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Home My WebLink About1994-R-30 RESOLUTION NO. 94~R---~~ RESOLUTION APPROVING STATEMENT OF BENEFITS FOR pURPOSES OF PROPERTY TAX ABATEMENT WHEREAS, Heat Transfer Specialties, Inc., has petitioned the Common Council of the City of jeffersonville, Indiana, for a deduction in real property and personal property taxes to be assessed on proposed improvementls to be made and equipment in the Clark Maritime Centre, located in the City of jeffersonville, Clark County, Indiana; and WHEREAS, Heat Transfer Specialties, Inc., 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 located in the City of jeffersonville revitalization area pursuant to Indiana and Resolution 89-R-32 and Confirming redevelopment project is qualifies as an economic code 6-1.1-12.1 et seq., Resolution 89-R-39; and WHEREAS, the Common council Benefits submitted herein, and Statement to this Resolution. has reviewed the Statement of attaches and incorporates that NOW, THEREFORE, BE IT RESOLVED ay the Common Council of the City of jeffersonville 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. 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 or rehabilitation' 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- That all other information requested from Heat Transfer Specialties, Inc., has been submitted, and the benefits described in such information can be reasonably eXPected to result from the proposed described redevelopment or rehabilitation- That the totality of benefits for said redevelopment or rehabilitation is sufficient to justify the deduction. BE IT FURTHER RESOLVED that the Common Council of the City of for deduction jeffersonville hereby approves the application presented by the statement of Benefits filed by Specialties, Inc., and that said developer shall deductions for a period of ten (10) years for improvements to real Heat Transfer be entitled to property, pursuant to the provisions of I.c. 6-~.1-12-3(d) and I.C. 6_1.1-12.1-4(d)(3), and ten (10)I years for equipment pursuant to I.C. 6_~.1-12.1-4.5, with the timely filing and perfection thereof with the Clark County Auditor'S office. Passed and adopted this /~ _day of ~ _, 1994, by the Common Council of the City of jeffersonville, Clark County, Indiana. Presented by me as clerk-Treasurer to the Mayor of the City of jeffersonville, Indiana, this /T_daY of_ ~--~ , 1994. ~. Ri~chard Spenc~, Clerk-Treasurer _day of Approved and signed by me this 1994. ~M~¥o~' ka¥~n~nd Parke~ H3638:3955 083094: !: 14362:ST~ H~AT TRANSFER RESOLUTION STATEMENT OF BENEFITS State Form 27167 (R3 / 11-91) Form SB - 1 is preS~nbed by the State Boar~ Of Tax Commissioners. 1989 The records in this series are CONRDENT1AL according to lC 6-1.1.36-9 FORM SB - 1 INSTRUCTIONS: , · ~ '- o-viOilization area nrior to the public hearing ff the designating body r~;uiros ir~ 1. This statement must be subrnittec~ to .the. Lx~i¥ des!gnaJmf~ ~e ,e~o ~smi~cn~t~ in Economic ~evitilization Area. Otherwise this statement must be subrn,ffe~ mation from the applicant in making lts oecl~lon ~,m~.,u[ wnemer zu u. ~,¥,.~ ..... ioment or BEFORE the redevelopment or rehabilitation of real prope;ly for to the designating body BEFORE a person !~Snta~S ts~aet~em~vnr~ean~r~n[ ~n~oUt ~nui'~ if the area was designate~, an E~_A. prior to July I, 1987 and the erson wishes to cia m a deduc~o '"~ '~ ' ' h t date Pro'eCts ianned or comm~ed to after wflic~ the p · · roved b the desl natmg body, prior to t a . ~ P 2~ ~a~FT:~An~R:C~a ~v~n~c~Ft~B~I~:m~u~Ft~T~be~p!