HomeMy WebLinkAbout1986-R-28CITY OF JEFFERSONVILLE, INDIANA
RESOLUTION AUTHORIZING THE SUBMISSION OF AN APPLICATION
TO THE INDIANA DEPARTMENT OF COMMERCE FOR INDUSTRIAL
INCENTIVE PROGRAM (liP) FUNDING.
. The City of jeffersonville is desirious of promoting
WHEREAS ......... ion and the creation of new permanent
industrial deveopment ano
iobs within the city;
WHEREAS, S & T Wholesale Hardware, Inc., must purchase its
presently leased facility and all contents thereof as well as make certain
necessary fire prevention improvements.
WHEREAS, S & T Wholesale Hardware, Inc. desires to remain at the
industrial park, making a capital investment in land, building, and
equipment of $3,740,000 and creating 50 permanent full-time jobs plus
retaining 131 full-time jobs.
WHEREAS, This firm'S commitment is subject to the approval of a
State and Federal Industrial InCentive Program (liP) funding by the
Indiana Department of Commerce;
WHEREAS, The proposed project is consistent with the City's policy
of promoting industrial development and expansion and witi~ the City's
overall development scheme;
THEREFORE, LET IT BE RESOLVED, this 15th day of November, 1986,
by the jeffersonville City Council that S.K. Wilson Associates, Inc., is
authorized to prepare and package two application to the Indiana
Department of Commerce. The applications request shall total
for Federal liP,
$ for State lIP and $ . ~ project
i~osts associated with "~nvironmenta review and
administration, for the purpose of purchasing machinery and equipment
by S & T Wholesale Hardware, Inc., Inc. Upon application approvals,
$200,000 will be loaned to S & T Wholesale Hardware, Inc., Inc. for a 10
year term at 4 percent interest. In conformance with r~egulations of the
Indiana Department of Commerce repayment of said loan shall be put into
revolving loan fund to provide similar assistance to new and/or
· - . . FURTHER LET IT BE RESOLVED, by the
e.,x. pan.,d,ng .bu~s~n~es.Sl~eS Ma,~or of the City is auth?.riz, ed to .ex~e~c~ut~e,a~~
blty-L~ouncll
documents necessary tor the suDmlSSlull
agreement.
Benefits to jeffersonville/Clark County, Indiana
Estimated Sales
1987 - $26,717,909
1988 - 33,400,000
1989 - 39,300,000
1990 - 44,652,000
1991 - 49,614,000
1992 - 53,348,000
Employment Wage Base
Budgeted Wages for year - 1/21/87 - $2,328,250
Estimated for following years:
1988 - $2,910,000 - 156 employees
1989 - 3,444,000 - 183 employees
1990 - 3,8~1,000 - 207 employees
1991 - 4,323,000 - 230 employees
3. Property Taxes
Real Estate
Assumed Assessed Value:
$600,000
Personal Property ~
Assumed values: "f
Inventory - $4,500,000 ~;.~5.%.= $: 975,000 assessmen%'
Equipment - 1,200,000 x 50% = 200,000 assessment
5,700,000 = $1,175,000
4. Indiana Gross Receipts & Income Tax
Estimated for year January 31, 1987
Total Gross Receipts - $24,000,000
Net Income - $135,000
$ 70,700
138,400
$_ 27,330