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Home My WebLink About1997-R-29A RESOLUTION 97-R-~-q /4 RESOLUTION APPROVING STATEMENT OF BENEFITS FOR PURPOSES OF PROPERTY TAX ABATEMENT WHEREAS, Rita A. Fleming, R.N., M.D. (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 at 359 Spring Street 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, the area in which the proposed redevelopment project is located is in a previously designated registered historic district; and WHEREAS, by Ordinance 96-OR-86, on November 18, 1996, 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-~~:] 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 "~lq (lO) years for improvements to real property, pursuant to the provision of IC 6-1.1-12.1-3(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 ....... ; ...... , .... ~.r~., , y the Common Council of the City of Jeffersonville, Clark County, Indiana. Thomas R. Galligan, Preiid' ~ ATTEST: , C. Richard Spencer, J .,~/Clerk a~Treasurer Presented by me as Clerk and Treasurer to the Mayor of the City of Jeffersonville, Indiana, this ~. day of-ApritT'1997. C. Richard Spencer, Jr.d,c'~erk ancl~eas~r Approved and signed by me this -~{"~dayo~9~,!9~ Thomas R. Galligan, ayor C:\CoreI\Office7\WPWin7\TAX~SB APPROVAL RES FLEM.wpd STATEMENT OF BENEFITS State Form 27167 (RS/11-95) Form SB - 1 is prescribed by the State Board of Tax Commissioners. 1989 FORM SB - 1 INSTRUCTIONS: 1. This statement must be submitted to the body designating the economic revitilizafion area prior to the public headng if the designating body requires infer- mation from the applicant in making its decision about whether to designate an Economic Revitalization Area. Otherwise this statement must be submitted to the designating body BEFORE a person installs the new manufacturing equipment, or BEFORE the redevelopment or rehabilitation of real property for which the person wishes to claim a deduction. "Projects" planned or committed to after July 1, 1987 and areas designated after July 1, 1987 require a STATEMENT OF BENEFITS. (IC6-1.1-12.1) 2. Approval of the designafing body (City Council, Town Board, County Council, etc.) must be obtained pdor te inifiation of the redevelopment or rehabilitation, or prior to installation of the new manufacturing equipment, BEFORE a deduction may be approved. 3. To obtain a deduction, Form 322 ERA, Real Estate Improvements and / or Form 322 ERA / PP, New Machinery, must be filed with the county auditor. With respect to real property, Form 322 ERA must be filed by the later of: (1) May 10; or (2) thirty (30) days after a notice of increase in real property assessment is received from the township assessor. Form 322 ERA / PP must be filed be~veen March I and May 15 of the assessment year in which new manufac- turing equipment becomes assessable, unless a filing extension has been obtained. A person who obtains a filing extension must file the form between March I and June 14 of that year, 4. Property owners whose Statement of Benefits wae approved after June 30, 1991 must submit Form CF - 1 annually to show compliance with the Statement of Benefits. (IC6-I.1-12.1-5,6) Name of taxpayer ,~J-'r'.~ /~. /~"/~-A~ Id Address of taxpayer (street and number, city, state and ZiP code) Name of contact person ~ l -r A Telephone number Resolution number Name of designating body Lo~ti0h 0f p~ope'~y ' "- ....... ~ '~'~ ' ~ [County,, ~ ....... m~iqg d~std~ Description of real prope~y improvements and / or new manufacturing equipment ESTIMATED 'use additional sheets if necessary) Sta~ Date Completion Date ~5 ~ ~ ~ p~O V~'~ ~-~ New Ufg Equipment : NOTE: Pursuant to lC 6-1.1 -12.1-5.1 (d) (2) t e COST of the property is confidential :ii i~ii:::.i ~ i~ i ........ ; ¢~:~ ~'~ i'll:~.tAssessed Value ::::::::::::::::::::::::::: Assessed Value Current values ~ -~"~ ~ 0 Plus estimated values of proposed project ,,~ '~ O;~ ~ 0 Less values of any property being replaced Net estimated values upon completion of project .-~ ~ ,~. (~ (~ 0 Estimated solid waste converted (pounds) Other benefits: Estimated hazardous waste converted (pounds) We have reviewed our prior actions re at ng 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, 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 * (see below). The date this designation expires is B. The type of deduction that is allowed in the designated area is limited to: 1. Redevelopment or rehabilitation of real estate improvements; I~Yes []No 2. Installation of new manufacturing equipment; []Yes [~No 3. Residentially distressed areas [] Yes [] N o C .The amount of deduction applicable for new manufacturing equipment is limited to $ value of $ D .The amount of deduction applicable to redevelopment or rehabilitation is limited to $ 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: []Syears [] 1~yearsThededucti~nperi~dwi~befive(5)yearsun~essthedesignatingb~dyhasbyres~]uti~nspeci~edtheten(1~)yearperi~d~ Also we have reviewed the information contained in the stater~ent of benefits and find that the estimates and expectations ace reason- able and have determined that the totality of benefits is sufficient to justify the deduction described above. cost with an assessed cost with an assessed Date signed (rnQnth, day, year) Telephone number Designated body , * If the designating body limits ti t me period during wh ch an area is an economic revitilization area, it does not limit the length of time a taxpayer is entitled to receiv~ a deduction to a number of years designated under lC 6-1.1 -12.1-4 or 4.5 Namely: (see tables below) ~ Yea~'0~ F ye (5) Year Ten (10) Year Efeducfi0n---' ' ' Percentage ' Percentage 1st 100% 100% 2nd 95% 95% 3rd 80% 90% 4th 65% 85% 5th 50% 80% 7O% 6th 7th 8th 9th 10th 55% 40% 30% 25% Year of Three (3) Year Six (6) Year Ten (10) Year Deduction Deduction Deduction Deduction 1 st 100% 100% 100% 2nd 66% 85% 95% 3rd 33% 66% 80% 4th 50% 65% 5th 6th 7th 8th 9th 10th 34% 50% 17% 40% 30% 20% 10% 5%