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Home My WebLink About1991-R-07 RESOLUTION NO. 91-R- ~ RESOLUTION APPROVING STATEMENT OF BENEFITS FOR PURPOSES OF REAL PROPERTY TAX ABATEMENT WHEREAS, Huber Tire Company, Inc., has petitioned the Common Council of the City of jeffersonville, Indiana, for processing a tax abatement for both additional office and warehouse space and for new manufacturing equipment; and, WHEREAS, Huber Tire Company, Inc., has submitted a Statement of Benefits on the form prescribed by the Indiana State Board of Tax Commissioners for such purpose; and, WHEREAS, the Common Council of the City of Jeffersonvilie, Indiana, has previously determined that the jeffersonville Inc., Research and Industrial Park in which Huber Tire Company, is located qualifies as an economic revitalization pursuant to Indiana Code 6-1.1-12.1 et seq. area NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of jeffersonville that it specifically 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 from the proposed rehabilitation. reasonably expected to result described redevelopment or That all other information requested from the developer 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 or rehabilitation deduction. benefits for said redevelopment is sufficient to justify the 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 Huber Tire Company, Inc., and that said developer shall be entitled to the following deductions: A. For new computer equipment as scheduled in the Statement of Benefits and utilized in the manufacturing process a deduction in accordance with Indiana law shall be allowed for a period of five (5) years commencing with the filing and perfection thereof in the Clark County Auditor's office. B. For improvements to real property as scheduled in the Statement of Benefits a deduction in accordance with Indiana law for a period of ten (10) years commencing with the filing and perfection thereof in the Clark County Auditor's office. Passed and adopted this ~ day of ~ , 1991, by the Common Council of the City of Jeffersonville, Clark County, Indiana. ~,~A~RS 'L-.' CARTER PRESIDENT, COMMON COUNCIL ATTEST: CLERK_TREASU~R~CE~ v Presented by me as City of Jeffersonville, ~. , 1991. Clerk-Treasurer to the Mayor of the Indiana, this ~ day of CLERK_TREASuRiE~R'~ Approved and signed , 1991. by me this ~ day of ~A~-0~D~ti5~' f. 0REM Jeffersonville City Council Huber Tire Company '~ 3215 Industrial Parkway, Jeffersonville, IN STATEMENT OF BENEFITS STATE BOARD OF TAX COMMISSIONERS INSTFiUCTIONS. (I.C. 6'f.l't2.1) THIS PAGE TO BE COMPLETED BY APPUCANT · ~ .~. .' · deouct~on. Effective July t, 1987. . . 7~p Cc~e '47130 ., . : SECT[ON I LOCATION, COST AND DESCRIPTION OF PROPOSED PROJECT .: i:.:~ ~:: :.~i':' L~catron of proper~y ~f OHferent from above Taxing Oisttlc! $ ams and description of teal property improvements anct I er new manufacturing equipment to be acquire(l: 14,700 sq. ~t. add~'tion $320,000 .: Purchase $60,000 worth o£ computers (3,000 o~±ce) (11,700 m~. and.*~a=ehouse) Anticipating an.additional 16 employees Eatirnate~ ~tamng Oats Esumate Compmtma Date ,, ,, (Attach additional sheets if needed) 12-1-90 4-1-91 SECTION I] ESTIMATE OF E~PLOYEES AND ~ALARIES AS RESULT OF PROPOSED PROJECT ,: ::;...: ;urrent ~umoer -~;,t, ;~s, 0 0 0 Numeer6Retainea S;l:;e~, O00 Num~Ier ~c6aiti°nal ;~;a~;s~ 000.. SECTION III ESTIMATE TOTAL COST AND VALUE OF PROPOSED PROJECT REAL ESTATE iMPROVEMENTS I MACHINERY Current Values Plus estimated values of proposed project Less: Values of any property being replaced Net estimated vatues upon completion of project . COST I ASSESSED VALUE. I COST I~SSESSED VAGUE 250,000 I 85~000 I 250,000 I85,000 320,000 110,000 60,000 I25~000 575,000 [ 195,000 I 310,000 t 110,000 SECTION IV OTHER INFORMATION REQUIRED BY THE DESIGNATING BODY I hereby certdy that the representations on this statement are true. FOR USE OF DESIGNATING BODY iMPACT ON TIlE CURRENT YEAR TAX RATE FOR THE TAXING DISTRICT INDICATED ABOVE t ' Tax Rates Determined Using The Following Assumptions Total Tax'Rates 1. Current total tax rate. , , 2. Approximate tax rate if project occurs and no deduction is granted. I $ · Approximate tax rate if project occurs and a deduction is assumed. $ Assume an 80% deduction on new machinery installedan~lor a50% deduction assumed on real estate improvements. We have reviewed our prior actions relating to the designation of this economic revitalization area and find that the ap~31icant meets the general standards aaopted in the resolution previously ap~3roved by this body. Said resolution, passed under lC 6-1.1.12.1-2.5, provides the following limitations as authorized under lC 6-1.1-12.1-2: A) Th?..designated area has been limited to a period of time not to exceed calender years. *(See Below) B) The type of deduction that is allowed in the designated ~rea is limited to: ~ Yes ~ No 1) Redevelopment or rehabilitation of real estate improvements. [-], Yes ~ No 2) Installation of new manufacturing equipment r-~ No 3) No limitations on type of dedu=tion (check if no limitations) 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. Also we have reviewed the information contained in the statement of benefits including the impact on the tax rate incoroorated herein. end have determined that the benefits described above can be reasonably expected to result from the project and are sufficient to justi~ the applicable deduction. If e commission council town board or county council limits the time period during which an area is an economic revitilization area, it does not limit the length of time a taxpayer is entitled to receive a deduction to a number of year~ oesignated under I.C. 6-1.1-12.1-4 or 4.5 Namely: · : ', · j ~ ' NEW MANUFACTURING ii??:: ' ";'"i ~ ;'; :! REDEVELOPMENT OR REHABILFrATION OF REAL PROPERTY IMPROVEMEN For Deductions Atlowed Over A Perio<t Of: Year of Deduction 1st 2nd · 3rd I Year of Percentage Deduction 100% 95% 80% 65% 5O% 0% 1st 2nd 3rd 4tn 5th 6th 7th 8th 9th 10tn Three (3) Year Percentage 100% 66% 33% Six (5) Year Percentage 10o% 85% 66% 50% 34% 17% Ten (10) Year Percentage 100% 95% 80% 65% 50% 40% 30% 20% 10% 5%