~n6v~ ~1~2rt1~)~n~at~n ~f the redeve~prnentorrshabll~tafiOn' / or Form 322 ERA / PP, New Mach nery, ~nust be filed w~h the cour~y auditor. Wi~ ...... ~* ~ .~,~,~ ion Form 322 ERA, Real Estate Improvements ,and.. ........ ~,:~ ,~.~ mn) v after a not~ce of lncrease ~n real properly assessment 3. ,o uu,~,,,., ~ d._~_u.~ Ir~rrn 322 ERA must be tiled by the later or: (~ ! n, ay ,u, u. i,~/.L'""~ ~.O_)_d~ay~s,.. ~ .,* ~ ==sessment year in v,,Dich new manurac- isrecalvedfromthetownshlpassessor.:.Form32~ER, A/P~Pmu_s..t..be~.^.~ AnersonwhoobtansafilingexlenstonrnustfiletheformbettlveenMaroh ~uring equipment is installed, unless a filing extension nas peen ou~a~.~. . . June 14 o1 that year. 4. Property owners whose Statement of Benefits was approved after July 1, 1991 must submit Form CF- 1 annually to show compliance with the Statement of Benefits. (lC 6-1.1.12,1-5.6) qame of taxpayer Heat Transfer Specialties, Inc. ~,ddress of taxpayer (street and number, city, sts~ and ZIP code) 2400 Watterson Trail, Louisville, KY 40299-9990 Nan~ of contact person Richard W. Rademaker, President ~one number · Jeffersonville City Council -------~Coumy ~ Locamon o! property ~ Clark clark Maritime Centre Oesc~on of res] property improvements and / or new manufactunng equlprnem to be acquired (use add---~-~-~-'--- s~s~'~'necesse'7) ' -t and leasehold improvements £or ~abr±cat±on o~ I Mac~.nery, equ~..p~..~ ............. ~-~'~o ~o~ ccr~merc±al ~ heating, air condltlo, n.lng anQ ven~liaulu~, =~=~,~o land industrial facilities. ~ ? -- number Taxing d~s'~ct jeffersonville-----~ rStimatea starting ~te - /~-25-94 ~ ~m~0n ~te 2-1-95 Nurturer a~d~donal Current nurnber I Number retalnea 73 1,676,000/yr. I 55 1,406,000/yr. 25 375,000/yr. Current vs]ses Ptus estimated values of pmgosed project Less values of any property being mptaced Net estimated values upon o Value C~t A~ Valtm curt that the representations in this statement are true. 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, pro- vides for the following limitations as authorized under lC 6-1.1-12.1-2. A. The designated area has been limited to a period of time not to exceed N/A 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. 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 ctaimed eligible for deduction after July I, 1987, is limited to $ none 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) F. The deduction for new manufacturing equipment installed and first claimed eligible for deduction after July 1, 1991is allowed for: [] 5 years [] 10 years Aisc we have reviewed the information contained in the statement of benefits and find that the estimates and expectations are reason- able and have determined that the totality of benefits is sufficient to justify the deduction described above· Approved: (signature and title of authonzecl memt~er) J Telephone number ~(month, clay, year) · If the designating body i~its the timec~od du/rin- wh-~,-~. ...... -- ., · . . ,,~u~t-i~-n-~-~,7~ .... a,~a Is ~.n econom c revitilization area it does not hmit the I a taxpayer ~s entitled to receive a deductro to a number of vears des~-na*.,~ .,.,4....-. ~. .... ength of time . = .......... u-,.,-o ~. ] -4 or 4.5 Namely: (see tables below) Year of I Five (5) Year Ten (10) Year Deduction Percentage Percentage 1 st 100% 100% 2nd 95% 95% 3rd 80% 90% 4th 65% 85% 5th 50% 80% 6th 70% 7th 55% 8th 40% 9th 30% 10th I 25% ThrDe~lu(3c~i).oYenar SDIx4 6u )ctYieoanr Te~ [ 1st 100% 100% 100% b 2nd 66% 85% 95% ~. 3rd 33% 66,o 80% 4th 50% 65% f 5th 34% 50% 6th 17% 40% 7th 8th 30% 9th 20% 1 Otb 10% 5%