HomeMy WebLinkAbout1989-R-24 RESOLUTION NO.
RESOLUTION APPROVING STATEMENT OF BENEFITS FOR
PURPOSES OF REAL PROPERTY TAX ABATEMENT
WHEREAS, Bales Motor Company, Inc. has petitioned the
Common Council for processing a tax abatement for improvements
to be made in BloCks 61 and 62 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 Blocks 61 and 62 in the City of
Jeffersonville qualify as an economic revitalization area
pursuant to Indiana Code 6-1.1-12.1 et seq.
THEREFORE, BE IT RESOLVED by the Common Council of
of Jeffersonville that it specifically finds as
NOW,
the City
follows:
1. That
the estimate
rehabilitation is
described in the
developer.
of the value of the redevelopment and
reasonable for projects of the nature
Statement of Benefits submitted by the
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 or rehabilitation.
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 or rehabilitation.
4. 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.
5. 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
Company,
deduction
filing and
office.
Passed and
1989, by · the Common
Clark County, Indiana.
by the Statement of Benefits filed by Bales Motor
Inc., and that said developer shall be entitled to a
for a period of ten (10) years commencing with the
perfection thereof with the Clark County Auditor's
adopted this
Council
~'~day of ~, ...,
of the City of jeffersonville,
ANTHONY W~. RROD '
PRESIDENT, COMMON COUNCIL
ATTEST:
Presented by me as
City of Jeffersonville,
Approved and signed
~, , 1989.
Clerk-Treasurer to the Mayor of the
Indiana, this ~ day of
c. R~dHARD SPENCEr, JR. ~
CLERK-TREASURER U
by me this <~ day of
STATEMENT OF BENEFITS
State Form 27167 (R 211-89)
Form SB-1 is prescribed by thff State Board of Tax Commissioners (1989)
Confidential Statement: The records In this series are CONFIDENTIAL according to Indiana Code 6-1.1-35-9.
INSTRUCTIONS; (I.C. &1.1-12.1) THIS PAGE TO BE COMPLETED BY APPLICANT
I. This statement must be submitted to the body designating the economic revitfilzafion area prior to the public hearing required to
designate an economic revitalization area, or 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 ia not
required if the area was designated an ERA prior to July 1, 1987 and the "project" was planned and committeq to by the applicant,
and approved by the designating body, prior to that date. "Projects" planned or committed to after July I, 1987 and areas
designated after July 1, 1987 require a Statement of Benefits,
2. ~f a pers~n is requesting the designafi~n ~f an econ~m~c revit~~~zat~~n area~ this f~rm must be submitted pri~r t~ the pub~ic hear-
lng required under lC 6-1.1-12.1-2.5(c). Otherwise, the Statement of Benefits must be submitted for the designating body's
proval prior to the installation of the new manufacturing equipment or prior to redevelopment or rehabilitation of real property.
3. Approval of the designating body (City Council, Town Board, County Council, etc.) must he obtained prior to initiation of the
redevelopment or rehabilitation, or prior to Installation of the new manufacturing equipment, BEFORE a deduotion may be approv-
ed.
4. T~ ~bta~n a deduct~n F~rm 3~2 ERA~ Rea~ E~t~te ~mpr~vem~ ~ ~ ~ F~rn~ $22 ERA ~ P P~ N~w Ma~inery~ must be fi~d 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 between
March I and May 15 of the assessment year in which new manufacturing equipment is installed, unless a firing extention has
been obtained. A person who obtains a filing extention must file the form between March I and June 14 of that year,
STATE BOARD OF TAX COMMISSIONERS
Name of Designating Body
,T~W~P~f]NVTT,LE CITY COUNCIL
Name of Taxpayer
RAT,F,,q MOTOR COMPANY, INC.
Address of Taxpayer (Street~ city countyl
104 E. 7th STREET~ JEFFE~SONVILLE, IN
County
CLARK
ZiP Code
~,7130
SECTION I LOCATION, COST AND DEsCRiPTION OFpAOPOSED PROJEC'~ ~: : : ::
Location of property if different from above
r~Taxing District
6th to 7th, BROADWAY TO OHIO, BLOCKS 61 AND 62 VACA ED JEFF CITY I.F.W
Cost, description and date of real property improvements and/or estimated Installation of new manufacturing equipment to be acquired:
BUILDINGS, SHOWROOM, PARTS, SERVICE, LIGHTED DISPAY AREA WITH
APPROXIMATE COST OF $600,000. CONSTRUCTION DUE TO COMMENCE
SEPTEMBER, 1989 AND TO BE COMPLETED JANUARY,1990.
(Attach additional sheets if needed)
Estimated Starting Date Estimate Completion Date
~q~.Pq~RHR~R 15.1989 JANUARY 15,1990
t'Current Number
75
Salariesl.R m~ 1 1 1 c, t3yrl¥ Number Retained75 '
Sataries .yrly.. Number Additional
!.8 m!!!!o~ 15-20
Salaries
$400.000
SECTION II ES¥iMATE OF EMPLOYEES AND SA[ARIES AS RESULTOF PROPOSED PROJECT' :, .:
REAL ESTATE IMPROVEMENTS MACHINERY
COST ASSESSED VALUE COST ASSESSED VALUE
Pius estimated values of proposed project c-,c~c~ r1,'3,,3 ,, ,' "
Less: Values of any property being replaced 0 " " "
; :, : · i: SECT1ON IV OTHER'INFORMATION REQuiRED By THE DESIGNATING BODY'::;
Signat s thorized Repr sentative
I hereby certify that the representations on this stateme t are true. ~ ~
ATING BODY .~.: :
We have reviewed our prior actions re at ng to the designation of th s economic revitalization area and find that the applicant meets the
genera~ standards adopted in the resolut on previousl a roved .
the following hmltahons as authorized under lC 6-1.1-Y12.PlP-2: by this body Said resolution, passed under lC 6 1.1-12.1-2.5, provides for
A) The designated area has been limited to a period of time not to exceed .~"~c?~J ~'/o/
years. '(See Below)
El) 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
[~Yes []N
[] Yes ~
E~'"No
calander
C) The amount of deduction applicable for new manuf~ctUring equipm~t in~taued ~nd first ciaimed 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: (spec/fy) ~ .
Also we have reviewed the information contained in the statement of benefits and find that the estimates and expectations are
reasonable and have determined that the totality of benefits is sufficient to justify the deduction described above·
Date of Sienature
If the designating body limits the time period during which an area is an economic revitilization area, it does not limit
the length of time a taxpayer is entitle(~ to receive a deduction to a number of years oes~gnatea under LC. 6-1.1-12.1.4 or
4.5 Namely:
NEW MANUFACTURING
EQUIPMENT
Year of Oeouction
1st
2nd
3rd
4th
5th
6th and thereafter
100%
95%
80%
65%
50%
0%
· ~:: ..... EflTY IMPROVEMENT
REDEVELOPMENT:OR REHABIUTATiON OF REAL~P
· : ..,: · rA"."od0,; , :
Year of Three (3) Year Six (6) Year J Ten (10) Year
Deduction Percentage Percentage I Percentage
1st
2n¢
3rd
4th
5th
6th
7th
8th
9th
10th
100%
66%
33o/,
100%
85%
66%
5O%
34%
17%
100%
95%
80%
65%
5O%
40%
3O%
20%
10%
5%