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HomeMy WebLinkAbout2006-R-16 RESO' OT ON NO. 2006-R- RESOLUTION APPROVING STATEMENT OF BENEFITS ]FOR PURPOSES OF PROPERTY TAX ABATEMENT WHEREAS, SDI, INC., has petitioned the Common Council of the City of 3'effersonville, Indiana, for a deduction in real property taxes to be assessed on a proposed new facility to be located in the Clark Maritime Center located in the City of Jeffersonville, Clark County, Indiana; and WHEREAS, SDI, 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 o£the annual salaries of these individuals, and an estimate of the value o£the redevelopment; and WHEREAS, the Common Council of the City of 3effersonville has previously determined that the area in which the proposed redevelopment project is located in the City of Jeffersonville qualifies as an economic revitalization area pursuant to Indiana Code 6-1.1-12.1-5, et seq., and Resolution 89-R-32, and confirming Resolution 89-R-39; WHEREAS, the Common Council has reviewed the Statement of Benefits and its attachment "A" submitted herein, and attaches and incorporates the Statement of Benefits submitted herein, and attaches and incorporates the attachment "A" to this Resolution. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of ~leffersonville, Indiana, that it specifically and affirmatively finds as follows: 1. That the estimate of the value of redevelopment, $5,000,000 to $6,000,000 in real improvements, is reasonable for projects of the nature described in the Statement of Benefits submitted by the company. 2. That the estimate of the number of 37 individuals who will be additionally employed and 42 individuals whose employment will be retained can reasonably be expected to result from the proposed described redevelopment or rehabilitation. 3. That the estimate of the amaual salaries of $2,170,251 of those individuals who will be added and $2,532,000 of those who will be retained can be reasonably expected to result from the proposed described redevelopment or rehabilitation. 4. That all other information requested from SDI, INC., has been submitted, and the benefits described in such information can be reasonably expected to result from the proposed described redevelopment. 5. That the totality of benefits for said redevelopment is sufficient to justify the deduction. 6. That SDi, inc. has agreed to the payment of a 7.5% fee to the Jeffersonville City Council annually as described in IC 6-1.1-12.1-14. BE IT FURTItER 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 SDI, INC., and that said company shall be entitled to deductions for a period of ten (10) years on real property pursuant to the provisions oflC 6-1.1-12.4 for real property, with the timely filing and perfection thereof with the Clark County Auditor's office the City of Jeffersonwlle, Clark Co~/aty, Indiana. , President, Common Council Presented by me as Clerk-Treasurer to the Mayor of the City of Jeffersonville, Indiana, this ~ r~ day of~0~:~b~:~ff, 2006 Peggy Wilder, Clerk-Treasurer This ~ .~2006 Ro L. wmz, a,/!Z, ~viayor ATTACHMENT "A" ATTACHMENT TO THE STATEMENT OF BENEFITS FOR SDI, INC. February 6, 2006 The council will grant 10-year abatement on $5,000,000 to $6,000,000 in real and $33,000,000 in personal property as allowed by state statute. This applies to qualifying new equipment ordered after the abatement is granted and is subject to the dollar limit specified on the SB-1. This abatement will only apply to equipment ordered and installed in the first 24 months following the granting of abatement. The company will provide jobs and salaries as specified in the SB-1 and any attachment thereto. The "salaries" on the SB-1 is. agreed to mean base hourly wages, without overtime or benefits, times 2080 hours per year for the number of employees as indicated in Section 3 of the SB-i. In the case ora ten-year abatement it is the expectation of the council that the company will reach the number of employees and average wages specified on the SB-1 within three years of the date of the granting of the abatement. The company understands that his abatement is being offered based upon those jobs and wages. If the company fails to substantially reach those numbers or fails to maintain those numbers over the life of the abatements, the council may as provided by law rescind this abatement. The company agrees to make available any and all information the council deems necessary to verify compliance. The company agrees to pay an annual fee of 7.5% as described in Indiana Code 6-1.1- 12.1-14. Steel Dynamics, Inc.