HomeMy WebLinkAbout1996-R-19RESOLUTION APPROVING STATEMENT OF BENEFITS FOR PURPOSES OF
REAL PROPERTY TAX ABATEMENT
WHEREAS, Eagle Steel Products, Inc., has petitioned the
Common Council for processing a tax abatement for improvements to
be made at the Clark Maritime Centre in the City of
Jeffersonville and has submitted a Statement of Benefits on the
form prescribed by the Indiana State Board of Tax Commissioners
for such purpose; and
WHEREAS, the Common Council of the City of Jeffersonville
has previously determined that the Clark Maritime Centre in the
City of Jeffersonville qualifies as an economic revitalization
area pursuant to Indiana Code 6-1.1-12.1 et seq.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the
City of Jeffersonville that it specifically finds as follows:
That the estimate of the value of the redevelopment and
rehabilitation is reasonable for projects of the nature
described in the Statement of Benefits submitted by the
developer.
That the estimate of the number of individuals who will
be employed or whose emplo~nent will be retained can
reasonably be expected to result from the proposed
described redevelopment or rehabilitation.
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 or
rehabilitation.
That all other information requested by the developer
has been submitted, and the benefits described in such
information can be reasonably expected to result from
the proposed described redevelopment or rehabilitation.
That the totality of benefits for said redevelopment or
rehabilitation is sufficient to justify the deduction.
Be it further resolved that the Common Council of the
City of Jeffersonville hereby approves the application
for deduction presented by the Statement of Benefits
filed by Eagle Steel Products, Inc., and that said
developer shall be entitled to deductions for a period
of ten (10) years for real property improvement
commencing with the filing and perfection thereof with
Clark County Auditor's Office.
Passed and adopted this ~ day of ,~[/ ,
the Common Council of the City o{~ Jeffersenville,/Clark
P~e~id~nt, Common Councml
1996 by
County,
Attesn:
of
1996.
1996.
Presented by me as Clerk-Treasurer to the Mayor of the City
Jeffersonville, Indiana, this ~g~ day of ~/~ ~
-' /
C. Rkc~hard Spencer, Jr. p/ ~
Clerk-Treasurer /
Approved and signed by me this ~_ day of /~ ~
STATEMENT OF BENEFITS
state Form 27167 (R3 / 11-91 )
Form SB - 1 is prescribed by the State Beard of Tax Commissioners, 1989
'the records in this series are CONFIDENTIAL according to lC 6-1.1-35-9
FORM
SB -1
INSTRUCTIONS:
I. This statement must be submitted to the body designating the economic revitilizalion area prior to the public hearing if the designating body requires info
mation from the applicant in making its decision about wi~ether to designate an Economic Revitliization Area. Otherwise this statement must be eubmiffe
to the designating body BEFORE a person installs the new manufacturing equipment, or BEFORE the redevelopment or rehabilitation of real property fc
which the person wishes to claim a deduction. A statement of benefits is not required if the area was designated an E~ ~_A, prior to July 1, 1987 and th
"project" was planned and committed to by the applicant, and approved by the designating body, prior to that date. "Projects planned or committed to aft~
July 1, 1987 and areas designated after July 1, 1987 require a STATEMENT OF BENEFITS. (lC 6-1.1~ 12. I)
2. Approval of the designating body (City Council, Town Board, County Council, etc.) must be obtained prior to initiation of the redevelopment or rehabilitatlor
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.
respect to real property, Form 322 ERA must be filed by the later of: (1) May 10; or (2) thirly (30) days after a notice of increase in real property assessmer
is received from the township assessor. Form 322 ERA / PP must be filed between March I and May 15 of the assessment year in which new manufac
turing equipment is installed, unless a filing extension has been obtained. A person who obtains a filing extension must file the form between March I an
June 14 of that year.
4. Property owners whose Statement of Benefits was approved after July I, 1991 must submit Form CF- I annually to show compliance with the Statement
Benefits. (lC 6-1.1-12. I-5.6)
Name of taxpayer
Eagle Steel Products, Inc.
Address cf taxpayer (street and number, ci~ state and ZiP cocie)
P.O. Box 725
5150 Utica Pike, Jeffersonville, IN 47130
Name of contact person Telept~one number
Rita Moore 812) 282-4770
Name of designating body
City of Jeffersonville
Resolution number
Location of property County Taxing district
Clark Maritime Centre Clark
Description of real prope~ improvements and / or new manufacturing equipment to be acquired (use addi~onal
sheete if necessa~
Adding office building adjacent to plant operations on
Ohio River.
Estimated sta~ing date
6/01/96
Estimated completion date
11/01/96
Current values
Plus estimated values of proposed project
Less values of any property being replaced
Net estimated values upon comptetion of project
Cost
B,0001000.00
600,000.00
~,600,000.00
Assessed Value Cost Assessed Value
The steel industry is widely regarded as a desired industry and minority
companies are =are. Many minority members of our community have found good
careers with Eagle and as Eagle grows the number of people with solid careers
grow also. The community will also benefit from success of the Clark Maritime
Centre.
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 resolution, passed under lC 6-1.1-12.1-2.5, pro-
rides 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; [] Yes [] No
3. Residentially distressed areas [] 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)
I-. I ne deduction for~ne~,w.-manufacturing equipment instalied and first ciaimed eiigible for deduction after July i, 199 lis aiiowed for:
[] 5 years I.~¢10 years
Aisc 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.
Approv.e~,~$igneture an~/~tle ~au~ho.c~d meml~er) I Telephone number I Date signed (month. day, year)
Attested b.~¢.,..
' ~ I h f ~me
if the designating body I~m~ts the time period during which an area is an economic revitilization area, it does not limit the engt o t
a taxpayer sent t ed 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
Deduction
1 st
Five (5) Year
Percentage
100%
Ten (10) Year
Percentage
100%
2nd 95% 95%
3rd 80% 90%
4th 65% : 85%
5th
6th
7th :
5O%
8th
80%
7O%
55%
40%
9th 30%
10th 25%
Year of Three (3) Year
Deduction Deduction
1 st 100%
Six (6) Year
Deduction
100%
Ten (10) Year
Deduction
100%
2nd 66% 85% 95%
3rd I 33% 66% 80%
4th 50% 65%
5th 34% 5O%
6th
7th
8th
9th
17%
10th
40%
3O%
2O%
10%
5%