The URL can be used to link to this page

Home My WebLink About1997-R-29RESOLUTION 97-R~.~ RESOLUTION APPROVING STATEMENT OF BENEFITS FOR PURPOSES OF PROPERTY TAX ABATEMENT WHEREAS, Buckhead Management, Inc. (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 of these individuals, and an estimate of the value of the redevelopment, attached hereto as "Exhibit A"; and 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 6-1.1-12.1 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 finds 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-~55~ 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 (,a ( ~o ) years for improvements to real property, pursuant to the provision oflC 6-1.1-I2.1-3(d) and IC 6-I .1-12.1- 4(d)(3), with the timely filing and perfection thereof with the Clark County Auditor's office. ~. Galligan, Presid~ A~TTEST: C. Richard Sp , .,[~lerk a~ea~ Presented by me as Clerk and Treasurer to the Mayor of the City of Jeffersonville, Indiana, this ,~,o,~,~ dayofApril, 1997. ~ .~/~'~ C. ~h~d Spencer, J~Clerk ~l~easmer Approved ~d si~ed by me ~s ~ ~ day o(Ap~7. CSCorel~Offi~7~WN7W~B ~PROV~ ~S BUCK.~wd STATEMENT OF BENEFITS State Form 27167 (R5 / 11-95) Form SB - 1 is prescribed by the State Board of Tax Commissioners, 1989 FORM SB - 1 INSTRUCTIONS: ............ -;~- *~ *~ ~-~*li~ hearin,~ if the designating body requires info¢ · mi~ed to the hod desi hating the economic rewrmza~lof~ ,~?~.? ~y ,,,ff ~%,~ ~ ~.~ ~ ............... , ~ ~-~mi~, I. Th~ statement must ~e s~b .~ ~i~n ~h~.t ~ et r o designate an Economzc Hewmhzat~on Area ~me~se ~n/~s~ff~?~F.~ ~j~, ~ ~._ ~ to t~e designating b~y ~ ,_._ _~_~__,~.. "Pm ects" olanned or committed to after July 1, 1987 and areas designated after July I, 1987 require, STATEMENT OF BENEFITS. (IC6-I.1-12.1) 2. Approval of the designating body (Ci~ Council, Town Board, County Council, etc.) muat be obtained pdor to initiation of the redevelopment or mhabifitation. or pdor to installation of the new manufacturing equipment, BEFORE a deduction may be approved. 3. To obtain a d~uction, Form ~22 ERA, Real Estate Improvements and / or Form 322 ERA / P~ New Machinery, must be filed with the coun~ auditor· Wit: be fi ed b the later of' (I) May 10' or (2) thi~ (30) days after a notice of increase in real propeEy assessmer res~e~ to real ~rope~ Fo~m 322 ERA must ' y ' - ..... ~' ' ,.---h ~ ~nd May 15 of the assessment year in ~h~ch new manufac Mar~ I and June 14 of that year. 4. Prope~ owners whose Statement of Benefits was approved after June 30, 1991 must submit Form CF- 1 annually to show compliance with the Statemer of Benefits. (lC 6- I. I - 12.1-5. 6) Name of taxpayer Address of taxpayer (street and number, city, state and ZiP code) I 0 la l'A,%O,=-I'a. Name o~ contact person Telephone number ',lame of designating body -- County Description of real property improvements and / or new manufacturing equipment (use additional sheets ff necessary) Taxing district Sta~ Dat:STI~';::pIe'ion Date Real Estate ~0~ ~ ~ ~? . ] New Mfg Equipment -- [ ' - . Current number Salad r retained ~0 -- es--O - NOTE: Pursuant to lC 6-1.1-12~i-5:1 (ci) (2) the COST of the property is confidential Plus estimated values of proposed project Less vatues of any property being replaced Net estimated values upon completion of project Assessed Value Assessed Value -O- -O- I hereby certify that the representations in this statement are true. Title Date signed (month, day, year) We have rev ewed our pr or actions relating to the des gnation 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, pro- vides 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 calendar years * (sba below). The date this designation expires is B. The type of deduction that is allowed in the designated area is limited to: I. Redevelopment or rehabilita.tion of real estate improvements; [] Yes [] No 2. Installation of new manufacturing equipment; I-I Yes [] No 3. Residentially distressed areas [] Yes [] No C .The amount of deduction applicable for new manufacturing equipment is limited to $ cost with an assessed value of $ D .The amount of deduction applicable to redevelopment or rehabilitation is limited to $ cOSt with an assessed value of $ E. Other limitations or conditions (specify) F. The deduction for new manufacturing equipment installed and first claimed eligible for deduction after July 1, 1991 is allowed for: [] 5 years [] 10 years The deduction period will be five (5) years unless the designating body has by reso!utiqn specified the ten (10) year period. Also we have reviewed the information contained in the statement of benefits and find that the estimates and expectati?ns are reason- able and have determined that the totality of benefits is sufficient to ustify the deduction described above. Telephone number Date signed (month, day, year) * If the designating body iimits 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 6-1.1-12.1 -4 or 4.5 Namely: (see tables below) Designated body Year of Deduction 1 st 2nd 3rd 4th 65% 85% Five (5) Year Ten (10) Year Year of Three (3) Year Six (6) Year Ten (10) Year Percentage Percentage Deduction Deduction Deduction Deduction 100% 100% 1st 100% 100% 100% 95% 95% 2nd 66% 85% 95% 80% 90% 3rd 33% 66% 80% 50% 65% 5th 50% 80% 6th 7O% 7th 55% 8th 40% 9th 30% 10th 25% 4th 5th 6th ' 34% 50% 17% 40% 7th 30% 8th 20% 9th 10% 10th 5%