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Home My WebLink About1990-R-04 RESOLUTION NO. 90-R- ~ RESOLUTION APPROVING STATEMENT OF BENEFITS FOR PURPOSES OF REAL PROPERTY TAX ABATEMENT WHEREAS, Council for made in the has the and has Huber Tire Company has petitioned the Common processing a tax abatement for improvements to be Jeffersonville Research and Industrial Park, and submitted a Statement of Benefits on the form prescribed by Indiana State Board of Tax Commissioners for such purpose; WHEREAS, the Common Council of the City of Jeffersonville previously determined that the Jeffersonville Research and Industrial pursuant to NOW, the City follows: 1. o o o Park qualifies as an economic revitalization area Indiana Code 6-1.1-12.1 et seq. THEREFORE, BE IT RESOLVED by the Common Council of of Jeffersonville that it specifically finds as That the estimate rehabilitation is described in the developer. That the estimate of the value of the redevelopment and reasonable for projects of the nature Statement of Benefits submitted by the employed or whose employment will be reasonably be expected to result frbm described redevelopment or rehabilitation. That the estimate of the annual salaries of the number of individuals who will be retained can of Jeffersonville hereby approves the application the proposed 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 by 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 benefits for said redevelopment or rehabilitation is sufficient to justify the deduction. Be it further resolved that the Common Council of the City for deduction presented by the Statement of Benefits filed by Huber Tire Company, and that said developer shall be entitled to a deduction for a period of five (5) years commencing with the filing and perfection thereof with the Clark County Auditor's office. Passed and adopted this 1990, by the Common Council day of , of the City of jeffersonville, Clark County, Indiana. ATTEST: ROBERT L. WAIZ PRESIDENT, cOMMON COUNCIL C. RICHARD SPENCER, JR. CLERK-TREASURER Presented by me as Clerk-Treasurer to the Mayor of the City of jeffersonville, Indiana, this day of , 1990. C. RICHARD SPENCER, CLERK-TREASURER JR. Approved and signed by me this' day of , 1990. MAYOR DALE L. OREM Name of Designating Body the City of jefferso_nville Name of Taxpayer '"----- ~ - ~r [St~ city, county) ~ ~ 1007 E. jefferson St., Louisville, Kentucky STATEMENT OF BENEFITS State Form 27167 (R 2 / 1~9) Form SB-1 is prescribed by the State Board of Tax Commissioners (1989) Confidential Statement: The records in this series are CONFIDENTIAL according to indiana Code 6-1.1-35-9. INSTRUCTIONS: (I.C. 6-1.1-12.1) THIS PAGE TO BE COMPLETED BY APPLICANT 1. This statement ~f~ust be submitted t~ the b~dy designat~ng the ec~n~mic reviti~zati~n area pri~r t~ the pub~ic hearmg required t~ designate an economic revitalization area, or BEFORE a person installs the new manufacturing equipment, or BEFORE the redevelopment or rehabilitation of real property for which the person wishes to ciaim a deduction. A statement of benefits is not required if the area was designa ted an ERA prior to July 1, 1987 and the "project" was planned and corn mitted to by the applican t, and approved by the designating body, prior to that date. "Projects" planned or committed to after July 1, 1987 and areas designated after July 1, 1987 require a Statement of Benefits. 2. If a person is requesting the designation of an economic revitalization area, this form must be submitted prior to the public hear- ing required under lC 6-1.1-12.1-2.5(c), OtherWise, the Statement of Benefits must be submitted for the designating body's ap- proval prior to the installation of the new manufacturing equipment or prior to redevelopment or rehabilitation of real property. 3. Approval of the designating body (City Council, Town Board, County Council, etc.) must be obtained prior to initiation of the redevelopment or rehabifita rich, or prior to installation of the new manufacturing equipment, BEFORE a deduction may be approv- ed. . * 22 ERA Rea Estate Improvements and / or Form 322 ERA / PP, New Machinery, must be filed with 4. TO obtain a deduction Form 3 , the county auditor. With respect to real property, Form 322 ERA tn ust be filed by the later of (1) May 10 or (2) thirty(30) days after a STATE BOARD OF TAX COMMISSIONERS clark Taxing District )roperty if different from above J e 'l= f C i ty 3215 industrial Parkway, jeffersonville, Indiana descript~ of real property improvements and I of estimated installation of new m~ufacturing equipment to be acquired: Bandag Model 276 A Pressure Chamber - 22 Tire Capacity $ 45~760.O0 January 1990 Estimated Starting Date Estimate Completion Date (Attach additionalsheetsifneeded) ~anuary209 1990~Feb. 15, 1990 · AddittonaJ Current Number Balaries bar Retained 6 $123,2!3,78 6 $123,213o78 1 Current Values Plus estimated values of proposed project Less: Values of any property being replaced L._Net estimated values upon completion of project REAL ESTATE IMPROVEMENTS ~ MACHINERY COST ASSESSED VALUE COST ASSESSED VALUE 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 lC 6-1.1-12.1-2: A) The designated area has been limited to a period of time not to exceed years. *(See Below) calander 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 ~ No C) The amount of deduction applicable for new manufacturing equipment installed and first claimed etigible 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 ~imitati0ns Or Cenditions: ~spe~/fy) Also we have 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. Approved; Signature of Authorized Member and Title ~iested By: Designated Body--' ~ture - * if the designating body 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 deduct on to a numb, er of years designated under I.C 6-1 1 12 1-4 or 4,5 Namely: · , . _ ~ Year of Deduction ,- Percentage Year of Three (3) Year Six (6) Year .... D~duct on. Percentage Percentage 1st 100% 1st .... 2.m-~.~ 100% 100% 3rd ~ 80% 33% ~' 4th~ 65% 5th 50% 6th and thereafter 0% 3rd 4th 5th 6th 7th 8th 9th 10th 6~% 500/~ 34% 17% Ten (10) Year Percentage 100% 80% 65% 50% 40% 30% 20% 10%