schedule for each deduction allowed.(See IC 6-1.1-12.1-17 below.)
IC 6-1.1-12.1-17
Abatement schedules
Sec. 17. (a)A designating body may provide to a business that is established in or relocated to a revitalization area and that receives a deduction under
section 4 or 4.5 of this chapter an abatement schedule based on the following factors:
(1) The total amount of the taxpayer's investment in real and personal property.
(2) The number of new full-time equivalent jobs created.
(3) The average wage of the new employees compared to the state minimum wage.
(4) The infrastructure requirements for the taxpayer's investment.
(b) This subsection applies to a statement of benefits approved after June 30,2013. A designating body shall establish an abatement schedule
for each deduction allowed under this chapter. An abatement schedule must specify the percentage amount of the deduction for each year of
the deduction. An abatement schedule may not exceed ten(10)years.
(c) An abatement schedule approved for a particular taxpayer before July 1,2013,remains in effect until the abatement schedule expires under
the terms of the resolution approving the taxpayer's statement of benefits.
Page 2 of 2
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 value of the qualifying real estate improvement of$5,300,000.00 is
reasonable for projects of the nature described in the Statement of Benefits submitted
by the company.
2. That the effective"start date" of the deduction period began on ,
2019, following approval from the Redevelopment Commission of the City of
Jeffersonville.
3. That the abatement schedule is justified and prescribed by the Tax Abatement Score
Sheet attached as "Exhibit A"to Ordinance No. 2015-OR-56.
4. That the estimate of the number of 23 individuals to be retained at the project site can
reasonably be expected to result from the proposed described expansion.
5. That the estimate of the annual salaries of the 23 individuals who will be retained at
the project site can reasonably be expected to result from the proposed described
expansion.
6. That the estimate of the number of 13 new individuals to be employed at the project
site can reasonably be expected to result from the proposed described expansion.
7. That the estimate of the annual salaries of the 13 new individuals who will be
employed at the project site can reasonably be expected to result from the proposed
described expansion.
8. That the taxes lessened from the granting of this abatement shall be for improvements
in real estate up to the value of$5,300,000.00 and improvements.
9. That all other information requested from Posco AAPC, LLC has been submitted, and
the benefits described in such information can be reasonably expected to result from
the proposed described expansion.
10. That the totality of benefits for said development and investment is sufficient to
justify the deduction.
11. That Posco AAPC, LLC 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
I.C. 6-1.1-12.1-14.
BEFORE THE JEFFERSONVILLE REDEVELOPMENT COMMISSION
STATE OF INDIANA
A RESOLUTION RECOMMENDING TO THE COMMON COUNCIL
APPLICATIONS FOR TAX ABATEMENT FOR
POSCO AAPC, LLC
RESOLUTION NO. 2019-R- Le
WHEREAS, Posco AAPC, LLC has made application for tax abatement from the City of
Jeffersonville, Indiana;
WHEREAS, the Common Council is the designating body for approving such
applications;
WHEREAS, said application requires review by the Jeffersonville Redevelopment
Commission.
NOW, THEREFORE, BE IT RESOLVED BY THE JEFFERSONVILLE
REDEVELOPMENT COMMISSION THAT:
1. The Jeffersonville Redevelopment Commission has reviewed the attached
"Statement of Benefits" for Real Property; and
2. The Jeffersonville Redevelopment Commission hereby recommends to the
Common Council the applications for tax abatement for Posco AAPC, LLC for real property.
Ad to at ameeting of the Jeffersonville Redevelopment Commission held the 2
day of IAA(Ica , 2019.
JEFFERSONVILLE REDEVELOPMENT
COMMISSION
t' . /7/
widen
ATTEST:
V
Secretary
I/2961557.1
"EXHIBIT A"
GUIDELINES FOR CONSIDERATION OF PROPERTY TAX ABATEMENT
JEFFERSONVILLE,INDIANA
Projects will be considered for abatement only if:
1. The company/project meets all of the criteria set forth under I.C. 6-1.1 1-12.1 et seq in the form
of deductions from assessed valuation.
