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Home My WebLink About1997-R-28RESOLUTION 97-R- RESOLUTION APPROVING STATEMENT OF BENEFITS FOR PURPOSES OF PROPERTY TAX ABATEMENT WHEREAS, KingFish, Inc., d/b/a KingFish Restaurants (the "Applicant"), has petitioned the Common Council of the City of Jeffersonville, Indiana, for a deduction in real property taxes to be assessed on proposed improvements to be made on property located on Riverside Drive in the City of Jeffersonville, Clark County, Indiana; and WHEREAS, the Applicant has submitted an application which includes the Statement of Benefits on the form prescribed by the Indiana State Board of Tax Commissioners for such purpose, which application and statement include 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 of the annual salaries ofthes.e individuals, and an estimate of the value of the redevelopment, attached hereto as "Exhibit A'; an~i WHEREAS, by Ordinance No. 90-OR-56, on November 7, 1990, the Common Council of the City of Jeffersonville designated the area where the proposed redevelopment project is located in the City of Jeffersonville as an Economic Development Target Area pursuant to Indiana Code 6-1.I-12.1 et seq., specifically IC 6-1.1~12.1-7; and WHEREAS, the City's Department of Redevelopment has reviewed the application and Statement of Benefits submitted by the Applicant and has advised the Common Council that the application has been submitted in compliance with the approved Tax Abatement Policy of the Common Council of the City of Jeffersonville. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Jeffersonville, Indiana, that it specifically and affirmatively £mds as follows: 1. That the estimate of the value of the redevelopment is reasonable for projects of the nature described in the Statement of Benefits submitted by the Applicant. 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. 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. Resolution No. 97-R- ~----~ Page 2 4. That all other information requested from the Applicant 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. BE IT FURTHER RESOLVED, that the Common Council of the City of Jeffersonville hereby approves the application and Statement of Benefits as presented and filed by the Applicant, and that said Applicant shall be entitled to deductions for a period of ~'~. iq ( Iv ) years for improvements to real property, pursuant to the provision of IC 6-1. I- 12.1-3(d) and IC 6-1.1-12.1- 4(d)(3), with the timely filing and perfection thereof with the Clark County Auditor's office. Passed and adopted this twenty-first day of April,,z,~)7, by the _Connjaon _Council of the City of Jeffersonville, Clark County, Indiana. ~ ~ 'l~homas R. Galligan, Pres' i~ Officer C. Richard Spence;, J~/. ~cl~' Presented by me as Clerk and Treasurer to the Mayor of the City of Jeffersonville, Indiana, this ~ day of April, 1997. // 'x~ C. RiChard Spencer, Jr.,{.0~erk an~easur~r Approved and signed by me this day of pril 19 . t Tl(omas R. Galligan, MayoQj/ C:\CoreI\Office7\WPWin7\TAX\SB APPROVAL RES KF.wpd FORM . State Form 27t67 (R5 / 11-95) sa - 1 Form SB - 1 is prescribed by the State eoard of Tax Commissioners, 1989 INSTRUCTIONS: mi ed to the bod desi hating the economic revitilization area prior to the public headng ff the designating body requires infor- 1. This statement must,~e sgb tt ....... .-Y-- -,--g--, ...~,~,-~- *.~ ,4~sic~nate an Economic Revitalization Area. Otherwise this statement must be submitted ' ' FORE a arson insta Is the new manufacturing equipment, or BEFORE the redevelopment or rehabilitation of real prope~y for ~;~ ~;'~2~ ~¢~;~fJ claim a~eduction. "Projects" planned or committed ,o a~er July 1, 1987 and areas designated a~e, July 1, 1987 ,~uire a STATEMENT OF BENEFITS. (IC6-1.1-12.1) 2. Approval of the designating body (City Council, Town Board, County Council, etc.) must be obtain~ pdor to initiaEon of the redevelopment or rehabEitadon, or prior to installation of the new manufa~ufing equipment, BEFORE a deducEon may be approveD. 3. To obtain a deduction, Form 322 ERA, Real Estate Improvements and / or Form 322 ERA / P~ New Machine~ must be filed with the county auditor. With ~ rm 322 ERA must be filed by the later oh (I) May 10; or (2) thi~ (30) days after a notice of increase in real prope~y assessment ~espec( to ~al pr~e~, o~. ........ c Form 322 ERA / PP must be filed be~een March I and May 15 of the assessment year ~.~hi~h ~ew m~(~ March I and June 14 of that year. & Prope~ownerswhoseStatementofBenefits wasapprovedaRerJune30, 1991 mustsubmitFormCF~ 1 annuallytoshowcompliancewiththeStatement of Bene fits. (lC 6-1. I - 12.1-5.6) Name of taxpayer Address of taxpayer (street and numl~er, ciO/, state and ZiP code) Telephone number Name of designating body -' . ~ i. [CounW Locationof'prope~;~S~ ~t6~Tr.j~,~ ~ . ~ ~ ,, Description of re~t prope~ improveme~ts ~nd / or new manufacturing equipment *use additional sheets if necessa~) ~ ~,M-~T~ , ¢~ New Mfg Equipment Resolution number Taxing district ESTIMATED Start Date Comptetion Date Number retained Sataries~. Number additional Ptus estimated values of proposed project Less values of any property being replaced Assessed Value Net estimated values upon completion of project mated solid waste csnver~ed (pounds) Other benefits: Estimated hazardous waste converted (pounds) I hereby certify that the representations in this statement are true. T~tie Date signed (month, day, year) We have reviewed our prior actions relating to the designation of this economic revitalization area and find that the applicant meets the 3eneral standards adopted in the resolution previously approved by this body. Said resolution, passed under lC 6-1.1-12.1-2.5, pro- zides for the following limitations as authorized under lC 6-1.1-12.1-2. ~,. The designated area has been limited to a period of time not to exceed calendar years * (see below). The date this designation expires is 3. 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 [] N o 3. Residentially distressed areas [] Yes [] No .; .The amount of deduction applicable for new manufacturing equipment is limited to $ cost with an assessed valueof $ , ~) .The amount of deduction applicable to redevelopment or rehabilitation is limited to $ cost with an assessed value of $ E Other limitations er conditions (specify). :. The deduction for new manufacturing equipment installed and first claimed eligible for deduction after July 1, 1991 is a~iowed for: [] 5 years I~ 10 years The deduction period will be five (5) years unless the designating body has by resolution specified the ten (10) year period. ~lso we have reviewed the information contained in the statement of benefits and find that the estimates and expectations are reason- [ble and have~etermined that the totality of benefits is sufficient to ustify the deduction described above. Telephone number Date signed (month, day, year) 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 deduction to a number of years designated under lC 6-t .1.12.1-4 or 4.5 Namely: (see tables below) Deduction Year of Deduction 1st Three (3) Year Deduction 100% Six (6) Year Deduction 100% I st 100% 100% 2nd 95% 95% 2nd 66% 85% 95% 3rd 80% 90% 3rd 33% 66% 80% 4th 65% 85% 4th 50% 65% 5th 50% 80% 5th 34°/0 50% 6th 70% 6th 17% 40% 7th 55% 7th 8th 4O% 8th 9th 3O% 9th 10th 25% loth Ten (10) Year Deduction 100% 30% 2O% 10% 5%