HomeMy WebLinkAbout1990-R-24 RESOLUTION NO. 90-R- ~-~
RESOLUTION COMMEMORATING PRIOR APPROVAL OF
STATEMENT OF BENEFITS
WHEREAS, the Common Council has previously approved the
Statement of Benefits filed by Sunrise Properties, Inc. as
evidenced by the minutes of the Common Council meeting of April
3, 1989, a copy of which is attached hereto; and,
WHEREAS, the Common Council has made the necessary
findings under Indiana Code 6-1.1-12.1-4.5 in approving this
Statement of Benefits at the prior meeting; and,
It has now been determined that it is the better practice
to approve said Statement of Benefits by numbered resolution of
the Common Council in order to fully memorialize the Council's
intent and approval.
NOW, THEREFORE, BE
the City of Jeffersonville
IT RESOLVED by the Common Council of
that it hereby affirms its intent in
granting the Statement of Benefits attached hereto filed by
Sunrise Properties, Inc.
In approving this Statement of Benefits the Common Council
of the City of Jeffersonville specifically finds that as of the
date it was originally approved as follows:
1. That the estimate of the value of the redevelopment and
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 or rehabilitation.
3. That the estimate of the annual salaries of those
individuals who will be employed or whose employment will
be retained can be reasonable expected to result from the
proposed described redevelopment or rehabilitation.
4. 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.
5. 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 Jeffersonville hereby approves the application for deduction
presented by the Statement of Benefits filed herein and that
said developer shall be entitled to deductions for a period of
ten (10) years for improvements to real property and for five
for new manufacturing equipment commencing with the
perfection thereof with the Clark County Auditor's
(5) years
filing and
office.
Passed and adopted this ~ day of ~L/ ,
1990, by the Common Council of the City of Jeffersonville,
Clark County, Indiana.
ATTEST:
C. RICHARD SPENC~k, JR.L-/
CLERK-TREASURERO
Presented by me as
City of Jeffersonville,
Approved and signed
.~ , 1990.
Clerk-Treasurer to the Mayor of the
this ~ day of
Indiana,
by me this ~ day of
PAGE 3
APRIL 3, 1989
questions from the Council,
pass Resolution No. 89-R-8,
unanimously.
Councilman
Council President Harrod made the motion to
seconded by Councilman Williams and carried
Caldwell introduced Mr. Kevin Wiggam a
representative of Metal Sales Manufacturing Corporation who spoke to the
Council asking that Ordinance No. 87-OR-72 be reconsidered. Mr. Wiggam
presented pictures comparing metal buildings with other buildings
showing metal buildings can be attractive. Metal bu&ldings are good for
residential areas and even better for commercial areas. Mr. Wiggam asks
that each individual building and its use be looked at and considered
rather than the blanket restrictions of this Ord%nance. The Council
agreed to look at and study this situation. Mr. Wiggam will submit to
Attorney Filer a rough outline of guidelines that W~uld satisfy his
needs. :
Mayor Orem presented a Statement of Benefits for Sunrise
Properties to the Council for their consideration. Sunrise Properties
are expanding to a 90,000 square foot building and have received an IIP
loan from the State. Councilman Perkins stated he is getting "gun shy"
and does not want to rush into this as this is the first he has seen of
any papers on Sunrise Properties. Councilman Grooms feels this is in
line and consistant with others. Mayor Orem told the Council this is a
wood veneer business that will be hiring an additional 50 employees.
Councilman Perkins asked if there was a way to assure that Hoosiers are
hired into these new jobs. Mayor Orem said some of the jobs carry
stipulations along this line. This
starting at no taxes the first year and
on the real estate while the equipment
tax abatement is for 10 years
increasing 10%.each year to 100%
will be on a five year schedule.
Councilman Grooms made the motion to allow the
by Councilman Waiz and passed on a vote of 6-0-1.
abstained stating
feels the Council
bring new
City does
those areas
tonight was the first time he
tax abatement, seconded
Councilman Perkins
was informed and he
should be informed when there are negotiations to
business to Jeffersonville. Mayor Orem explained that if a
not offer tax abatements it will not be in the market and
giving tax "forgiveness" are now the hottest spots in the
nation.
STATEMENT OF BENEFITS
Form SB-1 is Droscribed by the State Boan:l of Tax Commissioners
STATE BOARD OF TAX COMMISSIONERS
Confidential Statement: The records in this series are CONFIDENTIAL according to Indiana C~_~e G1.1-35-9.
INSTRUCTIONS: ~I.C. E-l.1-12.1J THIS PACE TO BE COMPLETED BY APPUCANT . ~ ~, ., .
I. This statement must se suemttte~ to ti~e t;o~y ~estgnet/ng the economic revitllizet/on area BEFORE a person eo¢;utrea new
reanufacturmg e¢ltllpment or oeglns the redevelopment or rehal;llitation of real property lot which the person wishes to Claim a
deduction. Effective July 1, 1987.