2. The proposed new investment includes at least$1 million of real property and/or personal
property that qualifies for tax abatement.
3. Construction has not begun and/or equipment has not been ordered or the equipment will be
new to the State of Indiana.
4. In addition, if the applicant is not the company, authorization of the application must be
obtained from the company.
TAX ABATEMENT APPLICATION SCORE SHEET
Applicant Name: Ho14►w\ l.G¢. Application Date:
Company: PO e,Cc LL C
Street Address: t? -to LooF fo
41
City,State,ZIP: J fer uttt? zU 4-111),0
Phone: (mot) z.nc-- 24 4-11 Email: y
�'lOW1lVl. (.2.g_ lW Ftse,co ackft.LO�N
Company Name:
(if different from applicant):
Street Address:
City,State,ZIP:
Website:
Street Address of Project Location: V.,cov 14)0.A
City,State,ZIP: ZeApitstv vale 7N Lfrt3o
Project Description:
N11.1Arl tkAL LAArve rt (A)-(re—Rod pot colt -fptovi i b iik•A-v)
`t o (v,c(LG.\.c2. `fad ca,nd c tf tztsa. s Fat
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PROJECT COMPOSITION: (6 points possible). If more than one scenario applies, use only
the scenario with the highest point value.
POINTS
Personal Property Improvements 2
Real Property Improvements 4
Personal Property and Real Property Improvements l
SCORE
ACTIVITY DETAIL: (18 points possible). If more than one scenario applies, use only the
scenario with the highest point value.
POINTS
Existing Facility—new office addition 6
Existing Facility—expanding or upgrading existing product
line 8
Existing Facility—adding new product line 10
Existing Facility—addition of manufacturing and
warehousing space 12
New Industrial(manufacturing), Warehousing or Logistics
Facility 0
New Corporate Regional Office or Headquarters Building 16
New Research &Development Facility 18
SCORE i)I(r
EXISTING VACANT STRUCTURE: (15 points possible). Will this project reactivate a facility
that has been vacant for at least 12 months?
POINTS
Location will NOT reactivate a vacant facility 0
Location WILL reactivate a vacant facility 15
SCORE �(
PROJECT CAPITAL INVESTMENT: (25 points possible). What is the total capital
investment for this project? Use only the applicable scenario with the highest point
value.
POINTS
$1 million—$4,999,999 10
$5 million—$9,999,999 15
$10 million—$19,999,999 20
$20 million or more 25
SCORE Vg.
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JO
B RETENTION: (18 points possible). How many full-time positions will be retained as a
result of this project? Use only the applicable scenario with the highest point value.
POINTS
1-9 retained jobs 2
10—19 retained jobs 4
20—29 retained jobs c)
30-49 retained jobs 8
50—99 retained jobs 10
100—249 retained jobs 14
250-499 retained jobs 16
500 or more retained jobs 18
SCORE ,6
NEW JOB CREATION: (18 points possible). How many net new full-time positions will be
created as a result of this project? Use only the applicable scenario with the highest
point value.
POINTS
1-9 new jobs 2
10-19 new jobs
20—29 new jobs 6
30—49 new jobs 8
50—99 new jobs 10
100—249 new jobs 14
250—499 new jobs 16
500 or more new jobs 18
SCORE
AVERAGE WAGE: (18 points possible). Utilizing the average wage of all full-time q,:d
positions for this project and using the current state minimum wage as a benchmark, how
does the average wage of this project compare to the current minimum wage? Use only
the applicable scenario with the highest point value.
POINTS
Less than 3 times current minimum wage 0
3 times current minimum wage 10
3.5 times current minimum wage 12
4 times current minimum wage 14
4.5 times current minimum wage 16
5 times current minimum wage(or higher) 18
SCORE I 0
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EMPLOYER-SPONSORED HEALTH AND WELLNESS BENEFITS: (5 points possible). Will the
company provide employer-sponsored health and wellness benefits at this location?
