HomeMy WebLinkAbout1998-R-08 RESOLUTION NO. 98-R-~
RESOLUTION APPROVING STATEMENT OF BENEFITS FOR
PURPOSES OF PROPERTY TAX ABATEMENT
WHEREAS, Chemtrusion, Inc., has petitioned the Common Council
of Jeffersonville, Indiana, for a deduction in personal property
taxes to be assessed on proposed equipment to be installed at the
Clark Maritime Centre, located in the City of Jeffersonville, Clark
County, Indiana; and
WHEREAS, Chemtrusion, Inc., has
Benefits on the form prescribed by the
submitted a Statement of
Indiana State Board of Tax
Commissioners for such purpose, which statement includes a
description of the proposed project, an estimate of the number of
individuals who will be employed as a result of the redevelopment,
an estimate of the annual salaries of these individuals, and an
estimate of the value of the project; and
WHEREAS, the Common Council of the City of Jeffersonville has
previously determined that the area in which the proposed
redevelopment project is
qualifies as an economic
Code 6-1.1-12.1 et seq.,
Resolution 89-R-39; and
WHEREAS, the Common Council
Benefits submitted herein, and
Statement to this Resolution.
located in the City of Jeffersonville
revitalization area pursuant to Indiana
and Resolution 89-R-32, and Confirming
has reviewed the Statement of
attaches and incorporates that
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the
City of Jeffersonville, Indiana, that it specifically and
affirmatively 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.
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 project.
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
project.
4. That all other information requested from Chemtrusionf Inc.,
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 by Chemtrusion, Inc.,
and that said developer shall be entitled to deductions for a
period of five (5) years for equipment and machinery, pursuant to
I.C. 6-1.1-12.1-4.5, with the timely filing and perfection thereof
with the Clark County Auditor's office.
Passed and adopted this 2nd day of March, 1998, by the Common
Council of the City of Jeffersonville, Clark County, Indiana.
President, Co~on Council
'ATTEST:
C. Richard Sp~cer,/~.
Clerk-Treasur~ ~
Presented by me as Clerk-Treasurer to the Mayor of the City of
Jeffersonville, Indiana, this 2nd day of March, 1998.
.ch, 1998.
Chemtrusion, Inc.
7115 Clinton Drive, Houston, TX 77020
Nameot~ma;~e~ I (713 ) 675-9000
william C. Mathers, CFO
jeffersonville City Council
Clark Maritime centre~
98-R-~
City
~'~ .......... ~-k Maritime Centre and 2-98
Expansion of plan~ zacl±l~les ~u ~ E~aata~,~
purchase of new extrusion equipment and systems,
There is a 75% possibility't~ [~e number of additional employees could
increase to 28 new jobs with an additional payroll of $327,460 within
2 years, and an additional $2.5 million in new equipment in 1998
CFO
/
We have ;eVmwea om l=nor ac,~ons rel~n~ to the aes~naaon ~ ~lS ~nom;c re~on ar~ ~ find ~at ~e ~,, m==~ ~e
ge~rm ~s aa~ ==e resolution ~[e~us~y_~~= ~Y. S~ iesol~on. ~ea unae; lC ~1.1-1Z.1-2~, ~
~ tot ~e tol~ ~m~ ~ ~ u~er ~ ~. - -=.
~ ~e ee~ ~a ~ ~en fi~ to · pe~ ~ time n~ ~ ex~ ~e~ ye~ ' (see ~). ~e da~ ~
~on e~es · , '
B. ~e ~ of d~=on t~ = ~ in the Q~J~t~ are== ~ m:
1. R~e~m or rein et rem ~m ~ve~ ~yeS ~ ~ No-
2. I~n of n~ ~n~ ~u~ ~ Yes ~ No
3. R~e~ di~ ~ ~'Y~ ~ No
C. ~e amount of d~u~on ~pti~le tot new m~a=uhng ~ui~em Jn~l~ ~nd fi~ ~ eflgible lot d~on aher July 1,
1987, is limR~ to $ ~ an a~ value of $
D. ~e ~um of de~u~on ~le to r~eveiopmem or Te~il~a~on in an are~ aesigna~ aher Septem~r 1.19~ · ~m~ to
$ . ~ ~ an ~e~ v~ue of $ ._
E. ~er tim~a~o~ or ~o~ (~)
R _~e ae~u=~on for new man~a~ring equ~oment install~ =na first c~aime= efigible tot ~eau~on a~er July 1, 1991~ ==w~ ~c
~5 ye~ ~ 10 ye~
Aiso we nave re~ewea t~e intonation coma~nea in me statemem ot DenefRs aha fine tna~ ~e estimates aha exDe~ns am mason-
a~e ana na~ aeterm]n~ ~ ~e tot=~ ot Oenems ~s s~i=ent ~o ~u=~ the aeau~on ae~ ~ve.
25"/,
Throe (3)Yearf~l,d~edeel t SiX (6) Year Deduction T~
100% 100~ 100%
10%