3. A~;~revel of the ~eslgnatlng t;ody (City Council. Town Board. Co¢lnt-y Co~lcil. etc.) most be ot~tained before a deduction may be
tire county auditor. With ~escect to real ~. erIy, Form 322 ER.A faust be tile~ by the feter ol ~II May 10 or (2J thin'y(30) days alter a
N~e of Designating Socy
The City of Jeffersonville
Sunrise Properties, Inc.
Acclress of Taxpayer (Street, city, county) - .
3101 ~amburg Pike, Jeffersonville,
IN
County _.
Clark
ZJP .Co~e
47130
,. ..... :-: :~,~: ~:~.~::::~ECTfON I lOCATION, COST AND DESCRIPTION, OF, PROPOSED PROJECT ,~?~?~:~'~!.~,%~'!~&~: ~ 1' ::::~':
Location of property if ¢:iifteront from above Taxing District
Cost anc ¢tescripUon of teal property improvements an,~ I or new manufacturing equipment to be acquite¢l:
90,000 S.F. Building Equipment ~ ~ $1,2000,000 Misc. *Table Rack
Spray" Booth Exhaust 5,000 $40,000
Sander ' $40,000 Duct Work D~st Collector 10,000 ~ Lamination Equip.
Computer $55,000- Delivery Equipment 11,500 $15,000
5 litier $70,000 Kuper Finger Jointer 60,000
Estimated Starting Date Estimate Completion Date
(Attach additional sheets if needed) c)-1 -[~ ~ 4-15-89
Current Number:~" 'Salaries7 ~ R,79q Number .etmhe~76 Sat~l~s6 .723 Number Ad~it,onal50 .... Sm~ies"?~ 524.*160
SECTION III ESTIMATE TOTAL COST AND VALUE OF PROPOSED PROJECT
REAL ESTATE IMPROVEMENTS MACHINERY
COST ASSESSED VALUE COST i ASSESSED VALUE
Current Values
Plus estimated values of proposed project
Less: Values of any property being replaced
Net estimated values upon completion of project 1,200,00¢ 306,500
SECTION IV OTHER INFORMATION REQUIRED BY THE DESIGNATING BODY
I hereby certify that the representations on this statement are true.
Signatures of AuthoriZed RePresentative
Date of Signature ~Telepnone Number
3-8-89 502-267-7717
Director
· : :?' IMPACT ON THE CURRENT YEAR TAX RATE FOR THE TAXING:DISTRICT INDICATED ABOVE · r : .:
Tax Rates Determined Using The Following Assumptions
1. Current~,..total tax rate.
2. Approximate tax rate if project occurs and no deduction is granted.
IS
To;al Tax Rates
Approximate tax rate if project occurs and a deduction is assumed.
Assume an 80% deduction on new machinery installed and I or a 50% 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 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
B) The type of deduction that is allmved in the designated area is limited to:
1) Redevelopment or rehabilitation of real estate improvements.. ~ Yes I-I No
2) Installation of new manufacturing equipment r'"i .Yes [] No
3) No limitations on type of deduction (check if no limitations) [~'No
C) The amount of deduction applicable for new manufacturing equipment nstalled and first claimed eligible for
dedUction after July 1, 1987, is limited to $ cost with an $ assessed value.
Aisc we have reviewed the information contained tn the statement of benefits in~iudlng the impact on the tax rat· inc~rporated hereinl
and have determined that th~eneflts described abo~e can be reasorjably expected to result from the project and are sufficient to justify
Aneste~('-By: ! ~ ~ Designated Body
If a commission council town board or county council limits the time period during which an area is an economic
revttflization area, it does not limit the length of time a taxpayer is entitled to receive a deduction to a number of years
designated under I.C, 6-1.1-12.1-4 or 4.5 Namely:.
· ,~ ,,,~ ~.('Y.~,: NEW MANUFACTURING~:,~'d,:,,~, ...... :i *:, ,::, ........
,-~' ~:. .~ ~ EOUIPM~,. ,'* · ~ .~. ~. , ~ .... ¥":' ~':'.:~;:~ .... :::~..~ 4~.... :~.. : .:
· ~: ~'~?~*",' ;~?:m'¥. . ..~. · ~.+~.~., .~ ~ ~.h~:::~:,~ :~:' ~: ~n :~ For ~duct~ns A~low~ ~er A Peri~ Of:
Year of ~du~ion Percemage Ye~ of Three (3) Year Six (6) Ye~ Ten (10) Year
Deduction Percentage Percentage Percentage
1st 1~% 1st 100% 1~% 100%
2nd 95% ~d 66% 85% 95%
3~ 80% 3rd ~% 66% 80%
4th 65% 4th 50% 65%
5th 50% 5th 34% 50%
6th and thereafter 0% 6th 17% 40%
7th 30%
8th 20%
9th 10%
l~h 5%