POINTS
Location will NOT provide employer-sponsored health and 0
wellness benefits at this location
Location WILL provide employer-sponsored health and 5
wellness benefits at this location f y
SCORE
WORKPLACE WELLNESS: (5 points possible). Will the company encourage and promote
workplace wellness through employee participation in exercise and healthy living
programs?
POINTS
Company will NOT promote workplace wellness through
employee participation in exercise and healthy living 0
programs
Company WILL promote workplace wellness through
employee participation in exercise and healthy living
programs
SCORE
EMPLOYER-SPONSORED RETIREMENT PLAN: (5 points possible). Will the company
provide an employer-sponsored retirement plan at this location?
POINTS
Company will NOT provide an employer-sponsored 0
retirement plan at this location
Company WILL provide an employer-sponsored
retirement plan at this location ' 40ik SLI14
SCORE
BENEFITS PACKAGE: (8 points possible). What percentage of your employees'total
compensation package are fringe benefits? Use only the applicable scenario with the
highest point value.
POINTS
0% 0
1-10% 2
11-15% 4
16-20% 6
21—30%or higher CB)
SCORE
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DIVERSITY: (7 points possible). Will the company have a diversity and inclusion policy in
effect at this location?
POINTS
Company will NOT have a diversity and inclusion policy at
this location 0
Company WILL have a diversity and inclusion policy at this O
location
SCORE 1)
GREEN TECHNOLOGY: (7 points possible). Will the company utilize green technology at
this location?
Please provide a description of all green technologies to be utilized at this location here:
POINTS
Company will NOT utilize green technology at this
location o
Company WILL utilize green technology at this location ;� lo64.Tr
SCORE 9 Nuerue1
w/c�ws4f
GREEN INITIATIVES AND SUSTAINABILITY ACTIVITIES: (7 points possible). Will the
company implement programs designed to support sustainability through employee ride
shoring,public transportation use,on-campus dining options or other initiatives?
Please provide a description of all green initiative programs to be utilized at this
location here:
• C4u- .t
• ovi—CF-fe 47witeki POINTS
Location will NOT implement green initiative programs
Location WILL utilize green initiative programs `')
SCORE
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COMMUNITY INVOLVEMENT: (5 points possible). The City of Jeffersonville will look
favorably on companies that are involved in the community. The city will consider past
and/or current community involvement of an existing company or proposed community
involvement of a new company. Community involvement may include projects associated
with the city,schools, local non-profit organizations,senior citizens, disadvantaged
individuals or groups, day cares, etc. Community involvement must be documented and
applicable documents attached to this Score Sheet.
Please provide a narrative of community involvement here:
f'OIGo ANt vcta to t IclA vteW sete12440Avlitt.49 4o►no..—Rc,,n
POINTS
Location will NOT be supporting projects associated with
the city,schools, local non-profit organizations,senior 0
citizens,disadvantaged individuals or groups,day cares,
etc.
Location WILL be supporting projects associated with the
city,schools, local non-profit organizations,senior 5
citizens,disadvantaged individuals or groups, day cares,
etc.
