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Home My WebLink About1997-R-32RESOLUTION 97-R~ff_~ RESOLUTION APPROVING STATEMENT OF BENEFITS FOR PURPOSES OF PROPERTY TAX ABATEMENT WHEREAS, Coe & Coe Investments, LLC (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 properties located at the North Port Business Park 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 Common Council of the City of Jeffersonville has previously determined that the area where the proposed redevelopment project is located in the City of Jeffersonville is an Economic Revitalization Area pursuant to Indiana Code 6- I. 1-12.1 et seq., Resolution 97-R- 10 and Confirming Resolution 97~R-14; 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 wilt 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 7'~ M (lO) years for improvements to real property, pursuant to the provision oflC 6-1.1-12.1-3(d) and IC 6-1.i-12.1- 4(d)(3), with the timely filing and perfection thereof with the Clark County Auditor's office. Passed and adopted this fifth day of May, 1997, bT, the Common Counci~l of the City of Jeffersonville, Clark County, Indiana. ~~ ~~ Thomas R. Galligan, ing ~r ATTEST: C. Richard Spencer, Jr.,/~lerk and~east~rer Presen.~J. ed by me as Clerk and Treasurer to the Mayor of the City of Jeffersonville, Indiana, this ,~> dayofMay, 1997. ~ ~:~~ C. Richard Spencer, Jr., (~l~'k and ~,r~sm/er' Approved and signed by me this. '~ay of May, ~19~. · Th~omas R. Galligan, Ma~or C:\CoreI\Office7\WPWin7\TAX\SB APPROVAL RES CCI wpd State Form 27167 (R3/11-91) Fo~ SB - 1 is prescribed by the State Board of Tax Commissioners, 1989 The records in this series are CONFIDENTIAL according to lC 6-1.1-35-9 FORM SB-1 INSTRUCTIONS: 1. This statement must be submitted to the body designating the economic revitilization area Drior to the public hearing ff the designating bo~y requires infor- mation from the applicant in making its dec~sion about whether to d, esig~ate ~n.Economic R_eviti_li_za_ti~n Arep. ~, herwise this. st~a[e,.m, ent _re, est to the designating body BEFORE a person installs the new manuractunng equipment, or which the person wishes to claim a deduction. A statement of benefits ts ~ot required if the area was designateq an ERA prior to July 1, 1987 and the 'project" was planned and committed to by the appficant, and approved by th~ destgnating body. phor t° that date. "Projects" planned or commuted to after July 1. 1987 and areas designated after July 1, 1987 require a STATEMENT OF BENEFITS. (lC 6-1.1.12.1 2. Approval of the designating body (City Council, Town Board, County Council,I etc[ ) must be obtained prior to initiation of the reqeveloprnent or rehabilitation. or prior to installatton of the new manufacturing eqofPment, BEFORE a deductton may be approveq. 3. To obtain a deduction. Form 322 ERA, Real Estate Improvements and / or ~o. rrn 322 ERA / PR, 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) May10; or (2) thirty (30) days after a notice of inc~ease in real proberTy assessrnent is received from the township assessor. Form 322 ERA / PP must be filed belween March ! and May 15 of the assessment year in which new rnanufac- luring eduioment is installed, unless a filing extension has been obtained. A person who obtains a filing extension must file the form bem/een March 1 and June 14 of that year. 4. Propen*y owners whose Statement of Benefits was approved after July 1, 1991 must submit Form CF - 1 annually to show compliance with the Statement of Benefits. (lC 6-1.1-12.1.5.6) Name of taxpayer Coe & Coe Investments, LLC Address of taxpayer {street and nUmber, City, stat~ and ZIP cobe) 1636 Production Road, Jeffersonville, IN 47~30 Name ot contact person Telephone number Carolyn Coe (812) 283-4435 Name of designating body ' "' '~ '~r Resolution number Jeffersonv~lle City Council .. 97-R-~ Locaben,OtprOpart,f~.-,- .,~.~ ...... .~.~ :~ ,; ~, County ---"-~,~,~ ~axing,~k,~ North Port Business Center Clark Jeff ~ Desc~:m~n ~ rea~ proper~y impr~vementa an~ ~ ~r new manufacturing e(~uipment t~ be ac~uired ~use addiU~na~ sheem # necessary) 9/97 Construct 40,000 sq. foot building to be used for making plastic injection molds, mold repair, and light machining EstJmatedcompletionoate for lease to Kellems & Coe Tool Corp. 9/98 Co~t Assessed Value C~t Asse~ed Value Current values - 0 - Plus estimated vatues of proposed proiect 1 , 9 0 0,0 0 0.0 0 Less values of any property being re~~ Net estimated, values upon completion of pro)ect I heret~y certify that the representations in this ~tm,ment are true. T~tle Vice President tDate signed (rnor~, day, year) I4/ /,5-- /97 We have reviewed our prior actions retating to the designation of this economic revitalization area and find that the applicant meets t e general standards adopted in the resolution previous y approved by this body Said resolution, passed under lC 6-1.1-12.1-2.5, pro- vides for the fo ow ng m tat OhS as author zed under lC 6-1.1-12.1-2. A. The designated area has been limited tO ~ period of time not to exceed 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 2. installation of new manufacturing equipment; 3. Residentially distressed areas calendar years * (see below). The date this l-lYes r'gNo r'9 Yes ~No r-lYes rgNo C. The amount of deduction applicable for new manufacturing equipment installed and first claimed eligible for deduction after July 1, 1987, is limited to $ cost with an assessed value of $ D. The amount of deduction applicable to redevelopment or rehabilitation in an area designated after September 1, 1988 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, 1991is allowed for: [] 5 years [] 10 years Also we have reviewed the information contained in the statement of benefits and find that the estimates and expectations are reason- able and have~etermined/./that the totality of, benefits is sufficient to justify the deduction described above. ~lAtl~stedby': ~ ! ~' //~/ ~ Designatedlx:~iy .,,.? . ~ 1 St 100% 2nd 95% 3rd 80% 469-- 65% 5th 50% 6th' 7th 8th. 9th !0th~ 90% 85% 1 st 2nd 100% 100% 66% 95% 8O% 3rd 4th 5th 33% 80% 5O% 34% 65% 50% i 5% 3O% 25% 10th 70% 6th 17% 4~/~ 55% 7th 30% 40% 8th 20% 9th 10%