The URL can be used to link to this page

Home My WebLink About1990-R-36 ~ STATE BOARD OF TAX COMMISSIONERS STATEMENT OF BENEFITS L State Form 27167 (R 211~9) Form aB-1 ~= 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: (LC. 6-I. 1-12.1) THIS PAGE TO BE COMPLETED BY APPLICANT 1. This statement must be submitted to the body designating the economic revitilizatton area prior to the public hearing required to designate an economic revitalization area, or BEFORE a person installs the new manufacturing equipment, or BEFORE the redevelopment or rehaDgitation of real property for which the person wishes to claim a dequction. A statement of benefits is not required If the area wa s designated an ERA prior to July 1, 1987 and the "project" was planned and committed to by the applicant. and approved by the designating body, Prior to that date. "Projects" planned or committed to after July 1, 1987 and areas designated after July I, 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 qeslgnat*ng body's ap- proval prior to the installation of the new manufacturing equipment or prior to redevelopment or rehabilitation of real property. 3. Apgroval of the designating body (City Council, Town Board, County Council, etc.) must be obtained prior to initiation of the redevelopment or rehabilitation, or prior to installation of the new manufacturing equipment, B~FORE a deduction may be approv- 4. To obtain a deduction Form 322 ERA, Real Estate Improvements and / or Form 322 ERA / PP, New Machineq/, must be filed with the court ty auditor. With respect to real property, Form 322 ERA must be filed by the later of (1) Ma y 10 or (2) thirty(30) days after a notice of increase in real property assessment is receiveq from the township assessor. Form 322 ERA / PP must be filed Petween March 1 and May 15 of the assessment year in which new manufacturing equipment is installed, unless a filing extention has been obtained. A person who obtains a filing extenfion must file the form between March 1 and June 14 of that year. County C ].ark l~ame of Designating Body Name of Taxpa.yer / Champion Wood Products Address of Taxpayer tStreet, city, countyi 1301 Wat~' St'. jeffersonville, IN. zip c~;131 ' SECTION t LOCATION, COST AND DESCRIPTION OF PROPOSED PROJECT:; .: Location of prol3erty if different from above Taxing District Cost. description and (:ate of real prope~y improvements and I or estimated instadation of new manufacturing eguipment to be acguired: Building 51,000 Wood Hog 24,428 Estimated start up Oct. 1, Moulder 47,500 Conveyor 1990 Chucker 16,000 Forklift 3,500; 4 Chop Saws 7,500 Factory Trucks Estimate Completion Date Estimated Starting Date 10--1 --90 (Attach additional sheets if needed) 9-1-90 SECTION II ESTIMATE OF EMPLO¥1st=~ AND SALARIES AS RESULT OF PROPOSED PROJECT Current Number ~ Salaries Number Retained Salaries Number Additional Salaries 37 I $590,800. 37 620,430. 22 228,800. SECTION III ESTIMATE TOTAL COST AND VALUE OF PROPOSED PROJECT REAL ESTATE IMPROVEMENTS MACHINERY Current Values Plus estimated values of proposed project Less: Values of any property being replaced Net estimated values upon completion of project COST ASSESSED VALUE COST ASSESSED VALUE 68,970 317.865 95,360 51,000 SECTION IV OTHER INFORMATION REQ[IIRED. BY THEDESIGNATING BODY I hereby certify that the rebresentations on this statement are true. SA natur of Aut~ rized epre en 1ire Date of Signature ' - I Teleohone Number 8-22-90 ~ 282-9460 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 m ted to a ?~. period of time not to exceed__ years. ~ee73elow) -- _ caiander 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 eligible for deduction after July 1, 1987, is limited to $.~___~ cost with an assessed value of $ D) 1T, he amount of deduction applicable to redevelopment or rehabilitation in an area designate~ after September 1988 is limited to $ _ cost with an assessed value of $ _ E) Other limitations or conditions: (specify)_ AIsc we have reviewed the information contained in the statement of benefits and find that the estimates and expectations pproved; nature o~f Author ze~ Member and Title Atte ecJ gnature If the designating body mits the time period during which an area is an economic revitil/zation area it doe · the length of time a taxpayer~is ent tied to rece vea dedu ~ 4.5 Namely: '~ ? - : . ~ ctlontoanumberof NEW MANUFACTURING : EQUiPmeNT Year of Deduction Percentage 1st 100% 2nd 95% 3rd 80% · ~4th ~ . 65% 5th 5O% 6th and thereafter 0% · :: ."'~ ~=nAt~ILtrATION OF REAL PROPERTY,S'" "~' %~ ' '. MPROVEMENT Year of Deduct'ion- 1st 2nd 3rd · 5th 6th 7th 8th 9th 10t~6 ~ '" For Deductions Allowed Over A Perio~f Three (3) Year Percentage 100% 66% 33% Six (6) Year Percentage 100% 85% 66% , ' 50% ~ 34% 17% Ten (10) Year Percentage 100% 95% 80% 65% 50% 4O% 30% 20% 10% 5% RESOLUTION NO. 90-R-36 RESOLUTION APPROVING STATEMENT OF BENEFITS FOR PURPOSES OF REAL PROPERTY TAX ABATEMENT WHEREAS, Champion Wood Products has petitioned the Common Council for processing a tax abatement for improvements to be made at 1301 Watt Street in the City of jeffersonville, and 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 jeffersonville has previously determined that the area in which Champion Wood Products is located in the City of jeffersonville qualifies as an economic revitalization area pursuant to Indiana code 6-1.1-12.1 et seq. 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 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 reasonably 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 %t further resolved that the Common Council of the City of jeffersonville hereby approves the application for deduction presented Products deductions by the Statement of Benefits filed by Champion Wood and that said developer shall be entitled to for a period of ten (10) years for improvements to real property, and for a period of five (5) years for qualified manufacturing equipment,~ commencing with the f~ling and perfection thereof with the Clark County Auditor's office. Passed and adopted this 27th day of August, 1990, by the Common Council of the City of jeffersonville, Clark County, Indiana. WAI Z ~ , cOMMON COUNCIL ATTEST: Presented by me City of jeffersonville, as Clerk-Treasurer to the Mayor of the Indiana, this 27th day of August, 1990. RIO ARO SP NC , JR. CLERK-TREASURER ~ Approved and signed by me this 27th day of August, 1990. MAYOR DALE L. OREM