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Home My WebLink About1996-R-13RESOLUTION NO. 96-R- %~ RESOLUTION APPROVING STATEMENT OF BENEFITS FOR PURPOSES OF PROPERTY TAX ABATEMENT WHEREAS, G & G Properties has petitioned the city Council of the City of Jeffersonville, Indiana, for a deduction in real property taxes to be assessed on proposed improvements to be made at 402- 404~Wall Street located in the City of Jeffersonville, Clark County; and, WHEREAS, G & G Properties has submitted a statement of Benefits on the form prescribed by the Indiana State Board of Tax Commissioners for such purpose, which Statement includes a description of the proposed total costs, an estimate or 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 cost and value of the machinery ad equipment; and, WHEREAS, the city Council of the city of Jeffersonville has previously determined that the area in which the proposed project is located in the City of Jeffersonville qualifies as an economic development target area pursuant to Indiana Code 6-1.12.1 et seq., and Resolution 96-R-6; and, WHEREAS, the city Council has reviewed the Statement of Benefits submitted herein, and attaches and incorporates that Statement to this Resolution. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Jeffersonville that it specifically and affirmatively find as follows: 1. That the estimate of the value of the redevelopment and improvements is reasonable for projects of the nature described in the Statement of Benefits submitted by the taxpayer. 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 and improvements. 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 facility. 4. That all other information requested from G & G Properties has been submitted, and the benefits described in such information can be reasonably expected to result from the proposed facility. 5. That the totality of benefits for said facility is sufficient to justify the dedUction. BE IT FURTHER RESOLVED, that the City Council of the City of Jeffersonville hereby approves the application for deduction presented by the Statement of Benefits filed by G & G Properties and that said taxpayer shall be entitled to deductions for a period of ten (10) years for improvements to real property, pursuant to the provisions of I.C. 6-1.1-12.3(d) and I.C. 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 4th da~ofMarc~J 1996, by the City the City of Je-~er ~le, i~¢ounty, Indiana. ANdrEW WIL kMS, PRESIDENT, CITY COUNCIL Presented by me as .Clerk-Treasure. r to the Mayor _o~ the/City of Jeffersonville, Indiana, this ~ day of _///~F.~ , 1996. Approved and signed by me this ~ day of ~~ , 1996. MAYOR THOMAS' GAL IGA~7~ o..-~ STATEMENT OF BENEF,.,.~ Form SB - 1 is prescribed by the State Board of Tax Commissioners, 1989 The records in this series are CONFIDENTIAl. according to lC 6-1.1-36-9 FORM SB ' 1 marion from the applicant in making its decision about whether to designate an Economic RevitJlization Area. Otherwise this statoment'must be subm tted 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. A statement of benefits is not required if the area was designated an ERA prior to July 1, 1987 and the "project" was planned and committed to by the applicant, and approved by the designating body, prior to that date. "Projects" planned or committed to after July 1, 1987 and areas designated after July 1, 1987 require a STATEMENT OF BENEFITS. (IC6-I.1-12.1) 2. Approval of the designating body (CIO, Council, Town Board. County Council, etc.) must be obtained prior to initiation 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 Machineo~, must be filed with the counO/ auditor. With res act to real roe , Form 322 ERA must be filed by the later of: (1) May I0; or (2) thirty (30) days after a notice of increase in real property assessment · p · J. p ? .n~_,..~_~., ......... I--,~rrn.'~22ERA/PPmustbefiledbetweenMarch landMay15oftheassessmentyearinwhichnewmanufac' tudng equipment is instafied, unless a filing extenszon has been obtained. A person who obta ns a filing extenmon must file the form between March 1 and June 14 of that year. 4. ProperO/ owners whose Statement of Benefits ~vas 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) ~ame of taxpayer G & G Properties Address of taxpayer (street and number, city, sta~ and ZIP code) 402 'Wall Street' Jeffersonville, Indiana Name of contact person Gerald R. Ramser or Gary Tunget 47130 Telephone number ( 812) 288-6466 Jeffersonville City Council Taxinod'istrict . Location of properly C°U~ark Jeffersonvllle City 402-404 Wall Street Des6dption of real property improvements and / or new manufacturing equipment to be acquired (use additional Estimated starting date New 2,000 Square Foot building duplex in nature to contain new ~ Esti~[o~te~ corn, p~lefion date restauran~ and rental office. ~ ~1~11996 ;urrent number Sataries Salades 5 $3,000.00mo. 5 $3,000. O0 $2,000.00 Cost As_ee~-~-d Value Cost Assessed Value Cuffant values $11,000.00 Plus estimated values of proposed project Less values of any property being replaced -O- Net estimated values upon compiation of project ' $;~OO, OO0. O0 New' structure and additional employment for an area that has been vacant for over 20 years. I hereby certify that the representations in this statement are true. ____ __~ 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 general standards adopted in the resolution previously approved by this body. Said reso ut on, 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; [] Yes [] No 2. installation of new manufacturing equipment: F'I Yes i"'3 No 3. Residentially distressed areas 1'3 Yes [] No 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 determined that the totality of benefits is sufficient to justify the deduction described above. Telephone number Date signed (month, day, year) ! If the designating body limit§the time pe~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~ below) Year of Five (5) Year Ten (10) Year Deduction Percentage Percentage 1st 100% 100% 2nd 95% 95% 3rd 80% 90% 4th 65% 85% 5th 50% 80% 6th I 7O% 7th 55% 8th 40% 9th 30% 10th 25% Year of Three (3) Year Six (6) Year Ten (10) Year Deduction Deduction Deduction Deduction 1st 100% 100% 100% 2nd 66% 85% 95% 3rd 33% 66% 80% 4th 50% 65% 5th 34% 50% 6th 17% 40% 7th 30% 8th 20% 9th 10% 10th 5% STATE OF INDIANA, COUNTY OF CLARK-SS Annette Brown ~ on oath says that she is book- keeper of the News & Journal and in the employ ~f the publisher of The Evening News, a daily newspaper of general circulation printed and pub- lished in the City of Jeffersonville, Clark County, State of Indiana, and further says that the annexed advertisement was ~ published in said paper for o~..t .i.m.e ......... ~, to.wit: In issue of said Evening News dated ..~ ~.~/;~..~.~- ~..~.~-~- .~ ............ State of Indiana County of Clark Subscribed and sworn to before me this 23rd dayof February 19~9 Notary Public, Clark County, Indiana My comndssion expires,., .~..LI.~ .~.,, .2.~..t.., ~..~.? ?. ................... Publication Fee $ · ·