SCORE
TOTAL PROJECT SCORE: Please add all above scores together and provide the total below
TOTAL OF ALL ABOVE SCORES
SIGNATURES
Signature of Applicant: Date:
Print Name: -[.ty,MTv VOL
Signature of Company
Representative: Date:
(if different from applicant):
Print Name:
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GUIDELINE FOR REAL PROPERTY TAX ABATEMENT
TOTAL SCORE Abatement Year Abatement Percentage
1-9 1 100%
10—19 1 100%
2 75%
20—29 1 100%
2 75%
3 25%
30—39 1 100%
2 90%
3 75%
4 60%
40—49 1 100%
2 90%
3 75%
4 60%
5 45%
50—59 1 100%
2 90%
3 75%
4 60%
5 45%
6 35%
60—69 1 100%
2 90%
3 75%
4 60%
5 45%
6 35%
7 25%
70—79 1 100%
2 90%
3 75%
4 60%
5 45%
6 35%
7 25%
8 15%
80—89 1 100%
2 90%
3 75%
4 60%
5 45%
6 35%
7 25%
8 15%
9 10%
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90—99 1 100%
2 90%
3 75%
4 60%
5 45%
6 35%
7 25%
8 15%
9 10%
10 5%
100+ 1 100%
2 95%
3 80%
4 65%
5 50%
6 40%
7 30%
8 20%
9 10%
10 5%
GUIDELINE FOR PERSONAL PROPERTY TAX ABATEMENT
TOTAL SCORE Abatement Year Abatement Percentage
1-39 1 100%
40-59 1 100%
2 50%
60-79 1 100%
2 50%
3 40%
80-90 1 100%
2 50%
3 40%
4 20%
90+ 1 100%
2 80%
3 40%
4 20%
5 10%
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Abatement Schedule Exhibit
Real Property
Year Abatement Percentage
1 100% exempt
2 100% exempt
3 95% exempt
4 90% exempt
5 80% exempt
6 70% exempt
7 60% exempt
8 50% exempt
9 40% exempt
10 20% exempt
11 First year of full property tax payment
Personal Property
Year Abatement Percentage
1 100% exempt
2 50% exempt
3 40% exempt
4 20% exempt
5 10% exempt
6 First year of full property tax payment
Abatement Savings Estimate Exhibit
Indiana Tax Abatement Results
Clark County,Jeff City OFW
Tax Rate(18 Pay 19): I 3.4660%1
,_ _,erers =_
Improvements(RE): $500,000
Year Abatement Property Taxes w/ Property Taxes w/o Estimated Tax Abatement
Percentage Abatement Abatement Savings
Year 1 :__ . $0.00 S17,330.00 $17,330.00
Year 2 :>:% $0.00 $17,330.00 $17,330.00
Year 3 95% $866.50 $17,330.00 $16,463.50
Year 4 90% $1,733.00 $17,330.00 $15,597.00
Year 5 80% $3,466.00 $17,330.00 $13,864.00
Year 6 70% $5,199.00 $17,330.00 $12,131.00
Year 7 60% $6,932.00 $17,330.00 $10,398.00
Year 8 50% $8,665.00 $17,330.00 $8,665.00
Year 9 40% S10,398.00 $17,330.00 $6,932.00
_- _- 20% $13,864.00 517,330.00 53,456.00
Totals $51,123.50 $173,300.00 $122,176.50
Indiana Tax Abatement Results
Clark County,Jeff City OFW
Tax Rate(18 Pay 19): 1 3.46601I
Improvements IPPI: $2,900,000
Year Abatement Property Taxes w/ Property Taxes w/o Estimated Tax Abatement
Percentage Abatement Abatement Savings
yea` 1C0Sa SO.0C 540,205.6C $40,205.60
Year 2 50% $28,143.92 $56,287.84 $28,143.92
Year 3 40% $25,329.53 $42,215.88 $16,886.35
Year 4 20% $25,731.58 $32,164.48 $6,432.90
yea 5 , '', S27,135.78 3 5 2: 53,015.42
Totals $106,343.81 $201,028.00 $94,684.19
ATTACHMENT TO THE STATEMENT OF BENEFITS
FOR POSCO AAPC, LLC
, 2019
The Council will grant a 10-year abatement on $5,300,000.00 in real property as allowed by state
statute.
The Company will provide jobs and salaries as specified in the SB-1 and any attachment thereto.
It is the expectation of the Council that the company will reach the number of employees and
average wages specified on the SB-1 within five years. The Company understands this abatement
is being offered based upon those jobs and wages. If the company fails to substantially reach
those numbers or fails to maintain those numbers over the life of the abatement, the Council
may, as provided by law, rescind this abatement. The Company agrees to make available any and
all information the Council deems necessary to verify compliance.
The Company agrees to pay an annual fee of 10% as described in Indiana Code 6-1.1-12.1-14.
POSCO AAPC, LLC
By:
Printed:
Title: