HomeMy WebLinkAboutEagle Steel Products, Inc. .... k~ STATEMENT OF BENEFITS
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I. Thi~ statement must be ~ubmiNed t~ the ~dy debionalin~ the economic revifilizatlon ~,ea prior tO the pubtic hearino il the desionafing body require~
Io Ihe designating body BEFORE ~ person installs the new manufacturing equipment or BEFORE the redevelopmen or reh~bili a On O/rea rd
which the person w¢shes to claim a deduchon. A statement of benefits ~8 no[ required d ,he area was destonated an E~ prlcr to July 1.
July I. 1982 and areas deslgna ed a~er July 1. ~987 require a 5 TA TEMENT OF BENEFITS. (lC 6.1. ~. 12 I)
2. Aop~oval o/'~e desi~nafinO body (City Council Town Board Counly Council. etc.) must be obtained prior tO inihation of the redevelopment or rehabilit
or prior t~ .~tallatio~ of th~ new manufacturing equipment. BEFORE a deduction may be approved.
rest. to real prope~ Form 322 ERA must be fifed by he la er of. (1) May O.' or (2) thi~ (30) days after a notice o/ increase m real prope~ assess
tUring equipment is in$tal[ed, unless a filing e~e~sion has been obtained. A person who obtains a filing e~ension must file the form be~een March
Benefits. (lC 6- L 1- ~2. 1-5.6) ·
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Address ol taxpayer (street and numbe~ ci~, state and ZIP
! sheels if necessary) ' '
Cost J Assessed Value Cost J A,ssessed Velu
Plus estimated values of proposed project / ~ ~ ~)~:)O, ~ J
Less values of any property being replaced J
Net eslimated values upon cOmpletiOn Of project I ~ ¢',.~ ~46~¢
I hereby certify that he represen at ons in this statemen[ are true. _ -
Signalure ol authorized !epresentative II~t!e Da e signed (montO, cay. year)
We have reviewed our prior actions rein lng to the designation of this economic revitalization area and find that the applican meets the
general standards adopted in the resoIufion prey ously approved by th s 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
designation expires is
B. The type of deducdo~ that is allowed in the designated area is limited to:
I. Redevelopment or rehabilitation of real estate improvements;
2. Installation of new manufacturing equipment;
3. Residentially distressed areas
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 S
value of $
E. Other limitations or conditions (spec/fy).
[]Yes []No
OYes I-qNo
[]Yes []No
calendar years * (see be/ow). The date this
cost with an assessed
cost with an assessed
The deduction for new manufacturing equipment installed and first claimed eligible for deduction after July 1, 1991 is allowed for:
[] 5 years I'~ 10 years The deduction period will be five (5) years unless the designating body has by resolution specified the ten ('~0) year period.
information contained in the statement of benefits and find that the estimates and expectations are reason-
~,¢¢,/¢:J that the totality of benefits is sufficient to justify the deduction described above.
ye of author/zed member) Elate signed (month. day, year)
AISC we
able and~ d~
Approved: (~nature
)
Designated body
* If the designatin~ body limits the time per od 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 be/ow)
Year of I Five (5) Year I Ten (10) Year
1 st 100% 100%
2nd 95%
3rd
4th
5th
6th
7th
95%
80% 90%
65% 85%
50% I 80%
8th 40%
9th
lOth
1st
2nd
3rd
4th
I 5th
70% ! 6th
55% !I 7th
q I 8th
30% I 9th
25% I loth
100% 100%
66% 85%
33% 66%
5O%
34%
17%
100%
95%
80%
65%
5O%
40%
30%
20%
10%
5%